topic Re: US Bank Secured Graduation Questions in Credit Cards

US Bank Secured Graduation Questions

Anonymous — Mon, 13 Jan 2014 21:27:02 GMT

Hello

I am trying to find current info about graduating my US Bank secured card. My one year will be up in March. I would love to hear from people who have graduated in recent months.

Do they automatically unsecured or must you request it? Is it a hard pull?

What scores do you need to unsecured, I am up 100pts from when I received the card?

I kept my initial deposit at $300, would it be worth increasing it now if potential graduation is 3 months away?

I was approved for this secured card with 2 upaid judgments, will the judgments prevent this card from graduating? I am making payments on both and they should be paid off by March but I don't think it will show as paid on my reports that soon as I know if has to be updated through the courts first.

Any suggestions and advice would be helpful.

Thanks T

Re: US Bank Secured Graduation Questions

credit-hunter — Mon, 13 Jan 2014 23:07:07 GMT

If you think you have a chance of graduating I would diffidently increase the limit NOW.

Re: US Bank Secured Graduation Questions

IWOL — Mon, 13 Jan 2014 23:58:40 GMT

I have read on some other posts that you need atleast a 670 on TU which they will hard pull for graduation. I dont have a US bank secured, thats just what Ive read.

In my opinion I dont think it makes sense to up the limit 3 months before possible graduation as that could hurt your chances at graduation since they would look at the entire history of the card. If most of the history shows you managing a $500 limit and then you up it to $3000 they may be less inclined to unsecure at that limit.

I have a B of A secured card that was just unsecured 3 weeks ago. They hard pulled my TU to unsecure it and the secured dept manually reviewed my report. They unsecured it and upped my limit to $1500, which was inline with the spending I had done on the card over the year that I had it.

Im guessing US bank also looks at your spending habits on the card. When requesting graduation, they will use the same hard pull for a CLI.

I used my secured card heavily and made several payments every month, running around $1500 a month on a card with a $500 limit. Im assuming that played a role in them upping the limit at graduation.

Re: US Bank Secured Graduation Questions

Anonymous — Tue, 14 Jan 2014 21:07:29 GMT

Thanks you both for your advice.

I was thining the same thing about adding money so close to the graduation date would hold this up. But part of me thinks the judgements would hold things up anyway. I've heard of people having secured cards that never unsecure and I don't want to add more money and be stuck in that boat.

Re: US Bank Secured Graduation Questions

meehan22 — Tue, 25 Feb 2014 15:00:20 GMT

My one year with US bank is up today and I have a 689 TU score. I paid off my remaining tax lien and judgement now just waiting for that to update. As soon as it does I'll be requesting a unsecured card. Good Luck!!!

Re: US Bank Secured Graduation Questions

Anonymous — Tue, 25 Feb 2014 15:55:04 GMT

@meehan22 wrote:
My one year with US bank is up today and I have a 689 TU score. I paid off my remaining tax lien and judgement now just waiting for that to update. As soon as it does I'll be requesting a unsecured card. Good Luck!!!

Hi Meehan22 - Your plan sounds identical to mine. I just paid two outstanding judgments and once I get them updated to reflect paid I will request my card be unsecured. Although when I called US bank asking about the unsecure process I was told I need to wait until May. The first month my card reported was April but I didn't actually use it and made a payment until May. They want to see a year of actual payment history not just a year from when you got the card.

Please keep me updated. Curious what they product change you to and if you get a credit limit increase or if you have to wait for that also.

Good Luck!!!

Re: US Bank Secured Graduation Questions

meehan22 — Wed, 26 Feb 2014 19:40:07 GMT

Thats odd, I emailed them a couple months ago requesting the how-to to have the card unsecured. They emailed me back giving the date and everything that I could apply for the unsecured card. Which was exactly 1 year after I opened it.

Re: US Bank Secured Graduation Questions

Dw4250 — Tue, 04 Mar 2014 15:26:24 GMT

I just "unsecured" my US Bank secured card last Thursday. The whole process took about 90 seconds, and was pretty painless.

I called the number on the back of the card. CSR confirmed SSN, address, etc. I told her I was interested in unsecuring the card...she checked a couple of things and said "yes you are eligible to unsecure the card" and upgraded me to the US Bank Platinum. CL will remain the same ($1000); she said to call back in 6 mo. to request an increase or PC. She also indicated the card number changes, but the TL history will remain. I should receive the card within a week, and my deposit will be mailed back to me within 10 business days.

I checked CK on Sunday...no hard pull from TU. Nothing from Scorewatch (EQ) or Experian either...so it looks like it was a SP. I have heard mixed reviews on this question (some people report a HP, some not)...but for me, they did not HP. YMMV.

Hope this helps. Good luck!

Re: US Bank Secured Graduation Questions

meehan22 — Tue, 04 Mar 2014 15:31:21 GMT

I haven't requested mine quite yet. I did get my dispute letter back from TU saying my remaining 2 judgements and tax lien was updated to satisfied. Experian and Equifax hasn't updated it yet. But if they pull TU I may as well call and get it unsecured since that CR is perfect.

My limit is only $300 on US Bank. I hope I receive a bit more. I may hit up the US Bank pre qualify site for giggles to see if they reccomend me for anything.

Re: US Bank Secured Graduation Questions

Dw4250 — Tue, 04 Mar 2014 15:53:08 GMT

@meehan22 wrote:
I haven't requested mine quite yet. I did get my dispute letter back from TU saying my remaining 2 judgements and tax lien was updated to satisfied. Experian and Equifax hasn't updated it yet. But if they pull TU I may as well call and get it unsecured since that CR is perfect.

My limit is only $300 on US Bank. I hope I receive a bit more. I may hit up the US Bank pre qualify site for giggles to see if they reccomend me for anything.

My advice would be to wait until EX and EQ have updated, especially given US Bank's reputation for being one of the more conservative lenders. I have no idea who they pull. Some say TU; some say EQ. But why chance it when you're this close? It is a MAJOR exercise in patience to wait for those CR to update...so I feel your pain

Looks like our scores are pretty similar, so I don't think you'll have any problems getting it unsecured. And yeah, I would defninitely ask for a CL increase if I were you...can't do much with a $300 CL. I can't wait for my report to update so it doesn't have the dreaded 'SECURED CREDIT CARD' notation anymore. It's always bothered me that US Bank puts that notation onto a report (other companies do not).

Anyway, good luck to you, and please update once you decide to pull the trigger.

Re: US Bank Secured Graduation Questions

Anonymous — Wed, 05 Mar 2014 01:34:51 GMT

@Dw4250 wrote:
I just "unsecured" my US Bank secured card last Thursday. The whole process took about 90 seconds, and was pretty painless.

I called the number on the back of the card. CSR confirmed SSN, address, etc. I told her I was interested in unsecuring the card...she checked a couple of things and said "yes you are eligible to unsecure the card" and upgraded me to the US Bank Platinum. CL will remain the same ($1000); she said to call back in 6 mo. to request an increase or PC. She also indicated the card number changes, but the TL history will remain. I should receive the card within a week, and my deposit will be mailed back to me within 10 business days.

I checked CK on Sunday...no hard pull from TU. Nothing from Scorewatch (EQ) or Experian either...so it looks like it was a SP. I have heard mixed reviews on this question (some people report a HP, some not)...but for me, they did not HP. YMMV.

Hope this helps. Good luck!

Thanks for sharing and congratulations!! So they told you right on the spot, I though I read you had to wait for response to be mailed. Maby that only if you're denied. I am not so patiently waiting for my satisifaction of judgement paperwork to arrive and then I will submit it to the credit breaus so they can update the satus. So I still have a while before I can unsecure mine. I only have $300 also, hope I don't have to wait 6 months for the CLI.

Did you have any negative items left on your report?

Re: US Bank Secured Graduation Questions

Dw4250 — Wed, 05 Mar 2014 01:56:36 GMT

I have one baddie left...a 5.75 year old charge-off stubbornly clinging to my CR's :-). It definitely is still weighing down my scores.

Once you get rid of that judgement, you should be golden.

Re: US Bank Secured Graduation Questions

Anonymous — Wed, 05 Mar 2014 02:22:47 GMT

Thanks. I'll share my experience, hopefully soon. This card was so easy to get even with all the negative items I had a year ago. I didn't realize US bank was such a conserstive lender and it wasn't an automatic graduation. Thats what I get for not doing my homework up front. I think I will be ok, just need to get everything updated first.

Thanks again.

Re: US Bank Secured Graduation Questions

AeroKrix — Wed, 12 Mar 2014 18:36:30 GMT

I also have a US Bank Secured. Currently at $300 limit. Asked last week about an upgrade to an unsecured and the rep said I dont qualify, but said she can put in a request for manual review and hinted that it would be a hard pull. So basically, if the system kicks back that you qualify on the spot, its a SP, but manual review of eligibility is a hard pull. I declined for the manual review since I know that my score alone wont qualify. Also, she mentioned that if approved, my current limit will be the limit for the unsecured, and will be able to request a CLI in 6 months.

Additionally, I asked my brother (who is a US Bank branch manager) said that most, if not all, unsecured cards at US Bank require a minimum of 670. But he also mentioned that US Bank uses an internal RMS scoring system (a customer rating based on US Bank accounts and history). This RMS score can also determine someone's eligibility for any product or service.

For example, the most common request is to waive an OD fee on a checking account. Typically, once requested, a banker (online/in-person) will view your RMS score and see if you are able to get one. Essentially, everytime a customer OD's, your RMS score takes a hit, and when you are granted a OD fee waive, your RMS takes a hit too.

US Bank highly frowns upon unpaid debt that shows on a credit report. If your score qualifies based on history, AAoA, and util, but you have a few baddies, US Bank will ask you pay them all off and get a letter from each CA that the account is "paid in full." Thats the tricky part. US Bank underwriters like to see accounts PAID IN FULL.

Hope this helps

Edit: They used to pull Equifax only, but now have moved onto TU. They will also pull all 3 if your TU is borderline, but will not pull all 3 if TU results in a decline.

Re: US Bank Secured Graduation Questions

Anonymous — Thu, 13 Mar 2014 18:34:57 GMT

AeroKrix - Thanks!! That was very helpful. I am a few points shy of 670. Technically all my accounts are paid. I'm just waiting on my judgement satisfaction paperwork to arrive so I can submit it to the credit bureaus. I will definitely make sure everything is updated on all 3 reports before I request it be unsecured. Bummer that you have to wait an additional 6 months for a CLI.

Re: US Bank Secured Graduation Questions

Anonymous — Tue, 01 Apr 2014 14:54:48 GMT

**Update**

So I called in on Friday to put in my request to unsecure my card. The rep informed me it would be a hard pull and I would have my response mailed or I could call back in 2-3 business days. I asked which bureau they pulled and he told me it was random. Got an alert today that Transunion was pulled.

Monday I tried to make an online payment and all my payment account info was missing and it wouoldn't let me add it back. I checked my account details and my account number was still the same, I know they change it once your card unsecures. This morning I log in again and I see my account number has changed and my annual fee was automatically refunded. So I called in to confirm and my account was unsecured!! So I asked about a CLI, expecting the wait 6 month response, but she asked how much did I want?? I first asked would this be another hard pull and she said no. I told her how much I wanted and she said to call back in 2-3 days for a response. We will see if it goes though because everything I've read said you have to wait six months.

I'm just excited that it was unsecured, I was worried about them being so conservative.