topic Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa? in Credit Cards

What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

SubseaEngineer — Fri, 07 Sep 2012 13:21:01 GMT

I want both of these, currently have a mortgage for 1+ year, credit scores in mid-high 600's, some collections that will drop off in November, utilizations under 50% by Nov also.

Biggest issue is 4 late payments 120-day from early 2006 when I was laid off that wont be gone until May 2013. Also that same account (old chase card) has 3 late payments 30 day (one each 2007, 2008, 2009) because of change of address and Chase not sending an updated bill.

I have 10+ years of credit history, multiple vehicle loans, student loans, my only negative acct is the aforementioned Chase, most recent derogatory from them was over 3 years ago.

I'm trying to plan out the schedule for the next year in applying for cards, I want both listed in the title, but i'm not sure which one I should go for first.

Thoughts?

Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

jamesdwi — Fri, 07 Sep 2012 13:51:55 GMT

from what I have read US Bank Cash+ is much harder to get. You can get a AMEX Blue Cash Prefered with a 700 Fico with a year experience on two or more credit cards. US Bank Cash+ is minimum of a 720 FICO and you need to have a credit card reporting with a 5k CL. If you don't qualify for the Cash+ they will give you a lesser card that you can age and get CLI's and eventually you can PC to the Cash+.

Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

djrez4 — Fri, 07 Sep 2012 13:55:12 GMT

To answer your initial question, I think the BCP is "easier" to get. I say that because the Cash+ is a Signature card and US Bank is relatively conservative when it doles out credit to people in the mid-high 600s with some negatives on their reports - people like you and me.

I recently went through apps for both an Amex revolver and a US Bank Visa. With 0% Util, mid-high 600s, a CO from 2007 and a paid medical collection, and a relatively thin file, I got a $1200 limit from Amex and a $2500 limit from US Bank. If I had applied for the BCP instead of the Costco True Earnings, the underwriting would have been the same and I'd expect a similar limit. However, the same approval from US Bank would not have garnered me a Cash+ because, in their eyes, I was not yet Visa Signature material.

I suggest waiting until November, getting the Util down below 25%, and then applying for the Amex. Be prepared to fax in a solid reconsideration letter. Wait 61 days after activation for a CLI from them. Then, if everything looks good, apply for the Cash+ next February or March after the higher BCP limit reports.

Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

CS800 — Fri, 07 Sep 2012 14:00:45 GMT

I'll go with US Bank

Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

SubseaEngineer — Fri, 07 Sep 2012 14:40:34 GMT

Excellent response, djrez, thank you.

What you have described is more or less a tentative plan for me, but I wanted a double-check to make sure I shouldnt reverse the order.

Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

CribDuchess — Fri, 07 Sep 2012 14:52:22 GMT

Do you have an existing banking relationship with US Bank? If you don't, it might help your future app if you establish one. Also, if you get the Gold Pkg checking/savings, you can receive an additional 25% on the 1% cash back portion. Or, if you get the Platinum Pkg, I believe it's an extra 50% on the 1% cash back portion.

I have the US Bank Cash+ and also have the Amex Blue Cash Everyday (might pc to the Preferred next year after the 13-months is up). I love both cards and highly recommend them.

While I did not have any charge-offs or collections, I did have one 30-day late from February 2010 and I also had four 30-day lates from 2008. Both Amex and US Bank did not seem to have a problem with the lates. I think your lates are old enough that they wouldn't be a problem. But definitely wait for those collections to drop off your reports before you app. Also, get that utility down and you should greatly increase your chances of approval.

Best of Luck to you!

Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

SubseaEngineer — Fri, 07 Sep 2012 15:21:04 GMT

I do not have an existing relationship with them, there are no branches local to me (there is 1 ATM within 100 miles).

Honestly, I have a Discover (which is not accepted everywhere), and plan to get an AMEX next year (but has some of the same issues), and I only want a Visa as a backup / useful for merchants that dont take amex or discover.

The best options (that fit me) for rewards are either capital one (have heard too many nightmare stores to trust them), and BofA, who I will never ever ever ever ever ever ever ever ever use again because of bad customer service experiences in both banking and credit card sides of their business.

The third option is the US Bank Cash+ card. Which is why I want it. The bill pay and restaraunt bonuses are the biggest attractors to me; that would be most of my purchasing interest.

Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

Ron1 — Fri, 07 Sep 2012 15:31:51 GMT

I don't have any US Bank branch locally. You can open a checking online.

Ron.

Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

SubseaEngineer — Fri, 07 Sep 2012 15:48:43 GMT

I could, but I like the convenience of wells fargo (they are everywhere I go). Not a big fan of secondary checking / savings accounts, but I have been considering it.

I would have the US Bank account purely to facilitate a card that I would use about... 15% of the time?

Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

Ron1 — Fri, 07 Sep 2012 16:03:22 GMT

@SubseaEngineer wrote:
I could, but I like the convenience of wells fargo (they are everywhere I go). Not a big fan of secondary checking / savings accounts, but I have been considering it.

I would have the US Bank account purely to facilitate a card that I would use about... 15% of the time?

They don't have ACH feature and you have to find some way to transfer the funds out of the account. I don't know Wells Fargo Bank has ACH feature. Bank Of America accounts don't have ACH feature and they have to charge $3.00/per use. You can use any bank have ACH without charging additional fee like USAA.

By the way, I don't have the checking yet. I only opened a savings account to collect cash back. They will gave you statement credit/gift card if you don't have any deposit account.

Both BCP and US Bank Cash + are very tough to get it. BCP might be easier to get if you have any charge card with Amex.

Ron.

Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

fedxboy — Fri, 07 Sep 2012 16:26:58 GMT

I app'ed recently for a Blue Cash and was declined, err Correction, I thought I applied for a Blue Cash and the declined letter says Blue Sky -- darnit.

I should of app'd for a zync, since I heard that was easiest to get. The letter says my score is 733.

Oh well, 2 days later approved for a BofA 123 cash rewards.

Re: What is tougher to get, AMEX Blue Cash Preferred or US Bank Cash+ Visa?

JonStur — Fri, 07 Sep 2012 16:34:55 GMT

Cash+ definitely. I plan to pc from my Flexperks because of the casback they offer for bill paying. You will need to get your scores up and need a card showing a 5k balance to prove you can handle larger credit lines. It also helps to know what cb they pull from in your state. For us in Ohio it's TransUnion.