topic Re: US Bank Business Card Approvals in Business Credit

US Bank Business Card Approvals

Red1Blue — Sat, 03 Oct 2020 15:00:50 GMT

After reading some of the posts here in the Business section, I have some idea about the scores and approvals for the US Bank Business Card. Looks like most of the people who got approved for US Bank Business cards received $3000 in Credit Limit. Am I close on this conculsion or did some people get higher limits right at the approval. I am looking for approvals for last 6 months since March 2020 after Pandemic till now.

Re: US Bank Business Card Approvals

BearsCubsOtters — Sat, 03 Oct 2020 20:42:41 GMT

@Red1Blue wrote:
After reading some of the posts here in the Business section, I have some idea about the scores and approvals for the US Bank Business Card. Looks like most of the people who got approved for US Bank Business cards received $3000 in Credit Limit. Am I close on this conculsion or did some people get higher limits right at the approval. I am looking for approvals for last 6 months since March 2020 after Pandemic till now.

@Anonymous was approved for $10K in May 2020

@GApeachy husband was approved for $5K in September 2020

@FICOEmpire was approved for $5K right at the beginning of stay-at-home orders

@imaximous was approved for $3K in April 2020

@BearsCubsOtters (me) was approved for $3K in September 2020

Someone else, I want to say Janus, was approved before (?) the pandemic with $1,600.

@mchang124 was approved in February 2020 with a SL of $3,000 and in September 2020, he received a SP CLI to $6,000.

US Bank is clearly not as generous as Chase and Amex but its good that they are still lending.

Re: US Bank Business Card Approvals

GApeachy — Sat, 03 Oct 2020 21:13:09 GMT

@BearsCubsOtters wrote:

Nice job! @BearsCubsOtters I like the list you provided, thank you!

Sure US Bank is not as generous as Amex in the SL department but I think they are doing well offering us a product at a lower apr. That right there can be a game changer. I have and dh has plenty of cl with Amex. I'm at $41k biz and he is at $27k biz...not including personal. That's all great but when the apr is high, it's not so great afterall. I wouldn't mind floating and having some flexibility but not at those %'s. So having a low/lower apr fills the bill.

@mchang124 receiving a $3k cli after 6 months on "light spend" as per mchang DOES make US Bank a little more generous if looking at the overall picture down the road perhaps.

Also, a little fyi, US Bank will be backing State Farm credit products in 2021. I have been a life long customer with State Farm, dh and myself together for over 35 yrs. This could be good in terms of future personal and biz products.

Re: US Bank Business Card Approvals

jaxstraw — Sat, 03 Oct 2020 22:50:31 GMT

@BearsCubsOtters wrote:
@Red1Blue wrote:
After reading some of the posts here in the Business section, I have some idea about the scores and approvals for the US Bank Business Card. Looks like most of the people who got approved for US Bank Business cards received $3000 in Credit Limit. Am I close on this conculsion or did some people get higher limits right at the approval. I am looking for approvals for last 6 months since March 2020 after Pandemic till now.
@Anonymous was approved for $10K in May 2020
@GApeachy husband was approved for $5K in September 2020
@FICOEmpire was approved for $5K right at the beginning of stay-at-home orders
@imaximous was approved for $3K in April 2020
@BearsCubsOtters (me) was approved for $3K in September 2020

Someone else, I want to say Janus, was approved before (?) the pandemic with $1,600.
@mchang124 was approved in February 2020 with a SL of $3,000 and in September 2020, he received a SP CLI to $6,000.

US Bank is clearly not as generous as Chase and Amex but its good that they are still lending.

I was also approved for $3k SCL about a month ago..

Re: US Bank Business Card Approvals

Red1Blue — Sun, 04 Oct 2020 02:01:18 GMT

I am kind of curious does US Bank when they are approving Business Credit Cards do they look at the Business Credit from D&B or Exp Biz or any other Biz Reports or do they just look at the Personal Credit Report and Approve their Business Credit Cards ? Any ideas?

Re: US Bank Business Card Approvals

mchang124 — Sun, 04 Oct 2020 04:01:56 GMT

ths is a chart i had gotten from one of the facebook groups i'm apart of. I hope this helps. most small business cards still require a PG

Re: US Bank Business Card Approvals

imaximous — Sun, 04 Oct 2020 12:30:52 GMT

@BearsCubsOtters wrote:
@Red1Blue wrote:
After reading some of the posts here in the Business section, I have some idea about the scores and approvals for the US Bank Business Card. Looks like most of the people who got approved for US Bank Business cards received $3000 in Credit Limit. Am I close on this conculsion or did some people get higher limits right at the approval. I am looking for approvals for last 6 months since March 2020 after Pandemic till now.
@Anonymous was approved for $10K in May 2020
@GApeachy husband was approved for $5K in September 2020
@FICOEmpire was approved for $5K right at the beginning of stay-at-home orders
@imaximous was approved for $3K in April 2020
@BearsCubsOtters (me) was approved for $3K in September 2020

Someone else, I want to say Janus, was approved before (?) the pandemic with $1,600.
@mchang124 was approved in February 2020 with a SL of $3,000 and in September 2020, he received a SP CLI to $6,000.

US Bank is clearly not as generous as Chase and Amex but its good that they are still lending.

Yes. My auto approval was for $3k. However, I called UW and requested a higher SL. They asked how much and let me know that anything over $50k would require docs. So, I said $30k because that seemed plenty.
After review, I got approved for the $30k.

My understanding is that USB auto-approvals aren't that generous for the most part. But, once an underwriter manually reviews your file, you could qualify for a much higher limit. You just gotta be willing to take an additional pull or provide docs if needed.

This card went from $3k to $30k with a phone call right after auto- approval.
My Altitude Reserve started at $5k and now sits at $40k. I'll be requesting a CLI soon because I do use this card heavily and need to cycle my limit often.

USB has been great and never have issues with charges or declines for large purchases.

$20-30k purchases go through just like $5.

Re: US Bank Business Card Approvals

Red1Blue — Sun, 04 Oct 2020 16:07:39 GMT

@imaximous wrote:
After review, I got approved for the $30k.

My understanding is that USB auto-approvals aren't that generous for the most part. But, once an underwriter manually reviews your file, you could qualify for a much higher limit. You just gotta be willing to take an additional pull or provide docs if needed.

This card went from $3k to $30k with a phone call right after auto- approval. My Altitude Reserve started at $5k and now sits at $40k. I'll be requesting a CLI soon because I do use this card heavily and need to cycle my limit often. USB has been great and never have issues with charges or declines for large purchases.
$20-30k purchases go through just like $5.

Hi @imaximous, may I ask your scores when you got approved for higher limits. Did you have previous relationship with US Bank before these approvals?

Re: US Bank Business Card Approvals

imaximous — Sun, 04 Oct 2020 16:50:24 GMT

@Red1Blue wrote:
@imaximous wrote:
After review, I got approved for the $30k.

My understanding is that USB auto-approvals aren't that generous for the most part. But, once an underwriter manually reviews your file, you could qualify for a much higher limit. You just gotta be willing to take an additional pull or provide docs if needed.

This card went from $3k to $30k with a phone call right after auto- approval. My Altitude Reserve started at $5k and now sits at $40k. I'll be requesting a CLI soon because I do use this card heavily and need to cycle my limit often. USB has been great and never have issues with charges or declines for large purchases.
$20-30k purchases go through just like $5.
Hi @imaximous, may I ask your scores when you got approved for higher limits. Did you have previous relationship with US Bank before these approvals?

Between 750 - 760

Many new accounts. Probably 11 - 13 in 24 mos.

My relationship with USB started with Cash+ in early 2018, which I only got because I wanted to be eligible for the AR. I applied for AR about 2-3 weeks after getting approved for Cash+. Back then, it probably wasn't as difficult to get approvals as it may be now, but SLs were lowish at $5k each. Pretty sure the high spending helped with CLIs.

No deposit accounts. Only 3 CCs.

Re: US Bank Business Card Approvals

audioman00 — Tue, 06 Oct 2020 01:13:02 GMT

@imaximous how long after you were approved did you request a manual review? I was approved for $5k but was told I had to wait until I receive the card to recon.

Thanks!

Re: US Bank Business Card Approvals

imaximous — Tue, 06 Oct 2020 12:54:34 GMT

@audioman00

Right away. As soon as I got the approval confirmation, I called UW to ask for a higher limit.
Did you call UW or just customer service?

Re: US Bank Business Card Approvals

audioman00 — Tue, 06 Oct 2020 13:56:08 GMT

@imaximous UW. Will try again. Hope it's not too late.

Re: US Bank Business Card Approvals

imaximous — Tue, 06 Oct 2020 14:22:21 GMT

@audioman00 wrote:
@imaximous UW. Will try again. Hope it's not too late.

Late? You can request a CLI anytime. They'll pull your report again anyway. They used to recon CLIs using the original report a while back, but I don't think they're doing that anymore.

I remember pointing out to the underwriter that they had JUST pulled my report before my call, and that it seemed excessive to pull it again for review. She seemed to sympathize but told me those were the rules.

Re: US Bank Business Card Approvals

audioman00 — Tue, 06 Oct 2020 14:31:00 GMT

@imaximous here was my interaction with the UW last week:

Me: I recently was approved for this card and want to request a CLI

UW: Just so you know, in some cases it will be a second HP

Me: What determines whether it is a second HP?

UW: Time since original approval

Me: Okay, I'd like to request a CLI manual review, knowing full well it might be another HP

UW: You need to wait until you receive the card.

Me: Can you tell me whether my original approval was manually reviewed or automatically approved?

UW: I can't disclose that

Hence my confusion.

Re: US Bank Business Card Approvals

imaximous — Tue, 06 Oct 2020 14:42:13 GMT

@audioman00 wrote:
@imaximous here was my interaction with the UW last week:

Me: I recently was approved for this card and want to request a CLI
UW: Just so you know, in some cases it will be a second HP
Me: What determines whether it is a second HP?
UW: Time since original approval
Me: Okay, I'd like to request a CLI manual review, knowing full well it might be another HP
UW: You need to wait until you receive the card.
Me: Can you tell me whether my original approval was manually reviewed or automatically approved?
UW: I can't disclose that

Hence my confusion.

I'm confused too, lol.

None of that matches my experience.

- I was told it'd be a second pull for sure.

- I wasn't told I had to wait for card to arrive.

- I was told that my application was system approved and that it'd be manually reviewed for the increase request.

- I was told what the max CLI request was before requiring docs. ($50k)

- And I was also told (again) that anytime you're requesting a CLI, you need to mention that you're willing to take a counter offer. Otherwise, it's all or nothing. Basically, if you don't qualify for the amount requested, they just deny the app.

Either rules changed since earlier this year or UWs do or say whatever they want and there's not set rules.

Re: US Bank Business Card Approvals

audioman00 — Tue, 06 Oct 2020 16:36:26 GMT

@imaximous thanks for the datapoints.

So I went for it just now. But probably misplayed my hand. Ended up with a grumpy UW and probably should have hung up and called back.

He was able to confirm that my original app was automatically approved, which was good info. So I requested a CLI and he said he would submit and I would get a letter in the mail in 2-3 business days. That sounds ominous.......

Reports were just pulled.

Re: US Bank Business Card Approvals

imaximous — Tue, 06 Oct 2020 16:48:41 GMT

@audioman00 wrote:
@imaximous thanks for the datapoints.

So I went for it just now. But probably misplayed my hand. Ended up with a grumpy UW and probably should have hung up and called back.

He was able to confirm that my original app was automatically approved, which was good info. So I requested a CLI and he said he would submit and I would get a letter in the mail in 2-3 business days. That sounds ominous.......

Reports were just pulled.

Good luck! I wouldn't worry about the UW. He's not going to review your app. 2-3 days is their usual turnaround, and a $5k SL is pretty good.

I don't know your entire financial picture, but I like your chances. Post a follow up

Re: US Bank Business Card Approvals

audioman00 — Thu, 08 Oct 2020 15:52:49 GMT

Heard back today. Approved for $15k CLI - $20k total CL, which is what I requested. Just created a new post with DPs.

Thanks for your help @imaximous !

Re: US Bank Business Card Approvals

Red1Blue — Thu, 08 Oct 2020 16:33:46 GMT

@audioman00 wrote:
Heard back today. Approved for $15k CLI - $20k total CL, which is what I requested. Just created a new post with DPs.

Thanks for your help @imaximous !

Congrats on your Approval.

Updated US Bank Info - Credit Pull Bureaus, Time in Business and Existing Relationships

mikeef — Fri, 20 Nov 2020 19:26:03 GMT

I've added some helpful info on US Bank Business Cards.

Q) What credit bureau do they pull for business cards?

A) Their software randomly selects one of the 3 CRAs.

They never know which one will be pulled and thus, this explains why there are so many different accounts by forum members here. So it actually has nothing to do with the state you reside in as many believed. They likely do this to prevent bureau shopping by people that know they have collections, late accounts and/or bad scores at specific bureaus.

Q) Does it matter how long you've been in business is?

A) It does not matter if you have a brand new business.

On new businesses, they rely 100% on personal credit for their decision
They said in many cases it can actually be advantageous to be a new buisness with no credit history because there is nothing else they use to factor in their decision, such as how much debt your business is already carrying.

Q) Does having an existing banking relationship matter when making a credit decision on business cards

A) Yes, especially in relation to...

The size of your credit line
And decision for those with lower credit scores.

FYI - I got this info yeserday after spending 48 minutes talking to various departments at US Bank getting this info (Also much of it was hold time)