topic US Bank secured card question in Credit Cards

US Bank secured card question

Ilinferno — Thu, 21 Oct 2021 01:56:45 GMT

I am looking at getting a US Bank secured card as my 3rd while I rebuild. From what I have been able to find on the forums it looks to me like they graduate with the same credit line that was deposited to get the card in the first place, has anyone here experienced otherwise?

Re: US Bank secured card question

IodineNightSky — Thu, 21 Oct 2021 03:52:44 GMT

I dunno. I've had the same secured card w 2500$ limit for about 5 years now.

My understand is that you can ask for an unsecured card but if you get it you'll get a hard pull and a new account rather than graduation of the secured card - I don't want the inquiry nor the new acct bc I'm in the mortgage area soon. Once the house purchase is done, I'll close the secured and see if I can get an unsecured, but from all I've heard it's a HP and a new acct.

Re: US Bank secured card question

IntegerIntrovert — Thu, 21 Oct 2021 07:51:32 GMT

I can confirm you will keep the same limit upon conversion to unsecured. I had mine for 1-2 yrs then asked and got a HP for a new unsecured account. This was many years ago however.

Re: US Bank secured card question

Ilinferno — Thu, 21 Oct 2021 15:59:31 GMT

Oh that's interesting I missed that once it graduates the account is closed and a new one is started, thanks for the heads up!

Re: US Bank secured card question

Ilinferno — Thu, 21 Oct 2021 16:05:03 GMT

@IntegerIntrovert

Thank you for the confirmation. Based on what you experienced was it also closed and a new revolving account opened when you graduated as mentioned by @IodineNightSky ?

Re: US Bank secured card question

Red1Blue — Thu, 21 Oct 2021 16:08:26 GMT

@Ilinferno wrote:
Oh that's interesting I missed that once it graduates the account is closed and a new one is started, thanks for the heads up!

I am not sure how things works with US Bank. Here is my experience. I had 2 secured cards with them and they both upgraded on 10/4 to unsecure and received the deposit back from them.

Harley Card /18 months old / $3000 Deposit.

US Bank Visa / 15 months old / $500 Deposit.

They sent the deposit back from both cards.They mailed new cards to both accounts.

US Bank Card changed to Platinum and retained its original account number. They sent me a new card with the same number.

Harley card I have received and they gave a new number but retains the entire old card history.

I asked for CLI on both cards. And also PC from US Bank Platinum to US Bank Altitude Go. But due to the glitch with US Bank system they both are showing as secured cards even though they became unsecure and they sent the deposit back. The CSR I talked to told me to wait few statement cycles to reflect the change and then ask for the CLI and Product Change. In my case I am not in a rush so I am going to wait and see.

@IlinfernoHope this helps you answer your questions. Feel free to send me a PM if you have any other questions to me.

Re: US Bank secured card question

Ilinferno — Thu, 21 Oct 2021 16:20:11 GMT

@Red1Blue

Thanks, that is very helpful! I just switched to them for my banking so it seems like a good idea to go this route and make them my last secured card. Appreciate the info!

Re: US Bank secured card question

sjt — Thu, 21 Oct 2021 19:56:21 GMT

@IodineNightSky wrote:
I dunno. I've had the same secured card w 2500$ limit for about 5 years now.
My understand is that you can ask for an unsecured card but if you get it you'll get a hard pull and a new account rather than graduation of the secured card - I don't want the inquiry nor the new acct bc I'm in the mortgage area soon. Once the house purchase is done, I'll close the secured and see if I can get an unsecured, but from all I've heard it's a HP and a new acct.

They changed their policy where you keep your same account number and history.

Re: US Bank secured card question

Red1Blue — Thu, 21 Oct 2021 19:57:51 GMT

@Ilinferno wrote:
@Red1Blue
Thanks, that is very helpful! I just switched to them for my banking so it seems like a good idea to go this route and make them my last secured card. Appreciate the info!

Keep in mind US Bank is very HP hungry. Make sure you put all the deposit once and leave it alone. Every time you ask for CLI even if it secured to add more deposit to your account they do HP each time.

Re: US Bank secured card question

Ilinferno — Thu, 21 Oct 2021 20:03:15 GMT

@Red1Blue

Also good to know, thanks for the heads up. Think I will go for the 5k max that way it will just be the hard pull to unsecure it when my scores support it.

Re: US Bank secured card question

IntegerIntrovert — Mon, 25 Oct 2021 08:35:20 GMT

I cannot recall my account number was changed. This account has been closed for a while now.

Re: US Bank secured card question

calyx — Mon, 25 Oct 2021 17:03:02 GMT

Had mine graduate and I can confirm that they'll change your account number, but it will be the same credit line on your CRB reports.

Re: US Bank secured card question

Ilinferno — Mon, 25 Oct 2021 17:36:21 GMT

@calyx

Okay thank you

Re: US Bank secured card question

sjt — Mon, 25 Oct 2021 18:06:14 GMT

@calyx wrote:
Had mine graduate and I can confirm that they'll change your account number, but it will be the same credit line on your CRB reports.

How long has it been since your card graduated?

Re: US Bank secured card question

Lurker22 — Mon, 25 Oct 2021 23:19:17 GMT

FYI applied 10/15, received a post card over the weekend (actually two identical) asking if I applied, said if so then do nothing but called today, auto attn said still in review, got a person - said it was stuck in id verification, after a 20 minute hold, confirming my email and verifying a text I was told funds would be withdrawn tomorrow and card sent once funds have been verified

i was worried, I have an open 13 (in NoGA the court says as long as it's secured by funds acquired after filing then it's ok) and I burned USB, I double checked with the csr, she confirmed twice it's been approved

Re: US Bank secured card question

Anonymous — Thu, 28 Oct 2021 16:25:27 GMT

I graduated 1 year after I had 4k on deposit with them and they gave me the 4k cl..and told them it was not good enough and they increased to 10k...so you can get more if you ask.

Re: US Bank secured card question

calyx — Thu, 28 Oct 2021 16:48:35 GMT

I had a USBank secured for $1k for one year. I requested graduation, and upon graduation they gave me another $1k auto (so doubled it).

After a few months I requested a CLI to bring it up andwas granted 10k

Re: US Bank secured card question

Ilinferno — Thu, 28 Oct 2021 16:49:37 GMT

@Anonymous

That's good to know, do you remeber if they did another hard pull for the CLI in addition to the one for unsecuring the card? (not that big a deal but just curious)

Re: US Bank secured card question

Anonymous — Thu, 28 Oct 2021 16:50:50 GMT

no, it was a soft pull...