topic Re: Zero to Cash+ in 12 months! in Credit Cards

Zero to Cash+ in 12 months!

Auricom — Fri, 01 Feb 2013 08:59:48 GMT

Hi all. I've been lurking around the myFICO Forums and CreditCardForum for about six months now and I just wanted to thank you all for the world of insight you've provided. Last January, I had no credit cards and four student loans. I didn't need it, but I got a $300 Wells Fargo Secured Visa just so I could "build credit". After I found these forums and learned the best techniques for building credit, I was inspired to pay my student loans aggressively and pump up my credit limit as much as possible. So I threw a ton of money into the secured visa card (an additional $9700), and payed one of my loans off in full. It took me a while to get here, but my credit score is now pretty decent and my utilization is always 1% at statement time.

Just today, about one year and ten days after my getting my first secured card with an annual fee, terrible rates, and just 1% cash back on all purchases, I applied for a US Bank Cash+ card in the branch (which I had been building a relationship with for two months through a checking account, as was suggested to me on these forums) and was accepted! With an $8000 limit!

I am ecstatic. Thank you all for your awesomeness.

To everybody just starting off or struggling to make it back, just stay in there and pay off as much as you can as quickly as you can.

Re: Zero to Cash+ in 12 months!

slippy84 — Fri, 01 Feb 2013 09:05:08 GMT

Congrats! Usually US Bank can tell you a preliminary credit limit but they almost always send it to underwriting for a review before the limit is finalized so don't be surprised if it ends up a little lower than they told you in the branch. I was told that the automated system approved me for $9500 in the branch but ended up with $5k. Hopefully you got the full amount though!

Re: Zero to Cash+ in 12 months!

Auricom — Fri, 01 Feb 2013 09:07:47 GMT

Ah, thanks for the info. Maybe I'm jumping the gun a bit! Still, for me any limit is good as long as it's Cash+. Did you ever consider calling for some kind of reconsideration or increase of the limit?

Re: Zero to Cash+ in 12 months!

slippy84 — Fri, 01 Feb 2013 09:20:40 GMT

I talked to an underwriter briefly but didn't ask for a recon. I've read that they'll sometimes give you a bump in limit after only a few months once they see how you use the card so I decided to just use it and see if it grows. If not then I'll request one after 6 months!

Re: Zero to Cash+ in 12 months!

toppers555 — Fri, 01 Feb 2013 11:20:58 GMT

congrats!! Now if I can just settle in until may rolls around .

Re: Zero to Cash+ in 12 months!

Anonymous — Fri, 01 Feb 2013 14:15:26 GMT

Just confirm it was the cash+ Auricom. I would assume you're pretty sure since you applied in branch, but they DO hand out the 1% cash rewards downgrade with credit lines over 5K now.

Re: Zero to Cash+ in 12 months!

chnceit — Fri, 01 Feb 2013 16:00:47 GMT

Nice CL congrats!

Re: Zero to Cash+ in 12 months!

Auricom — Fri, 01 Feb 2013 18:40:15 GMT

@Anonymous wrote:
Just confirm it was the cash+ Auricom. I would assume you're pretty sure since you applied in branch, but they DO hand out the 1% cash rewards downgrade with credit lines over 5K now.

Yes, it's the Cash+. The banker told me that if I was denied the Cash+, I'd probably qualify for a lower card; however, when everything went through he said "yep! You got the Cash+!" and pointed at the card on the brochure.

As for the high credit limit as a newbie, here's my lesson learned: If you can stow away $10k in a year, do it and put it into a Wells Fargo Secured Visa! Banks try to match CL ranges made by other banks, so if I have $10k in one, the other bank will want to compete. Now, hopefully I'll get that $10k back soon so I can throw it at my student loans...

Re: Zero to Cash+ in 12 months!

tennisfan78 — Fri, 01 Feb 2013 19:47:10 GMT

Congrats!

Re: Zero to Cash+ in 12 months!

Epcot — Fri, 01 Feb 2013 20:18:35 GMT

That's great, Congrats on your progress and approval!