topic Re: Why not US Bank? in Credit Card Applications

Why not US Bank?

Bandit5160 — Wed, 24 Jul 2019 04:51:28 GMT

I recently applied for the US Bank Cash + card because I love their option to choose two 5% categories a month. They gave me the 7-10 day wait message. I called today to check my status...my application was not approved. I have no previous history with US Bank. I have an 80K income and credit scores in the mid 700s...no legit reason to decline me exists IMHO. So today I got an invitation to apply for the Bank of America card in the mail...it’s not as attractive as the US Bank one but it does offer 3% cash back on a category of my choosing, 2% on wholesale clubs (I like Sams and Costco- though I already have the Citi Costco Visa), and a $200 bonus. I was instantly approved for an 8K SL with BoA. I also have no previous history with BoA. So what is up with US Bank- ny ideas why they give me the cold shoulder? I think they both pulled my Experian, so it wasn’t a credit report difference...

Re: Why not US Bank?

Remedios — Wed, 24 Jul 2019 04:58:02 GMT

@Bandit5160 wrote:
I recently applied for the US Bank Cash + card because I love their option to choose two 5% categories a month. They gave me the 7-10 day wait message. I called today to check my status...my application was not approved. I have no previous history with US Bank. I have an 80K income and credit scores in the mid 700s...no legit reason to decline me exists IMHO. So today I got an invitation to apply for the Bank of America card in the mail...it’s not as attractive as the US Bank one but it does offer 3% cash back on a category of my choosing, 2% on wholesale clubs (I like Sams and Costco- though I already have the Citi Costco Visa), and a $200 bonus. I was instantly approved for an 8K SL with BoA. I also have no previous history with BoA. So what is up with US Bank- ny ideas why they give me the cold shoulder? I think they both pulled my Experian, so it wasn’t a credit report difference...

There is a reason. Based on your previous threads you have several new accounts.

If you really want that card, you'll need to let your accounts age before applying again

Re: Why not US Bank?

Anonymous — Wed, 24 Jul 2019 05:00:45 GMT

USBank is almost as elusive as CUs to understanding their approvals.

How many cards have you opened in the past year? BoA is usually pretty sensitive to that too so it makes me wonder.

Re: Why not US Bank?

Bandit5160 — Wed, 24 Jul 2019 05:13:46 GMT

I have opened 3 accounts this past year...the BoA approval today makes it 4 now. US Bank and Citi Best Buy (who approved me this spring) are the only ones ever to decline me. But I know why Citi Best Buy declined me two years ago- I had a new Citi account approved too recently before that app. And I know better than to apply for any Chase Card for a long while with their 5/24 thing. But I don’t know why US Bank said no- guess I will know for sure in 5-8 days now.

Re: Why not US Bank?

Bandit5160 — Wed, 24 Jul 2019 05:21:47 GMT

@Remedios wrote:
@Bandit5160 wrote:
I recently applied for the US Bank Cash + card because I love their option to choose two 5% categories a month. They gave me the 7-10 day wait message. I called today to check my status...my application was not approved. I have no previous history with US Bank. I have an 80K income and credit scores in the mid 700s...no legit reason to decline me exists IMHO. So today I got an invitation to apply for the Bank of America card in the mail...it’s not as attractive as the US Bank one but it does offer 3% cash back on a category of my choosing, 2% on wholesale clubs (I like Sams and Costco- though I already have the Citi Costco Visa), and a $200 bonus. I was instantly approved for an 8K SL with BoA. I also have no previous history with BoA. So what is up with US Bank- ny ideas why they give me the cold shoulder? I think they both pulled my Experian, so it wasn’t a credit report difference...

There is a reason. Based on your previous threads you have several new accounts.
If you really want that card, you'll need to let your accounts age before applying again

This sounds very plausible to me. I might have to wait about a year before trying for this card again. And something better could come along in the meantime...

Re: Why not US Bank?

Anonymous — Wed, 24 Jul 2019 07:40:43 GMT

A term you see used around the Forum is recon! May want to consider that and see if there is any way they will review your request?

Re: Why not US Bank?

Bandit5160 — Wed, 24 Jul 2019 07:52:00 GMT

@Anonymous wrote:
A term you see used around the Forum is recon! May want to consider that and see if there is any way they will review your request?

I guess it couldn’t hurt to try. The worst they can do is tell me no again. I am not going to let them do another hard pull though...

Re: Why not US Bank?

Anonymous — Wed, 24 Jul 2019 08:03:28 GMT

Bandit5160 do understand about the no second hard pull (these additional hard pulls are so stupid anyway from my seat). What the Forum seems to do is support the idea of not falling over every time a lender says no. Many seem to get reconsideration with some happiness and some not. But, "nothing ventured nothing gained". For myself approvals always seem to go to two days (never automatic) and for sure a manual review and sometimes I have to reach out for a telephone call with a underwriter supervisor to achieve my goal and underwriting has been good and polite.

Re: Why not US Bank?

Anonymous — Wed, 24 Jul 2019 08:41:31 GMT

Consider freezing a couple of minor credit reports before applying to US Bank for a credit card. Seems to help odds of approval.

Re: Why not US Bank?

NRB525 — Wed, 24 Jul 2019 10:02:38 GMT

@Bandit5160 wrote:
@Anonymous wrote:
A term you see used around the Forum is recon! May want to consider that and see if there is any way they will review your request?
I guess it couldn’t hurt to try. The worst they can do is tell me no again. I am not going to let them do another hard pull though...

Did they actually deny the app, or you got a message? US Bank puts many accounts through manual review. A Recon is unlikely to influence this.

Wait for the letter.

Being a USBank customer, with checking or a mortgage, is helpful to get credit cards. Talking with a banker in branch can be a better way to app as well.

Re: Why not US Bank?

AverageJoesCredit — Wed, 24 Jul 2019 12:03:30 GMT

My scores are in 700's i have no lates, no baddies, no lender has a legit reason to deny me yet here i am denied by the many ,chosen by the few Legitimately

Re: Why not US Bank?

Anonymous — Wed, 24 Jul 2019 15:11:34 GMT

@AverageJoesCredit wrote:
My scores are in 700's i have no lates, no baddies, no lender has a legit reason to deny me yet here i am denied by the many ,chosen by the few Legitimately

Right, but you would do better using a different name on your apps. NotYourAverageJoes would probably cause more confusion but something like SolidReliableAndOhSoCreditWorthy might get better results!

Re: Why not US Bank?

Anonymous — Wed, 24 Jul 2019 15:25:55 GMT

@Anonymous wrote:
Consider freezing a couple of minor credit reports before applying to US Bank for a credit card. Seems to help odds of approval.

This has led to a bunch of denials. They're on to that trick.

Re: Why not US Bank?

MakingProgress — Wed, 24 Jul 2019 19:46:03 GMT

@AverageJoesCredit wrote:
My scores are in 700's i have no lates, no baddies, no lender has a legit reason to deny me yet here i am denied by the many ,chosen by the few Legitimately

MF chooses you Average Joe!

Re: Why not US Bank?

CreditInspired — Wed, 24 Jul 2019 22:44:43 GMT

@Anonymous wrote:
Consider freezing a couple of minor credit reports before applying to US Bank for a credit card. Seems to help odds of approval.

Advocating freezing credit reports for odds of an approval from another credit agency is against MyFICO TOS.

Re: Why not US Bank?

Anonymous — Thu, 25 Jul 2019 18:36:49 GMT

The thing about approvals is that they're contagious, some people simply cannot stop at one. And the more you keep apping, and are rejected the more it will continue to happen.

Some people's files can handle app sprees, some cannot. Your first denial should be a wake up call to slow down and age things.

Re: Why not US Bank?

M_Smart007 — Fri, 26 Jul 2019 05:27:43 GMT

@Anonymous wrote:
@AverageJoesCredit wrote:
My scores are in 700's i have no lates, no baddies, no lender has a legit reason to deny me yet here i am denied by the many ,chosen by the few Legitimately
Right, but you would do better using a different name on your apps. NotYourAverageJoes would probably cause more confusion but something like SolidReliableAndOhSoCreditWorthy might get better results!

I needed a Good Laugh

Thank You!

Re: Why not US Bank?

CreditInspired — Fri, 26 Jul 2019 11:05:12 GMT

@Anonymous wrote:
The thing about approvals is that they're contagious, some people simply cannot stop at one. And the more you keep apping, and are rejected the more it will continue to happen.

Some people's files can handle app sprees, some cannot. Your first denial should be a wake up call to slow down and age things.

^^ this

Denials begat denials

Re: Why not US Bank?

CreditInspired — Fri, 26 Jul 2019 11:10:23 GMT

@MakingProgress wrote:
@AverageJoesCredit wrote:
My scores are in 700's i have no lates, no baddies, no lender has a legit reason to deny me yet here i am denied by the many ,chosen by the few Legitimately
MF chooses you Average Joe!

Hear, hear

Re: Why not US Bank?

Anonymous — Fri, 26 Jul 2019 12:29:41 GMT

@CreditInspired wrote:
@MakingProgress wrote:
@AverageJoesCredit wrote:
My scores are in 700's i have no lates, no baddies, no lender has a legit reason to deny me yet here i am denied by the many ,chosen by the few Legitimately
MF chooses you Average Joe!
Hear, hear