topic Re: U.S. Bank Starter in Credit Cards

U.S. Bank Starter

ToxikPH — Wed, 22 May 2019 20:13:20 GMT

I recently applied and got denied for the Cash+ most likely due to inquiries and having relatively low limits hovering around $2k.

Is there a recommended starter card with U.S. bank to at least get in with them?

I have relatively high type cards such as the Amex gold.

Re: U.S. Bank Starter

Anonymous — Wed, 22 May 2019 20:14:59 GMT

Scroll through the co-brands they offer. They will at least see your activity with those but, not sure they will help get approved for a core product later. Couldn't hurt though to get some free groceries or something out of it.

Re: U.S. Bank Starter

Remedios — Wed, 22 May 2019 20:44:50 GMT

@ToxikPH wrote:
I recently applied and got denied for the Cash+ most likely due to inquiries and having relatively low limits hovering around $2k.
Is there a recommended starter card with U.S. bank to at least get in with them?
I have relatively high type cards such as the Amex gold.

Go app free for 6 months and try again. If you're denied for new accounts/inquiries, you wont have better luck with their other cards unless you're willing to go for secured card, which I doubt.

Re: U.S. Bank Starter

SBR249 — Wed, 22 May 2019 21:24:48 GMT

I recently got the Cash+ but I think my last app was August of last year. The CL I got was about par for the course for my current portfolio but I will say that it doesn't seem like US Bank has a reputation for caring about what your portfolio's CLs are like.

Some banks like Chase don't like to be the first to hand out a high limit but I don't think the Cash+ has a high minimum SL and I haven't heard of US Bank having that tendency.

But from what I've heard, USBank does value relationship so the common advice on here if you are declined is that US Bank will look more kindly on apps where you already have a checking account or banking product with them, especially if you are borderline they are more willing to give you a low CL to start vs. straight up rejecting the app. So maybe get a checking account, use it a bit, and garden for a few months.

Re: U.S. Bank Starter

Anonymous — Wed, 22 May 2019 23:59:27 GMT

US Bank is a little bit of an odd, very conservative... I used to work for them in a call center as a supervisor for credit cards, but I wasn’t an underwriter so I’m not sure of the exact review process for applicants. What I can tell you is they value an existing relationship with them over any 750 that has never been a member of the bank.

I was approved for the Cash+ card with a $1000 limit. I had over 40 inquiries, 690 TU and one Cap1 credit card with a $600 credit line.

Went to a dealership a few deals later and they picked me up for a car loan as well. Recently purchased another car and they were willing to give me a second open auto loan only 6 months after the one they already gave me. Take care of US Bank and they’ll take care of you.

The Cash+ is the easiest to be approved for aside from their cobranded cards IMO.

Re: U.S. Bank Starter

ToxikPH — Wed, 22 May 2019 23:58:22 GMT

@jordandhale95

Really not sure how you got approved for only a $1k limit as it's a Visa Signature meaning a minimum of $5k.

(Not sure why this is all bold can't remove it)

Re: U.S. Bank Starter

Anonymous — Fri, 24 May 2019 14:50:02 GMT

You’re correct, $5000 is the standard minimum for a VISA Sig card... with some exceptions.

During my employment there US Bank had a deal with VISA for this card specifically for the minimum limit to be either $500 or $1000, I personally can’t remember because it's been close to two years, because this card targets entry level applicants with decent scores.

Re: U.S. Bank Starter

Anonymous — Thu, 23 May 2019 00:11:51 GMT

@ToxikPH wrote:
@jordandhale95
Really not sure how you got approved for only a $1k limit as it's a Visa Signature meaning a minimum of $5k.

(Not sure why this is all bold can't remove it)

Both US Bank Cash+ and Chase Amazon are exempt from this rule with VISA.

Re: U.S. Bank Starter

ToxikPH — Thu, 23 May 2019 00:12:08 GMT

Well, shoot sounds like I have a nice to-do list now to get this card.

1. Increase Amex limits with 3x

2. Sign up for USB checking/savings

3. Garden for 6 months

Re: U.S. Bank Starter

UncleB — Thu, 23 May 2019 00:26:28 GMT

@Anonymous wrote:
You’re correct, $5000 is the standard minimum for a VISA signature card... with some exceptions.
When I was employed there US Bank had a deal with VISA for this card specifically for the minimum limit to be either $500 or $1000, can’t remember, because this card targeted entry level applicants with decent scores.

There are numerous banks that will approve Visa Signature cards with credit lines as low as $500... Chase is another example.

Re: U.S. Bank Starter

Anonymous — Thu, 23 May 2019 01:32:09 GMT

@ToxikPH wrote:
@jordandhale95
Really not sure how you got approved for only a $1k limit as it's a Visa Signature meaning a minimum of $5k.

(Not sure why this is all bold can't remove it)

My starting limit for the Cash+ was 3500 so that’s definitely not true. There are some exceptions.

Re: U.S. Bank Starter

K-in-Boston — Thu, 23 May 2019 01:48:18 GMT

And I was one of many around here in late 2017 to get the infamous $500 credit line on the Cash+ Visa Signature card. My average credit line at the time was around $20k, and at least then they were still using a mortgage score for CC apps, and I think I was around 750ish.

As for not caring about other credit lines, that may not necessarily be true. When I received the card (this was when Visa Signature cards just showed $-- for a credit line instead of an actual dollar amount) and saw the SL, I immediately called underwriting. He actually pulled up my credit report while we were talking and asked how much I was looking for. I told him my average was X so I would be looking for at least $15,000 and he said it shouldn't be a problem looking at the other accounts' credit lines. (There are no instant underwriting decisions made at USB.) Sure enough, I got it the next day.

Re: U.S. Bank Starter

Shadowfactor — Thu, 23 May 2019 03:04:12 GMT

Welcome to the forums.

As mentioned above, USB doesn’t require 5K for Visa Signature. The 10K Visa Infinite rule doesn’t apply either.

I would take a break for 6 months and reapply if you want to start a relationship with USB

Re: U.S. Bank Starter

pinkandgrey — Thu, 23 May 2019 16:36:13 GMT

I imagine that their no-rewards cards would be the easiest but I can’t say from personal experience. I can say that you should call a few times to try and recon that Cash+. You never know—could get approved after all.

Re: U.S. Bank Starter

Anonymous — Thu, 23 May 2019 16:50:25 GMT

Related to the conversation on minimum credit lines for Visa Signature or MasterCard World & World Elite Cards ... back in 2015 both payment networks adjusted their guidelines to remove the hard rule guideline of $5,000 as the minimum qualification for such cards and their benefits. Today, it is open to lender interpretation and issuance as the lender prefers. Some lenders (Chase) has pretty much kept to it. Citi Bank actually went outside the lines with dispensation from the payment networks before 2015.

As to the Visa Infinite Cards $10,000 was a guide but, not a fixed rule so you will see approvals such as US Bank that were as low as $3,000 for a revolving credit line and I think I saw a lower approval somewhere.

Re: U.S. Bank Starter

zerofire — Sun, 26 May 2019 14:22:46 GMT

@Anonymous wrote:
Related to the conversation on minimum credit lines for Visa Signature or MasterCard World & World Elite Cards ... back in 2015 both payment networks adjusted their guidelines to remove the hard rule guideline of $5,000 as the minimum qualification for such cards and their benefits. Today, it is open to lender interpretation and issuance as the lender prefers. Some lenders (Chase) has pretty much kept to it. Citi Bank actually went outside the lines with dispensation from the payment networks before 2015.

As to the Visa Infinite Cards $10,000 was a guide but, not a fixed rule so you will see approvals such as US Bank that were as low as $3,000 for a revolving credit line and I think I saw a lower approval somewhere.

When you are the largest credit card issuer in the world the rules do not apply. That is why Citi ignored the networks completely as they knew that someone else would be able to process their cards if MasterCard and/or Visa did not fall in line. The banks watch what each does so between Citi giving the networks the finger and the regional banks(US Bank) wanting exemptions for all or some cards the networks changed the card levels from rule to guideline. Right around the same time they also made the soft credit line limit be at the discretion of the bank. US Bank actually does not let you go over your credit line in most cases if at all on Visa Signature or Visa Infinite cards.

As for a US Bank starter there is very little on offer. The US Bank Cash+ is the starting card for rewards and the only thing lower is a rewardless platinum and secured card.

Re: U.S. Bank Starter

Wavester64 — Thu, 19 Mar 2020 22:27:02 GMT

>>The Cash+ is the easiest to be approved for aside from their cobranded cards IMO.

What are some of their co-branded cards, is there a link? TIA :-)

Re: U.S. Bank Starter

FinStar — Thu, 19 Mar 2020 23:27:05 GMT

@Wavester64 wrote:
>>The Cash+ is the easiest to be approved for aside from their cobranded cards IMO.

What are some of their co-branded cards, is there a link? TIA :-)

@Wavester64, this appears to be a fairly old thread. But, some of the UW has changed even for their co-branded CCs. You can peruse the US Bank website to see what cards are currently available (e.g. Korean Air SKYPASS, LATAM, REI, Quicken, etc.).

Bear in mind that there's some anticipated changes taking place for a majority of their core cards based on a recent DoC article and the link provided below:

https://ficoforums.myfico.com/t5/Credit-Cards/So-US-Bank-discontinued-a-handful-of-their-in-house-credit-cards/td-p/5953769