topic Re: Perfect time for US Bank in Credit Card Applications

Perfect time for US Bank

Citylights18 — Fri, 10 Apr 2020 20:21:46 GMT

Much has been made about all the requirements one has to go through to be able to finally have that coveted US Bank Altitude Reserve card in ones hands. You have to be an existing US Bank customer first in good standing and they don't give it to you right away (sometimes months I'm hearing).

Then how do you handle meeting that Altitude Reserve 50k points for 4.5k spend in this economy? That for me is going to be difficult to do without absorbing a vacation through the card. Meaning that it isn't even feasible for to apply anytime soon.

However starting in with US Bank with a checking account this month which doesn't require an app would allow me to be ready to app for a PLOC with US Bank by May as part of my PLOC app spree. I'm looking at trying to pick up 75k between a few banks and I'll have two paystubs with my raise attached to it by then. I might be able to do 75k with Wells Fargo alone but I am not sure. I think US Bank PLOC maxes at 25k which isn't everything I need but will help me get there.

Then in another 6 months or so once I'm going into the holidays I may be doing enough spend to make the Altitude Reserve spending requirement but will have enough time in my relationship (including that PLOC posting in my credit report) to make an application for AR.

Re: Perfect time for US Bank

M_Smart007 — Fri, 10 Apr 2020 20:35:44 GMT

Good Luck OP .. Whatever you decide!

Re: Perfect time for US Bank

Trikoret — Fri, 10 Apr 2020 21:07:21 GMT

I was able to open a us Bank checking account on Sunday and I then applied for us Altitude reserve on Monday. I got approved right away. I only had one day of being a us Bank customer. I'm not sure if US Bank is as strict as they used to be.

Re: Perfect time for US Bank

Citylights18 — Fri, 10 Apr 2020 21:40:54 GMT

@Trikoret wrote:
I was able to open a us Bank checking account on Sunday and I then applied for us Altitude reserve on Monday. I got approved right away. I only had one day of being a us Bank customer. I'm not sure if US Bank is as strict as they used to be.

That is good to know.

What did you need to supply to US Bank to get them to set up the checking account? How long did the application take?

Re: Perfect time for US Bank

Anonymous — Fri, 10 Apr 2020 22:21:19 GMT

You need to be a customer for 6 months before you are able to apply for the PLOC.

Re: Perfect time for US Bank

Citylights18 — Fri, 10 Apr 2020 23:43:01 GMT

I read your thread on the difficult wait they put you through on the PLOC. Six months is fairly excessive its like do they want to do business or do they not? Sounds like I should have applied for a checking account way long ago but kind of ruled it out because of the smaller max.

There is also the reserve line of credit just for the checking account. I don't know how big that will go. I'd imagine at least 5k though to be taken seriously.

Re: Perfect time for US Bank

Citylights18 — Sat, 18 Apr 2020 20:45:57 GMT

I gave US Bank a call today about their products and this is what I learned.

-Checking accounts. Free if you have a credit card with them. One of the things I asked was what if you want to change checking account types? Let's say if you wanted to start with the Safe Debit Account at $4.95. You could do that and once you take up a second product from US Bank such as a credit card or PLOC you could upgrade to Gold Checking and save yourself the $16.95. The checking account is a SP.

-Reserve Line of Credit. A CLOC for the checking account. Ranges in size from $500 to $5000 dollars and requires a HP. Can be acquired as soon as you open a checking account. Not a huge amount but at least they offer a CLOC.

-Personal Line of Credit. You'll need to wait 90 to 120 days after having a checking account open before applying. The size of the PLOC ranges from 5,000 to 25,000 and would be a HP.

-Asked about upcoming credit card offerings. Said to take a look at current offerings like US Bank Cash+. I know I don't have the spend right now for Altitude Reserve's bonus or travel credit. Cash+ though might not be a bad move with $150 for $500 spend offering. I can get that cash back immediately rather than waiting for a transferrable point system redemption. Take the promotional APR period and/or BT promotion too.

If I get Cash+ that puts me over 5/24 but I'm thinking I can close out my Discover Card which I opened 11 mo ago and sneak back under 5/24. My AoA is right around 5 years and I feel like it makes sense to prune if I'm going to get something new. Never took advantage of the introductory 5% cash back on Discover as I made Chase my daily driver immediately after I bought it.

Re: Perfect time for US Bank

Anonymous — Sat, 18 Apr 2020 21:04:10 GMT

@Citylights18 The Cash+ is a great card for me with 5% cashback for utilities and cellphone payment. The $150 SUB is easy to hit.

By closing your 11 month old Discover card doesn't put you under 5/24. Both open and closed accounts count for Chase's 5/24 rule.

Re: Perfect time for US Bank

Citylights18 — Sat, 18 Apr 2020 22:33:31 GMT

@Anonymous wrote:
@Citylights18 The Cash+ is a great card for me with 5% cashback for utilities and cellphone payment. The $150 SUB is easy to hit.

By closing your 11 month old Discover card doesn't put you under 5/24. Both open and closed accounts count for Chase's 5/24 rule.

I come up with the perfect idea and then I find it flawed.

Re: Perfect time for US Bank

Anonymous — Sat, 18 Apr 2020 22:39:22 GMT

@Citylights18 You can always go inside a Chase branch to see if you have pre-approval from a banker. It will bypass the 5/24!

Re: Perfect time for US Bank

Aim_High — Sun, 19 Apr 2020 01:36:44 GMT

@Citylights18 wrote:
Much has been made about all the requirements one has to go through to be able to finally have that coveted US Bank Altitude Reserve card in ones hands. You have to be an existing US Bank customer first in good standing ...

Then ... how do you handle meeting that Altitude Reserve 50k points for 4.5k spend in this economy?

... then in another 6 months or so once I'm going into the holidays I may be doing enough spend to make the Altitude Reserve spending requirement ...

Looks like you're getting some good feedback except for the SUB spend. There are a few ideas I would suggest. Assuming that paying off the SUB spending (in this economy as you mentioned) is not a strain, you can shift some spending into the SUB period. Of course, there is some "opportunity cost" involved by the spending shift (lost interest from deposits?), but it still should be worthwhile. I have prepaid part of my utility bills sometimes to drive up SUB spending. My electric and gas companies allow me to prepay several hundred dollars in excess of what is due. Gift cards for things you'd buy later anyway can be a great idea, especially if you get those with no fees. (Avoid the pre-paid Visa or AMEX cards, for example.) Gift cards can be sold for several hundred dollars. You can also buy them for gasoline or restaurants where you'd dine anyway, so you're not just spending money out of normal cash-flow. A lot of grocery, drug, and big box stores have huge racks of them but you can also find particular ones you want at that retailer's checkout stand. Finally, you mentioned the holidays, so maybe do some Christmas shopping a little early this year. It saves on the stress later and helps fulfill your sub. Depending on when you app, you might be just shifting the spending a month or two forward but do enough of that and it will help you hit the SUB.

Re: Perfect time for US Bank

chrisw1968uk — Sun, 19 Apr 2020 02:12:31 GMT

Yes, my checking account costs $14.95 a month, which is immediately refunded to me because I have a credit card of theirs (actually 2) - I currently have $37k CL's over the 2 cards and would apply for an Altitude in a hurry - IF they combined CL's, I don't need 3 of their cards

Re: Perfect time for US Bank

Citylights18 — Sun, 19 Apr 2020 04:35:43 GMT

I don't think its an easy decision going for Cash+ or AR in my case. In the short run I think Cash+ will be better but over the longer haul AR. But you can get away with having both products as the 5x categories of Cash+ are better than 3x with 1.5 ccp redemption of AR.

I have a line of credit for $9300 charging me about $90 in interest a month. If I'm thinking about the scenarios here:

Scenario A: Cash+

4/20: Raise hits the paycheck (might as wait for it to apply)

4/27: Card is delivered (set electronic stores as a category)

5/2: Computer paid for on Cash+ is in hand

5/9: Begin PLOC app spree

5/16: BT the 9k LOC (It doesn't report on Experian that is why I'm waiting)

5/20: Have the PLOC funds in hand

7/1: Start putting groceries on Cash+ (Freedom 5x expires)

8/1: Hotel nights in Chicago paid by Chase Points (tolls/parking on the CSP)

Scenario B: Altitude Reserve

5/9: Begin the PLOC app spree (and Altitude Reserve)

5/16: Have the AR in hand and buy computer with mobile wallet

5/20: PLOC funds in hand

5/21: New computer arrives

7/1: Start putting groceries on AR

8/1: Buy nights in Chicago on AR and use it for tolls/parking

8/9: SUB period on the AR ends

The problem is I don't want to canabilize my 5x bonus spend on the CSP and CF to put everything into meeting an AR bonus. I do have a computer to buy which is about $800 dollars. Enough to knock out Cash+ in one shot and reduce what I need to spend on a AR. I could drop $2000 in Chicago but might not be able to even take that trip. I might put my car in the shop this summer $200-$300 dollars. Buy B-Day gifts early maybe another $500. I guess if I can't hit down to the final week I can scoop up some gift cards. Its going to be a tight fit.

Re: Perfect time for US Bank

Anonymous — Sun, 19 Apr 2020 15:01:24 GMT

If you wanted to start a relationship with US Bank, there is a monthly maintenance fee for the checking. However, you don't need a credit product to bypass the fees. They do have the "Because you've earned it" program. If your credit score is good enough, you can open and maintain a checking account for free and start the relationship clock while you determine which accounts/cards you want to apply for.

Because you've earned it

Re: Perfect time for US Bank

Anonymous — Sun, 19 Apr 2020 15:31:01 GMT

@Anonymous wrote:
If you wanted to start a relationship with US Bank, there is a monthly maintenance fee for the checking. However, you don't need a credit product to bypass the fees. They do have the "Because you've earned it" program. If your credit score is good enough, you can open and maintain a checking account for free and start the relationship clock while you determine which accounts/cards you want to apply for.

Because you've earned it

That's what I did. The day my TU VantageScore hit 740 I went for it.

Re: Perfect time for US Bank

chrisw1968uk — Sun, 19 Apr 2020 22:24:26 GMT

Thanks for that! I have never heared of this "Because you earned it" - I got enrolled, I "think" it upgraded my checking account lol

Re: Perfect time for US Bank

Hut1 — Sun, 19 Apr 2020 22:31:38 GMT

@Citylights18 wrote:
Much has been made about all the requirements one has to go through to be able to finally have that coveted US Bank Altitude Reserve card in ones hands. You have to be an existing US Bank customer first in good standing and they don't give it to you right away (sometimes months I'm hearing).

Then how do you handle meeting that Altitude Reserve 50k points for 4.5k spend in this economy? That for me is going to be difficult to do without absorbing a vacation through the card. Meaning that it isn't even feasible for to apply anytime soon.

However starting in with US Bank with a checking account this month which doesn't require an app would allow me to be ready to app for a PLOC with US Bank by May as part of my PLOC app spree. I'm looking at trying to pick up 75k between a few banks and I'll have two paystubs with my raise attached to it by then. I might be able to do 75k with Wells Fargo alone but I am not sure. I think US Bank PLOC maxes at 25k which isn't everything I need but will help me get there.

Then in another 6 months or so once I'm going into the holidays I may be doing enough spend to make the Altitude Reserve spending requirement but will have enough time in my relationship (including that PLOC posting in my credit report) to make an application for AR.

Congrats on your raise!

Re: Perfect time for US Bank

Citylights18 — Wed, 22 Apr 2020 23:32:48 GMT

@Anonymous wrote:
@Anonymous wrote:
If you wanted to start a relationship with US Bank, there is a monthly maintenance fee for the checking. However, you don't need a credit product to bypass the fees. They do have the "Because you've earned it" program. If your credit score is good enough, you can open and maintain a checking account for free and start the relationship clock while you determine which accounts/cards you want to apply for.

Because you've earned it
That's what I did. The day my TU VantageScore hit 740 I went for it.

Mine is 732 and I was denied. I guess I'll have to try back again once I hit a few updates hit my file.

Good tip.

Re: Perfect time for US Bank

Anonymous — Thu, 23 Apr 2020 00:01:20 GMT

@Citylights18 wrote:
@Anonymous wrote:
@Anonymous wrote:
If you wanted to start a relationship with US Bank, there is a monthly maintenance fee for the checking. However, you don't need a credit product to bypass the fees. They do have the "Because you've earned it" program. If your credit score is good enough, you can open and maintain a checking account for free and start the relationship clock while you determine which accounts/cards you want to apply for.

Because you've earned it
That's what I did. The day my TU VantageScore hit 740 I went for it.
Mine is 732 and I was denied. I guess I'll have to try back again once I hit a few updates hit my file.

Good tip.

Yeah 740 is the minimum for it. Kind of a high bar with Vantage honestly. I didn't get there until my one card that was above 8.9% went under it.

Re: Perfect time for US Bank

Citylights18 — Thu, 04 Jun 2020 05:27:28 GMT

I applied again tonight with my TU score at 740. Was accepted to apply for the "Because you earned it" progam.

Filled out the form for the checking account. Then added a quick app for US Bank Cash+ while I was at it.

The results from the application were not very good. They denied me the checking account and put me on the 7-10 day message for Cash+