topic Re: US Bank Altitude Reserve approval odds in Credit Cards

US Bank Altitude Reserve approval odds

frank784 — Wed, 31 Jan 2018 22:33:41 GMT

Looking to potentially apply for the alititude reserve but wanted to see other's thoughts first.

Currently sitting at 664 Transunion, 686 Equifax, and 687 Experian for my FICO 8 scores. Fico bankcard scores range from 674 - 702. Annual income is approximately $130K and I have about 65K of credit card limits reporting 2-3% utilization (I PIF but the utilization is from when the statement posts). I have (3) inquiries on Equifax, (5) inquiries on TU, and (3) inquiries on Experian (some are duplicates of course Ex Cap 1 hit all 3 bureaus). I have one collection on my report from a couple years ago for about $500 but haven't been able to get it off my report yet.

I know my scores aren't that good, but in a little over the last year I have been approved for a CSP (12K), a CSR (13K), Penfed card (10k), and Cap 1 Venture (20K).

I have been reading that TU is pulled a lot of times with US Bank but have also seen EX and EQ on the credit pulls database.

I have been a US Bank member for about 3 years and currently have about 50K in checking with them.

I was thinking that my history with US Bank and my checking balance might help the approval process but I know they are inquiry sensitive and this is their elite card.

Should I pull the trigger and apply or would you recommend waiting until some inquiries fall off next year and my score goes up?

Thanks to everyone in advance.

Re: US Bank Altitude Reserve approval odds

FinStar — Wed, 31 Jan 2018 22:39:23 GMT

Income appears to be in line, scores could be improved but nothing that cannot be overcome.

The only stinger that might be an issue is the collection account but YEMV.

How many inquiries and/or new accounts in past 6-12 months?

Re: US Bank Altitude Reserve approval odds

Anonymous — Wed, 31 Jan 2018 22:42:47 GMT

wrote:
Looking to potentially apply for the alititude reserve but wanted to see other's thoughts first.

Currently sitting at 664 Transunion, 686 Equifax, and 687 Experian for my FICO 8 scores. Fico bankcard scores range from 674 - 702. Annual income is approximately $130K and I have about 65K of credit card limits reporting 2-3% utilization (I PIF but the utilization is from when the statement posts). I have (3) inquiries on Equifax, (5) inquiries on TU, and (3) inquiries on Experian (some are duplicates of course Ex Cap 1 hit all 3 bureaus). I have one collection on my report from a couple years ago for about $500 but haven't been able to get it off my report yet.

I know my scores aren't that good, but in a little over the last year I have been approved for a CSP (12K), a CSR (13K), Penfed card (10k), and Cap 1 Venture (20K).

I have been reading that TU is pulled a lot of times with US Bank but have also seen EX and EQ on the credit pulls database.

I have been a US Bank member for about 3 years and currently have about 50K in checking with them.

I was thinking that my history with US Bank and my checking balance might help the approval process but I know they are inquiry sensitive and this is their elite card.

Should I pull the trigger and apply or would you recommend waiting until some inquiries fall off next year and my score goes up?

Thanks to everyone in advance.

That’s a tough call. You have the income and many accounts. But my gut says this is their top tier card and you should wait at a minimum till your scores are well above 700. But if it’s killing you to find out, the worst that happens is you get a hard inquiry for your efforts. Maybe others who have the card can chime in. My vote is wait till inquiry’s and score rises. That may only be six months to a year or so away. I think it’s less about the inquiry’s. They aren’t really that high.

Re: US Bank Altitude Reserve approval odds

frank784 — Wed, 31 Jan 2018 22:54:00 GMT

In the last 6 months I have had (2) on EQ, (1) TU, and (1) EX ..... of those (4) Inquiries three of them were from the same card (Cap 1 Venture).

The other inquiries have been (2) from my CSR, (3) from my mortage, and (2) from my truck lease.

11 inquiries over 3 bureaus shouldn't be that bad as it's really an average of under (4).....to me that doesn't sound that bad.

The collection is from a past cell phone that wasn't mine....disputed it....it changed to another collection company...and am still trying to get it removed. It's just a long process of non sense but the way it's going I'm sure it will still be awhile to get it off of my report.

Thanks again.

Re: US Bank Altitude Reserve approval odds

FinStar — Wed, 31 Jan 2018 23:14:26 GMT

Ok so it sounds like not much has occurred in the sense of new accounts / inquires that would be a showstopper.

Honestly, you could wait until your scores rise a bit more, except that collection account will likely be the only drag. On the upside, you already have an established banking relationship to leverage that front.

If you want to pull the trigger, stop by your branch and talk to a banker during business hours so in the event lending needs to be engaged it can be done right there. Most applications tend to go through manual review regardless.

Re: US Bank Altitude Reserve approval odds

expatCanuck — Wed, 31 Jan 2018 23:43:56 GMT

Have you tried the prequal site?

Re: US Bank Altitude Reserve approval odds

frank784 — Wed, 31 Jan 2018 23:54:54 GMT

I have but it doesn't say I'm preapproved. It shows three of their travel cards that the recommend for me. Not sure if that means I'm prequalied or not? I have a prequal for a few Amex cards but I would rather get the travel credit from the Altitude.

What would I be asking a banker if I went in branch? Just their thoughts based off of the same thing I'm sharing here? I talked to a banker before when I was looking at changing my checking account with them to something with more benefits and she said she has seen approvals from 5K to 20K in branch but said everyone has such a different credit file it's hard to tell who gets approved and who doesn't.

Re: US Bank Altitude Reserve approval odds

morgacj2004 — Thu, 01 Feb 2018 00:00:30 GMT

Try credit pulls website to get an idea of who has been approved and likewise who has been declined

Re: US Bank Altitude Reserve approval odds

fltireguy — Thu, 01 Feb 2018 00:04:15 GMT

Saw a DP on Reddit today.. you have to be 0/6 to be approved (0 new cards in the past 6 months)

Re: US Bank Altitude Reserve approval odds

frank784 — Thu, 01 Feb 2018 00:13:18 GMT

I could only find 6 or so accounts on the Altitude on Reddit. All look like scores of 700 plus. As far as the 0/6 I read that earlier on Reddit and many people have been approved that were higher than that. Looks like it's a mixed opinion from a lot of members on there.

My last CC was open on 8/24/17 so worst case if that's true I could wait till 2/25/17 to be safe.

I read that almost all Altitude user's applications for to underwriting for manual review. I would hope that having 50K in checking with them would help my case a little.

Re: US Bank Altitude Reserve approval odds

Shadowfactor — Thu, 01 Feb 2018 00:39:56 GMT

The data point on reddit isn’t the case in my personal experience.

My fiancé was just approved for AR.
Scores 776 EX, 764 TU, 765 EQ FICO 8
6 new Revolving accounts in the past 6 months. 4 credit cards, 1 store card and 1 AU account.
No negative. Has several open student loans, new car loan. No negatives. AAOA: 3.8 Years. Income : 65k
FICO 4 TU score 699

I was just approved as well.
FICO 8’s in signature but should have been in the low 700’s since I had a collection remove after I got my scores for the month.
1 negative collection from 2014 $670
AAOA: 2.2 Years. 5 new accounts in 6 months.but 3 in last 4 months.

Current US bank banking customer. Also have a FlexPerks Card for 5 months now.

We were both Prequalified for the Cash+ card and Platnium card with fixed APR’s.

I’d say you have a decent shot. But I was told by a banker when I was thinking about applying that the AR doesn’t show on the Prequalified site. But the fact that you have solid Prequalified Offers for US bank’s other cards is a good sign. USB has some leeway with the min SL. It can be below 10K.
I was approved for 5K.

If you can obtain your TU FICO 4 score. That’s the score that US bank uses for credit cards. Used it for FlexPerks and now this card.

Re: US Bank Altitude Reserve approval odds

Viva-LV — Thu, 01 Feb 2018 00:48:39 GMT

wrote:
I could only find 6 or so accounts on the Altitude on Reddit. All look like scores of 700 plus. As far as the 0/6 I read that earlier on Reddit and many people have been approved that were higher than that. Looks like it's a mixed opinion from a lot of members on there.

My last CC was open on 8/24/17 so worst case if that's true I could wait till 2/25/17 to be safe.

I read that almost all Altitude user's applications for to underwriting for manual review. I would hope that having 50K in checking with them would help my case a little.

I got the Alt Reserve with a 738 score. I've been with USB for 15 years now, have four cards with them. I'd stop by a branch, talk with the manager, ask in general what scores might qualify, without the hp.

Re: US Bank Altitude Reserve approval odds

frank784 — Thu, 01 Feb 2018 00:51:15 GMT

My FICO 4 Bankcard score is 660 as of Jan 1.....It's probably closer to 665 or 670 since my TU score has went up about 12-15 points since Jan 1. Maybe it's worth waiting a little since 660 for a premium card seems low to me.

Thanks

Re: US Bank Altitude Reserve approval odds

Shadowfactor — Thu, 01 Feb 2018 00:56:09 GMT

It’s not the bank card score.

It’s TU classic Risk score that they used for my app’s for both cards and my fiancé’s as well.

They manually review every single AR app is what underwriting told me. They might offer a instant “conditional” (without telling you) approval. But a underwriter reviews every AR app. They even have a special AR team in underwriting because my fiancé spoke with them when she accidentally added me as an AU instead of a joint account holder.

Good luck.

Re: US Bank Altitude Reserve approval odds

frank784 — Thu, 01 Feb 2018 01:01:40 GMT

Not sure where I would find my Fico 4 score? I see it's 674 under mortgages and 700 under auto.

I think taking a trip to one of the larger banks might help. I live in a smaller area and the local bankers don't seem to know much about credit cards from my prior experiences.

Thanks.

Re: US Bank Altitude Reserve approval odds

CreditCuriosity — Thu, 01 Feb 2018 01:25:03 GMT

wrote:
Not sure where I would find my Fico 4 score? I see it's 674 under mortgages and 700 under auto.

I think taking a trip to one of the larger banks might help. I live in a smaller area and the local bankers don't seem to know much about credit cards from my prior experiences.

Thanks.

Yes FICO 04 is your TU mortgage score. So in your case it is 674. Granted score is just a gauge it is what is in your reports and relationship with Us Bank that will make or break the approval. In all honesty you might have a shot due to having 50k with Us Bank along with not really seeking credit much recently. It is a HP and could go either way IMO

Re: US Bank Altitude Reserve approval odds

frank784 — Thu, 01 Feb 2018 01:28:09 GMT

Well that's better news that the 660 I thought it was. I wonder if I apply in branch if I will have a better chance that applying online. I have read mixed reviews on that as well.

The greedy part of me doesn't just want to be approved but wants to be approved for more than the 5k minumum

Re: US Bank Altitude Reserve approval odds

Shadowfactor — Thu, 01 Feb 2018 03:32:44 GMT

Good luck on your app.

Keep us posted. It’s a very nice feeling card and the welcome package is sleek.

A lot of places do accept Apple Pay even if they don’t advertise it. Always ask, you’ll be surprised.

Re: US Bank Altitude Reserve approval odds

Anonymous — Thu, 01 Feb 2018 04:31:19 GMT

Here is some information: I apped for the card in mid December within minutes of aping for Ritz Carlton. I have a relationship with USBank only through mortgage. We don’t have any branches where I live. I have received mailers constantly for Flex Perks and Platinum. Never was interested in those. From time to time I would check the prequalified section, and Altitude never showed. I would see the other cards. December I was reading some posts and decided to check the prequalified section and it appeared. I apped and was approved for $24k. I’ve read what other have stated about underwriting and conditional reviews but I was instantly approved. The Ritz came back with the 7 to 10 day message but when I checked my chase app it showed immediately for $25k.

My scores range from high 770s to 790.

At the time I have not apped for 10 months.

0 to 1% utilization.

$100+ income

14 inquiries

14/24 accounts.

My point is the show that my inquiries is pretty high and the number of new accounts may not be viewed favorably by some so you never know until you give it a try.

Best in whatever you decide.

Re: US Bank Altitude Reserve approval odds

frank784 — Thu, 01 Feb 2018 04:43:40 GMT

Thank you for those data points and congrats on your approvals. The Ritz card is pretty cool with the $100 AF credit through their site as well. I love Chase so far as I have a few cards with them already.

I am on the fence about applying. Like others have said worst case it's a credit pull so not the biggest deal in the world. I wonder if I apply in person if I have a better shot though. Time will tell though. Hope to hear some more data points before I make my decision.