topic Re: US Bank Platinum -- 0% APR for 20 Months in Credit Cards

US Bank Platinum -- 0% APR for 20 Months

Asilomar — Sun, 15 Sep 2019 01:05:07 GMT

In two months I need to do a big BT. If you're bored or are trying to sleep, here's the origin story on my drama: Me Looking For Advice

In researching, US Bank Platinum seems to have the longest 0% purchase term on the market (and next to Citi Simplicity, the second longest BT term). And, if you app via Nerd Wallet, it tacks on another 2 months for a total of 20 months. Has anyone gone forward with this? If so, I'm wondering what your SCL was.

Re: US Bank Platinum -- 0% APR for 20 Months

Remedios — Sun, 15 Sep 2019 01:11:45 GMT

How much are you looking to transfer and what's your utilization looking like on your other cards?

The reason I ask is if you have no existing relationship with US Bank, application has a very good chance of going through manual review, so that's what they will be looking at.

Re: US Bank Platinum -- 0% APR for 20 Months

Asilomar — Sun, 15 Sep 2019 10:31:28 GMT

@Remedios wrote:
How much are you looking to transfer and what's your utilization looking like on your other cards?

The reason I ask is if you have no existing relationship with US Bank, application has a very good chance of going through manual review, so that's what they will be looking at.

Ah, just the kind of information I was looking for. And no, no existing relationship with them.

I'm looking to transfer a total of 16,000. Of course I don't expect to get a line large enough to transfer it all onto one card, but what I would like is a new card where I can put about half of that to 10K without blowing that individual utilization out of the water. The rest I plan to disperse onto my Cap One, Disco, and Chase.

My overall utilization is 12% with the individual cards as follows:

Amex: less than 1%, it's PIF

BofA Americard -- the card that needs to be emptied by Nov 1: 34%

BofA Cash Rewards -- just recieved a transfer: 12%

Capital One: less than 1%, it's PIF

Disco: less than 1%, it's PIF

Chase: less than 1%, it's PIF

Macy's: 1-2%. I'm an AU on my mom's account and she doesn't use it much.

Thank you so much for responding.

Re: US Bank Platinum -- 0% APR for 20 Months

Remedios — Sun, 15 Sep 2019 15:07:30 GMT

I dont see anything alarming with your utilization, so it will all depend on number of new accounts.
They have been very touchy with those lately, so ideally you would want to be new account free for last six months and no more than two in the last year

At least it's usually a single pull, so it might be worth giving it a try.
SL is almost impossible to predict.

Re: US Bank Platinum -- 0% APR for 20 Months

AverageJoesCredit — Sun, 15 Sep 2019 15:09:09 GMT

I recently put in an app for Cash + for blips and wiggles full well knowing i wouldnt get anything lol. Got the letter in the other day and they couldnt process my app due to all three bureaus either being locked or froze. ( to be fair i had my Ex open but i guees they didnt want that lol). So my data point for you is hsve all your bureaus open, take off any locks or freezes to better your chances.

Re: US Bank Platinum -- 0% APR for 20 Months

dlister70 — Sun, 15 Sep 2019 15:36:23 GMT

@Asilomar wrote:
@Remedios wrote:
How much are you looking to transfer and what's your utilization looking like on your other cards?

The reason I ask is if you have no existing relationship with US Bank, application has a very good chance of going through manual review, so that's what they will be looking at.

Ah, just the kind of information I was looking for. And no, no existing relationship with them.

I'm looking to transfer a total of 16,000.

US Bank is notorious for giving you a $500 spending limit for your first card with them. A lot of people have success calling recon and asking for more, and you may too, but just know that it's a posibility that they'll want to test drive you with a $500 limit. I called recon when I got the card last year and asked for $5000 and they gave it to me. I'm not sure if I could have asked for $10,000 but I didn't want to push it after being humbled by the $500 limit they initially gave me.

Re: US Bank Platinum -- 0% APR for 20 Months

Anonymous — Sun, 15 Sep 2019 17:12:28 GMT

i also believe US Bank while pulling TU almost everytime is notorious for certain states that they have no business in . eg. TX.

They may reject applications coming from TX

Re: US Bank Platinum -- 0% APR for 20 Months

Asilomar — Mon, 16 Sep 2019 04:56:26 GMT

@Remedios wrote:
I dont see anything alarming with your utilization, so it will all depend on number of new accounts.
They have been very touchy with those lately, so ideally you would want to be new account free for last six months and no more than two in the last year

At least it's usually a single pull, so it might be worth giving it a try.
SL is almost impossible to predict.

My 'new accounts' situation is pretty solid -- I have only one account younger than 2 years old and it's 14 months.

Oh, and I said the card with the greatest utilization was 34% but I forgot I got a CLI on that one a few weeks ago so it's actually 29%. Though I doubt such a small difference will matter.

With dlister70 talking about toy limits I'm wondering if I wouldn't be better off going for the Citi Simplicity. Do you have any thoughts there?

Re: US Bank Platinum -- 0% APR for 20 Months

Asilomar — Mon, 16 Sep 2019 04:53:33 GMT

@dlister70 wrote:

US Bank is notorious for giving you a $500 spending limit for your first card with them. A lot of people have success calling recon and asking for more, and you may too, but just know that it's a posibility that they'll want to test drive you with a $500 limit. I called recon when I got the card last year and asked for $5000 and they gave it to me. I'm not sure if I could have asked for $10,000 but I didn't want to push it after being humbled by the $500 limit they initially gave me.

Yikes. This is the hard part about needed a large SCL for a BT -- there's no way to really predict what I'll get, all I can do is make a best educated guess.

I'm wondering if I wouldn't be better off trying Citi for the Simplicity. I also have Navy Fed in my back pocket. I'm a member but I haven't app'd for anything yet.

Re: US Bank Platinum -- 0% APR for 20 Months

Asilomar — Mon, 16 Sep 2019 04:54:28 GMT

@Anonymous wrote:
i also believe US Bank while pulling TU almost everytime is notorious for certain states that they have no business in . eg. TX.
They may reject applications coming from TX

Ah, good tip. I'm coming out of California so I should be okay on that front.

Re: US Bank Platinum -- 0% APR for 20 Months

AverageJoesCredit — Mon, 16 Sep 2019 11:29:15 GMT

Insane! You have Navy Fed and are asking about other lenders, for shame! Apply for the Plat, you might just get a big sl that might solved your issue.

Re: US Bank Platinum -- 0% APR for 20 Months

Asilomar — Mon, 16 Sep 2019 12:35:21 GMT

@AverageJoesCredit wrote:
Insane! You have Navy Fed and are asking about other lenders, for shame! Apply for the Plat, you might just get a big sl that might solved your issue.

I'm not guaranteed a big SCL there, either. I've read pages and pages from people with good profiles/scores who get small limits for their first cards and though Navy apparently builds up quickly, and often makes it rain with the second card, I don't have time for that with a BT and I don't want two new accounts. Yes, the Platinum has a no-fee BT offer but that's only for 12 months. Lastly, I do still need a card with a 0% purchase period as well -- the longer the better.

But I hear you. And for sure Navy is on my short list. I just need to investigate all my options in order to make the smartest choice. Financing a new hip hasn't been cheap.

Re: US Bank Platinum -- 0% APR for 20 Months

Remedios — Mon, 16 Sep 2019 12:52:49 GMT

Asilomar, those toy limits dont happen to everyone. There was a period of time where $500.00 seemed very common on Cash+ apps, but that's changed since.
Your profile is in perfect shape.
The only concern I'd have is that this is your first product from them, and that's where the odds are 50/50 on SL.

Because you're not littered with new accounts and inq, you could probably successful recon SL, but it may involve a new HP for some.

There really aren't that many DPs when it comes to US Bank.
I'm certain you'd get approved. For how much, that's a whole another animal.

It's a single pull. I'd give it a try, given the BT duration and 0% promo.
Recon the SL if needed. I think it would be worth 20 months of peace.
If that doesn't work, back to the drawing board.

Re: US Bank Platinum -- 0% APR for 20 Months

Asilomar — Mon, 16 Sep 2019 13:37:38 GMT

Remedios,

I don't know about perfect, I am carrying 18 grand in credit card debt.

As far as the 50/50 odds with Navy, that's the part that scares me. If I app and I get something too small for a transfer, even if I close it, I'm still stuck with the hits to my credit: new account, HP, lowering of my AAoA. And then, when I go after someone else, all that could hurt me with them. I feel like I have to be very careful with the first app because I may not get a second chance when it comes to the biggest SCL I can land.

So you think I should try US Bank first... then what? Navy or Citi second? By the time I get to my third choice I'm going to look like I'm desperately seeking credit. Too bad all cards don't do what Apple is doing. Takes all the stress out of app'ing.

Thanks again for your help.

ETA: One last thing, even though my Americard begins accruing interest in November, I'm going to wait until the end of the month to app because the 30-day late that's holding down my EQ and EX scores will fall off on the 1st and the 25th respectively. That should bump all 3 scores to close to 800 and give me a totally clean file. I figure a month of interest won't kill me.

Re: US Bank Platinum -- 0% APR for 20 Months

Remedios — Mon, 16 Sep 2019 14:57:13 GMT

@Asilomar wrote:
Remedios,

I don't know about perfect, I am carrying 18 grand in credit card debt.

As far as the 50/50 odds with Navy, that's the part that scares me. If I app and I get something too small for a transfer, even if I close it, I'm still stuck with the hits to my credit: new account, HP, lowering of my AAoA. And then, when I go after someone else, all that could hurt me with them. I feel like I have to be very careful with the first app because I may not get a second chance when it comes to the biggest SCL I can land.

So you think I should try US Bank first... then what? Navy or Citi second? By the time I get to my third choice I'm going to look like I'm desperately seeking credit. Too bad all cards don't do what Apple is doing. Takes all the stress out of app'ing.

Thanks again for your help.

ETA: One last thing, even though my Americard begins accruing interest in November, I'm going to wait until the end of the month to app because the 30-day late that's holding down my EQ and EX scores will fall off on the 1st and the 25th respectively. That should bump all 3 scores to close to 800 and give me a totally clean file. I figure a month of interest won't kill me.

You have some debt, but you're also applying for their version of BT card, so some debt is to be expected.

You dont have what to them is Credit Pox, new accounts. I'd start there because of the length of BT period.

SL is a whole lot easier to recon with them than denial for new accounts.

As far as Navy vs. Citi, I dont know much about Navy, and Citi is not famous for great SLs, though again, any app is basically buying a cat in the bag. The YMMV cliche totally applicable.

With needing to transfer $18k, the possibility of having it be spread over two or more cards is real, so I'd be prepared for that. You'll take some hits there, but by the time debt is paid off and you have need for additional credit, you'll recover nicely.

If it requires multiple cards, keep Amex ED in mind. While you can only BT $5k, it would come without a HP, and it would take some pressure from SL on the other card(s). You could move some of the limit from BC and "cover" utilization on that amount, leading to less scoring hit there.

This is why you build credit, to be able to leverage it at some point.

Re: US Bank Platinum -- 0% APR for 20 Months

tcbofade — Tue, 17 Sep 2019 00:00:25 GMT

@Remedios wrote:
@Asilomar wrote:
Remedios,

I don't know about perfect, I am carrying 18 grand in credit card debt.

As far as the 50/50 odds with Navy, that's the part that scares me. If I app and I get something too small for a transfer, even if I close it, I'm still stuck with the hits to my credit: new account, HP, lowering of my AAoA. And then, when I go after someone else, all that could hurt me with them. I feel like I have to be very careful with the first app because I may not get a second chance when it comes to the biggest SCL I can land.

So you think I should try US Bank first... then what? Navy or Citi second? By the time I get to my third choice I'm going to look like I'm desperately seeking credit. Too bad all cards don't do what Apple is doing. Takes all the stress out of app'ing.

Thanks again for your help.

ETA: One last thing, even though my Americard begins accruing interest in November, I'm going to wait until the end of the month to app because the 30-day late that's holding down my EQ and EX scores will fall off on the 1st and the 25th respectively. That should bump all 3 scores to close to 800 and give me a totally clean file. I figure a month of interest won't kill me.
You have some debt, but you're also applying for their version of BT card, so some debt is to be expected.
You dont have what to them is Credit Pox, new accounts. I'd start there because of the length of BT period.
SL is a whole lot easier to recon with them than denial for new accounts.

As far as Navy vs. Citi, I dont know much about Navy, and Citi is not famous for great SLs, though again, any app is basically buying a cat in the bag. The YMMV cliche totally applicable.

With needing to transfer $18k, the possibility of having it be spread over two or more cards is real, so I'd be prepared for that. You'll take some hits there, but by the time debt is paid off and you have need for additional credit, you'll recover nicely.
If it requires multiple cards, keep Amex ED in mind. While you can only BT $5k, it would come without a HP, and it would take some pressure from SL on the other card(s). You could move some of the limit from BC and "cover" utilization on that amount, leading to less scoring hit there.

This is why you build credit, to be able to leverage it at some point.

I wish that I could kudo that more than once...

Re: US Bank Platinum -- 0% APR for 20 Months

Asilomar — Tue, 17 Sep 2019 12:44:41 GMT

@Remedios wrote:
You dont have what to them is Credit Pox, new accounts. I'd start there because of the length of BT period.
SL is a whole lot easier to recon with them than denial for new accounts.

As far as Navy vs. Citi, I dont know much about Navy, and Citi is not famous for great SLs, though again, any app is basically buying a cat in the bag. The YMMV cliche totally applicable.

With needing to transfer $18k, the possibility of having it be spread over two or more cards is real, so I'd be prepared for that. You'll take some hits there, but by the time debt is paid off and you have need for additional credit, you'll recover nicely.
If it requires multiple cards, keep Amex ED in mind. While you can only BT $5k, it would come without a HP, and it would take some pressure from SL on the other card(s). You could move some of the limit from BC and "cover" utilization on that amount, leading to less scoring hit there.

This is why you build credit, to be able to leverage it at some point.

So you're aware that recon with US Bank is something they do? Because so many lenders don't seem to allow it.

It's been the plan all along to transfer a portion of Americard's balance across 3 of my current cards (Chase, Disco, Cap One) with the goal of keeping each under 30% utilization. That would leave me ~6,000 left to transfer to a new card with hopefully room left over for new purchases at 0%. But for the new card to also stay under 30% I'd need an opening line of 20K +. Or, I need to go with 2 cards. Or, I need to go over the 30% on one or more cards. Since I don't need my credit for anything other than this BT/surgery financing situation, I'm not worried about any scoring hits, only avoiding potential AA. And boy are you right -- this is the moment I've been building towards. Why I've driven up my credit limits as best I could over the last couple of years.

You know, I'd never thought about an Amex Everyday. I've always found it a shame that the larger limit on my BC doesn't do anything for me -- and this would make it do something for me. You think it's possible to get an opening line of 10-15K from them? Are you aware of any limits on transferring credit line across their cards??

Re: US Bank Platinum -- 0% APR for 20 Months

Anonymous — Tue, 24 Sep 2019 06:37:56 GMT

UPDATE

So i went ahead and applied for US Bank Platinum Visa card via NerdWallet on 24th sept, 2019. My data points are

TU Fico 8 802 (per my fico of sept 15).
TU Fico 9 842
1 inquiry in 24 months US bank will be my 2nd inquiry.
1 new account in 24 months
I want cell phone insurance coverage for my Iphone X Max Xs and TU is my best score. could have applied for UberVisa (TU pull) /Propel/CitiPrestige (EX pull) but chose US Bank( ya, ya i m from tx but gonna find out for sure if US Bank is regional) for 20 months B/t plus hopefully with good scores getting a good SL. Mentioned $5k as B/T amount on the application but did not fill out bank info for transfers.
Will keep you posted if i hear back anything positive.

Re: US Bank Platinum -- 0% APR for 20 Months

Asilomar — Tue, 24 Sep 2019 08:19:43 GMT

YES, Maharshi! You are the poster I've been waiting for my entire life. 😘

Of the DT's you outlined we are twinsies: Our TU8's are only 3 points apart, we both only have 1 Inq in the last 24 months and only 1 new account in the same time frame. BUT... if I may, what's your overall utilization like, what's your total cc debt, and what's your DTI? As you may or may not have noticed above I'm carrying 18K on my cards which is where I fear I'll find either rejection or a sad opening limit.

So you weren't approved immediately? What message were you given? Some kind of 7-10 day?

I'll be here... waiting with bated breath.

Re: US Bank Platinum -- 0% APR for 20 Months

Anonymous — Tue, 24 Sep 2019 15:13:56 GMT

First of all, US bank pulled EQ for my reports, they texted & emailed confirming i had applied for us bank platinum card.

My EQ Fico bankcard 8 is 812, fico 8 is 797 & fico 9 is 823. fico 5 is 790. first inquiry on eq, 2% utilization & very low DTi. Got the 7-10 day message.

Applied at 1:15am so didn't think they would instantly approve. Those days of instant approval are long gone. 7-10 days or 30 days is standard now.