topic Can't figure out US Bank in Credit Cards

Can't figure out US Bank

chrisw1968uk — Sun, 15 Oct 2023 23:00:57 GMT

Hi Guys

I have been a USB customer for about 13 years, I had a vehicle loan with them that I paid off in double-quick time. I currently have 2 of their credit cards with a combined CL of $37,000 - These are both sock drawered due to lack of benefits and pretty high interest rates (but I always PIF anyway)

I asked them if it would be possible to close both accounts and give me just $30k on an Altitude Reserve card - I hate card fees, but figured I'd get most of it back on the dining credit. I offered to reduce my "potential exposure" to them by $7k - and they said NO.

It's no big deal - I just wanted a card of theirs that I would use, ho-hum lol

DP's - Income around $75k, never missed a payment to anyone in my life and current Fico around 825

Re: Can't figure out US Bank

chrisw1968uk — Sun, 15 Oct 2023 23:03:50 GMT

Forgot to add - my current daily driver is Chase Amazon, with a $29,200 limit - So I don't think that asking for $30k is too unreasonable?

Re: Can't figure out US Bank

GZG — Sun, 15 Oct 2023 23:18:07 GMT

@chrisw1968uk wrote:
Hi Guys
I have been a USB customer for about 13 years, I had a vehicle loan with them that I paid off in double-quick time. I currently have 2 of their credit cards with a combined CL of $37,000 - These are both sock drawered due to lack of benefits and pretty high interest rates (but I always PIF anyway)
I asked them if it would be possible to close both accounts and give me just $30k on an Altitude Reserve card - I hate card fees, but figured I'd get most of it back on the dining credit. I offered to reduce my "potential exposure" to them by $7k - and they said NO.
It's no big deal - I just wanted a card of theirs that I would use, ho-hum lol
DP's - Income around $75k, never missed a payment to anyone in my life and current Fico around 825

they probably don't have an underwriting problem with it, they just don't have a mechanism that allows them to do that. most banks don't, some for technologial reasons (US Bank, NFCU), some for underwriting reasons (Cap1)

they probably determined building that mechanism isn't worth the trouble for the limited upside it would provide the bank. If you have a relationship manager of some sort, you might try to go through them, but if you're not big enough for that, they don't really have a way to do that normally.

if you closed out your two accounts, waited a month or two and then applied for the new card, you would hopefully get back a decent portion of your CL, but it obviously comes with the risk of denial, small CL, etc.

it's a risk I would take honestly, there's also r~~edstone 5% or citi custom cash 5% to consider as well,~~ (oops misread the card you wanted)

I wouldn't care to have $37k on my profile that I will never use, particularly being income limited (relative to the profile and TCL across all cards on your profile)

close out the unused US bank cards and get you that 3% on mobile wallets, it's a risk worth taking, 100%.

there's also the kroger MC, 5% on mobile wallet for $3k/yearly

https://www.krogermastercard.com/credit/benefits.do

how many new accounts in the last /6 /12 /24 months?

Re: Can't figure out US Bank

chrisw1968uk — Sun, 15 Oct 2023 23:18:14 GMT

Thanks - That makes sense, Only new account in last 2 years is for a car loan just over 1 year ago - which is currently half paid off. This was with a CU though because their rates were much better - no new CC's in over 2 years

Re: Can't figure out US Bank

GZG — Sun, 15 Oct 2023 23:22:34 GMT

@chrisw1968uk wrote:
Thanks - That makes sense, Only new account in last 2 years is for a car loan just over 1 year ago - which is currently half paid off. This was with a CU though because their rates were much better - no new CC's in over 2 years

honestly, for the SUB and for that amazing 3% on mobile wallets category and that super easy to use $325 annual credit, it's one of the best cards on the market and worth taking the risk closing your other two cards on

I would wait for a month or two after closing them out personally just to be safe, but that's what I would do

Re: Can't figure out US Bank

Jordan23ww — Mon, 16 Oct 2023 00:40:27 GMT

@chrisw1968uk wrote:
Hi Guys
I have been a USB customer for about 13 years, I had a vehicle loan with them that I paid off in double-quick time. I currently have 2 of their credit cards with a combined CL of $37,000 - These are both sock drawered due to lack of benefits and pretty high interest rates (but I always PIF anyway)
I asked them if it would be possible to close both accounts and give me just $30k on an Altitude Reserve card - I hate card fees, but figured I'd get most of it back on the dining credit. I offered to reduce my "potential exposure" to them by $7k - and they said NO.
It's no big deal - I just wanted a card of theirs that I would use, ho-hum lol
DP's - Income around $75k, never missed a payment to anyone in my life and current Fico around 825

@chrisw1968uk sorry to hear about their answer to your question! You should call back and ask 2 more questions just for clarity. 1) Ask them if you apply for the card and are approved but don't get the limit you desire, can you take part of the limit from your current cards and transfer it over? 2) If you apply and are denied and the reason is for having 2 much exposure, can they reduce the limit on your card(s) in order to approve you?

The reason I mention this is because when I applied for the US Bank Shoppers Cash card, initially I got denied. I had gotten a limit increase 6 months earlier on my Cash Rewards + and they said my limit increase was too recent. So I asked if I lowered the limit on my Cash Rewards card could they approve me for the Shoppers card. The agent said we could do that, but first let's have the underwriters do a manual review, because that may not even be necessary. They ended up approving me without transferring any of my limit, but to know that was a possibilty, was good to know! Best wishes to you should you continue to pursue this card!

Re: Can't figure out US Bank

GApeachy — Mon, 16 Oct 2023 01:04:11 GMT

I always figured that card was for high income earners. How do they say it?...Oh, the Upper Crust, not us regular folks 😜🤪...idk,🤷‍♀️ it just seems that's why it's Reserved.🥸💩

Re: Can't figure out US Bank

NAVYCHOP — Mon, 16 Oct 2023 01:32:07 GMT

Did you ask if they would do a product change to the card you want? Not sure if USB does that but would keep the original opening date on the card you want which is a definite benefit; that is more valuable to me than a new account SUB.

Re: Can't figure out US Bank

xenon3030 — Mon, 16 Oct 2023 01:58:22 GMT

You may request to product change one of your cards to Altitude Reserve. I did it on one of my Cash+ cards a few weeks ago (you may find my post regarding that PC in this forum). The entire call took ~5-10 mintues and I received the card by an overnight mail within two days in a fancy package.

You may request to PC one of your cards that has the highest limit to Altitude Reserve. After product change completion (taking ~1.5 months), you may call again to transfer the credit line from your other card to Altitude Reserve (if allowed), if you plan to close either of your SD cards. Anyway, the Cash+ and Altitude Go cards do not have AF and they can be useful. I suggest to PC your SD cards to either of these cards, instead of closing them. It is not easy to use Cash+ routinely, due to its sparce categeries and it might be good to have several of them for a good coverage. I use my Cash+ mainly for utilities and phone.