topic Re: Does anyone have US Bank Reserve Line Of Credit? in Credit Cards

Does anyone have US Bank Reserve Line Of Credit?

Ron1 — Thu, 06 Dec 2012 23:27:44 GMT

I just opened US Bank Gold Checking package to qualify for extra 25% bonus for US Bank Cash+. After opening the checking, I called to check the status of Gold Package Checking. They told me to apply for US Bank Reserve Line Of Credit. I told him I need to think about it. Does anyone have the account or applied recently? How hard is getting approved for the LOC? Where did they pull? Will they report to CRA?

Thanks.

Ron.

Re: Does anyone have US Bank Reserve Line Of Credit?

Cali_Credit — Thu, 06 Dec 2012 23:54:39 GMT

Here you go, If you went in a branch and they offered you a Pre approved RL at account opening it will be a SP, no income or anything needed, yes say yes! If you apply for a RL after the account opening, it will be a HP and they do random pulls. I've seen customers get accepted with low 600 fico's but if you have any Derog's on your credit you will be denied. RL will report on your credit as a open line of credit, its an awesome product and offered to customers at account opening(SP) if you already have any US Bank products, because they know your qualified.

Re: Does anyone have US Bank Reserve Line Of Credit?

Imhotrodcrazy — Fri, 07 Dec 2012 00:02:13 GMT

I have the Platinum account which gives me an extra .50% on my rewards card. The gave me a LOC when I applied for my Flexperks card at the time. I did it since they were using the same report. So, it was very easy to obtain for me. I have only used it a couple of times and yes they report to all three agencies. They pulled EX for me at the time, and I am located in So Cal. Hope this info helps.

Re: Does anyone have US Bank Reserve Line Of Credit?

tengtengvn — Fri, 07 Dec 2012 00:09:20 GMT

I had it with 2k limit. When I applied for a car loan in 2010, the account was closed. Replaced by a 15k Premier Line of Credit. This LOC saved me big time when I started the business past summer. Put 14.9k on it with no issue.

It's the same as CC but you can get cash from the branch with no fee and the interest is much lower than the CCs. Shows up on CR as Line of Credit.

Re: Does anyone have US Bank Reserve Line Of Credit?

Ron1 — Fri, 07 Dec 2012 00:12:40 GMT

Thanks for feedback. They offered me over the phone when I requested to convert my saving into Money Market Savings because the system didn't open Money Market Savings. I don't have any past due or charge-off and perfect credit history. I currently have US Bank Cash+ Visa Signature Card, Flexperks Rewards business card. I think my EXP score is around 750. Should I apply for the LOC? By the way, is there any way to transfer funds from other banks?

Thanks.

Ron.

Re: Does anyone have US Bank Reserve Line Of Credit?

Ron1 — Fri, 07 Dec 2012 00:12:12 GMT

How do I qualify for Premier Line Of Credit?

Ron.

Re: Does anyone have US Bank Reserve Line Of Credit?

tengtengvn — Fri, 07 Dec 2012 00:15:20 GMT

I think the requirement is the same as for their CC.

Re: Does anyone have US Bank Reserve Line Of Credit?

Ron1 — Fri, 07 Dec 2012 00:21:48 GMT

@tengtengvn wrote:
I think the requirement is the same as for their CC.

Thanks for the info. I just looked at it and they will give a Visa Card if approved. The terms is similar to cc.

Ron.

Re: Does anyone have US Bank Reserve Line Of Credit?

Cali_Credit — Fri, 07 Dec 2012 00:33:19 GMT

Premier Line Of Credit requires a RMS(relationship management score), it takes around 6 months to build a high RMS to get approved for A PLOC, and the more you use your accounts the higher your score gets. You must have a 690-700 fico and a RMS score to be approved but the product is awesome, it has a 9.25% APR and you can transfer money instantly into your checking account with no cash advance fees, and it also comes with a Card and checks.

Re: Does anyone have US Bank Reserve Line Of Credit?

Ron1 — Fri, 07 Dec 2012 00:36:54 GMT

@IECredit wrote:
Premier Line Of Credit requires a RMS(relationship management score), it takes around 6 months to build a high RMS to get approved for A PLOC, and the more you use your accounts the higher your score gets. You must have a 690-700 fico and a RMS score to be approved but the product is awesome, it has a 9.25% APR and you can transfer money instantly into your checking account with no cash advance fees, and it also comes with a Card and checks.

Thanks for the reply. I have two personal cards and one business card. I also have both gold checking and money market savings. Will I qualify for the Premier Line Of Credit? Do I need to pre-select for qualify?

Ron.

Re: Does anyone have US Bank Reserve Line Of Credit?

Cali_Credit — Fri, 07 Dec 2012 01:20:21 GMT

How long have you had your accounts? I would suggest your hav eyour checking/savings opening 6 months before you apply for the PLOF!

Re: Does anyone have US Bank Reserve Line Of Credit?

Ron1 — Fri, 07 Dec 2012 01:52:46 GMT

@IECredit wrote:
How long have you had your accounts? I would suggest your hav eyour checking/savings opening 6 months before you apply for the PLOF!

I just opened Gold Checking today and saving was opened three to four months ago. One of the credit cards was opened in 2007. I don't think I would qualify for PLOC according to what you said. By the way, my credit histroy is perfect (no late, no past or charge-off). My EXP score was 750 according to AXP three months ago. TU FUCO score was 743 as of yesterday and EQ was 801 as of yesterday. I know they usually pull EQ by applying online or EQ inside the branch.

Ron.

Re: Does anyone have US Bank Reserve Line Of Credit?

Anonymous — Fri, 07 Dec 2012 01:54:06 GMT

@Ron1 wrote:
I just opened US Bank Gold Checking package to qualify for extra 25% bonus for US Bank Cash+. After opening the checking, I called to check the status of Gold Package Checking. They told me to apply for US Bank Reserve Line Of Credit. I told him I need to think about it. Does anyone have the account or applied recently? How hard is getting approved for the LOC? Where did they pull? Will they report to CRA?

Thanks.

Ron.

I just (now!) opened a gold checking package, but now think it might be based on a faulty calculation. Is the 25% bonus based on all the cash back (so 25% on the 5% categories as well) or just on the base 1%. I remember some discussion but cannot find it!

Thanks

Re: Does anyone have US Bank Reserve Line Of Credit?

Ron1 — Fri, 07 Dec 2012 02:03:33 GMT

I think it is similar to Chase 10/10 checking bonus.

Ron.

Re: Does anyone have US Bank Reserve Line Of Credit?

Anonymous — Fri, 07 Dec 2012 02:07:30 GMT

OK, not familiar with that, but I put the question into customer service.

BTW: did you find out about transferring from other banks? I couldn't see a way but wasn't sure if that was because my account wasn't fully open.

I see they charge a fee for depositing a check from the computer. That is a rip off. If the 25% isn't on the full cash back, I will have to (try to!) close this account as it's not worth while with my spend vs interest lost.

Re: Does anyone have US Bank Reserve Line Of Credit?

Ron1 — Fri, 07 Dec 2012 02:22:07 GMT

@Anonymous wrote:
OK, not familiar with that, but I put the question into customer service.

BTW: did you find out about transferring from other banks? I couldn't see a way but wasn't sure if that was because my account wasn't fully open.
I see they charge a fee for depositing a check from the computer. That is a rip off. If the 25% isn't on the full cash back, I will have to (try to!) close this account as it's not worth while with my spend vs interest lost.

I think 5%+ .25% =5.25% when you spend 5% categories. I don't think they have setup to transfer funds from other banks. You have to set up ACH transfer to transfer funds into the checking/savings. I asked them already. It is a hassle. You will have to take a look to see if they charge a fee by closing within 30 days. Some banks do that. By the way, you don't have put a lot of money to keep the account. You have to open a checking, savings and credit card. You need to set up auto pay each month to waive the fee. Don't expect to get high interest. I opened Gold checking package to collect my cash back instead of statement credit.

Ron.

Re: Does anyone have US Bank Reserve Line Of Credit?

Anonymous — Fri, 07 Dec 2012 02:26:21 GMT

@Ron1 wrote:
@Anonymous wrote:
OK, not familiar with that, but I put the question into customer service.

BTW: did you find out about transferring from other banks? I couldn't see a way but wasn't sure if that was because my account wasn't fully open.
I see they charge a fee for depositing a check from the computer. That is a rip off. If the 25% isn't on the full cash back, I will have to (try to!) close this account as it's not worth while with my spend vs interest lost.
I think 5%+ .25% =5.25% when you spend 5% categories. I don't think they have setup to transfer funds from other banks. You have to set up ACH transfer to transfer funds into the checking/savings. I asked them already. It is a hassle. You will have to take a look to see if they charge a fee by closing within 30 days. Some banks do that. By the way, you don't have put a lot of money to keep the account. You have to open a checking, savings and credit card. You need to set up auto pay each month to waive the fee. Don't expect to get high interest. I opened Gold checking package to collect my cash back instead of statement credit.

Ron.

I was going for the $2500 min balance. Trouble with auto pay for the card is that you need to transfer the money when it is needed and that can be a pain. I think you are right about the 5.25%, otherwise it would be too good! I will ask about the closing fee, thanks!

Re: Does anyone have US Bank Reserve Line Of Credit?

RonDawg — Fri, 07 Dec 2012 06:18:52 GMT

@Ron1 wrote:
How do I qualify for Premier Line Of Credit?

Ron.

You can apply online for the Premier Line of Credit, Unlike the the Reserve line the Premier line of credit gives you a visa access card and the interest rate is a lot lower between 9.25% and 13.25% where as the Reserve line is over 21% Also the Reserve line acts more like a loan then a line of credit. The CL on the reserve line is much lower then the Premier line mine is 14.5k were as the reserve line is 4k. You can actually do something with 14.5k.

The Reserve line you can get by talking to a banker they may even be able to set you up without a credit pull (hard that is) but the Premier line is so much better then the reserve line. If you want a LOC I would suggest the Premier Line of credit.

Re: Does anyone have US Bank Reserve Line Of Credit?

Ron1 — Fri, 07 Dec 2012 06:31:15 GMT

@RonDawg wrote:
@Ron1 wrote:
How do I qualify for Premier Line Of Credit?

Ron.
You can apply online for the Premier Line of Credit, Unlike the the Reserve line the Premier line of credit gives you a visa access card and the interest rate is a lot lower between 9.25% and 13.25% where as the Reserve line is over 21% Also the Reserve line acts more like a loan then a line of credit. The CL on the reserve line is much lower then the Premier line mine is 14.5k were as the reserve line is 4k. You can actually do something with 14.5k.

The Reserve line you can get by talking to a banker they may even be able to set you up without a credit pull (hard that is) but the Premier line is so much better then the reserve line. If you want a LOC I would suggest the Premier Line of credit.

Thanks for your reply. I talked to customer service and they need to HP for this product. That's why I hold off to apply for LOC. I was told Premier Line need some kind banking relationship.

Ron.

Re: Does anyone have US Bank Reserve Line Of Credit?

RonDawg — Fri, 07 Dec 2012 06:40:04 GMT

@Ron1 wrote:
@RonDawg wrote:
@Ron1 wrote:
How do I qualify for Premier Line Of Credit?

Ron.
You can apply online for the Premier Line of Credit, Unlike the the Reserve line the Premier line of credit gives you a visa access card and the interest rate is a lot lower between 9.25% and 13.25% where as the Reserve line is over 21% Also the Reserve line acts more like a loan then a line of credit. The CL on the reserve line is much lower then the Premier line mine is 14.5k were as the reserve line is 4k. You can actually do something with 14.5k.

The Reserve line you can get by talking to a banker they may even be able to set you up without a credit pull (hard that is) but the Premier line is so much better then the reserve line. If you want a LOC I would suggest the Premier Line of credit.
Thanks for your reply. I talked to customer service and they need to HP for this product. That's why I hold off to apply for LOC. I was told Premier Line need some kind banking relationship.

Ron.

That is true, I thought you opened up a checking account and got the gold package? If you have done that then you can get the Premier line of credit.