topic Re: Has anyone had any experience with U.S. Bank secured credit card graduation? in Rebuilding Your Credit

Has anyone had any experience with U.S. Bank secured credit card graduation?

stewart504 — Mon, 04 Nov 2024 00:24:07 GMT

I opened a checking account with U.S. Bank and am considering getting one of their secured credit cards. I keep getting mixed reviews. Some will say the card graduates in a year but you have to take a hard pull to get a CLI, otherwise you are stuck with a $300 CL forever, others said their card never graduated at all. I know some companies make you call to request graduation then they hard pull your credit. I don't know if having a checking account with them will help with approval and help graduation or not.

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

IntegerIntrovert — Mon, 04 Nov 2024 06:32:13 GMT

You must call, yes a lot of times it will require a hard pull. If you are talking secured cards, hard pulls are the least of your worries. It's a good product.

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

Lurker22 — Mon, 04 Nov 2024 13:24:33 GMT

so I opened my Cash+ secured 10/26/21 (during a 13) - since 10/26/22 it's said they're automatically looking to see if the card can upgrade but it hasn't...wasn't much a big deal (what's funny is they gave me a Fidelity Visa with $17K CL) ... finally called today and the CSR said "no you have to call to request the graduation" ..Fico8 is 811 so it better graduate

PS - it's a great rebuilder card (as is secured Alt Go)

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

FreddyFingers — Tue, 05 Nov 2024 01:33:23 GMT

My secured cards they have not graduated. One is 3 years old they said no and then sent me a pre-approval offer with a 5k limit for an unsecured card a week later.

Had it six months now

You can apply for a CLI increase just deposit the amount in your account

I believe it is a soft pull

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

Jeffster1 — Tue, 05 Nov 2024 03:06:48 GMT

My old USBank Secured graduated in 1 year 7 months. They did a HP when graduating. I IIB USBank in my 2017 BK 13.

By comparison, both BofA Secured and TD Secured graduated in 7 months from opening. No HP. Neither BofA nor TD IIB.

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

Lurker22 — Tue, 05 Nov 2024 18:19:04 GMT

@Jeffster1 wrote:
My old USBank Secured graduated in 1 year 7 months. They did a HP when graduating. I IIB USBank in my 2017 BK 13.

By comparison, both BofA Secured and TD Secured graduated in 7 months from opening. No HP. Neither BofA nor TD IIB.

I also IIB USB in my 13 (can't remember but want to say something around the tune of $25K so didn't want to poke the bear)....so yesterday I did call, this morning I woke up to an email a new card was being issued on my card but when logging in it still showed as a secured card so I called, the CSR informed me the card was approved to graduate and it was in the process which is why the card was mailed but not all of the systems updated yet

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

SilentTraveler — Tue, 05 Nov 2024 19:02:33 GMT

I didn't realize that you needed to call US Bank to request graduating. I've had mine for over a year and it hasn't graduated. My Discover graduated exactly at 7 months so I thought it would work the same with US Bank. So I gave them a call today and they submitted the request and confirmed that you need to call to prompt them.

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

Lurker22 — Wed, 06 Nov 2024 10:48:30 GMT

@SilentTraveler wrote:
I didn't realize that you needed to call US Bank to request graduating. I've had mine for over a year and it hasn't graduated. My Discover graduated exactly at 7 months so I thought it would work the same with US Bank. So I gave them a call today and they submitted the request and confirmed that you need to call to prompt them.

there are reports of it automatically graduating but that didn't happen to me on either card (have C+ and Alt Go)

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

sjt — Wed, 06 Nov 2024 20:17:09 GMT

I was told ( a few years ago) you can request unsecured status after 1 year. If you have a BK record you have to wait 4 or 5 years from the date of filing.

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

SilentTraveler — Fri, 08 Nov 2024 05:26:12 GMT

I heard back from US Bank on my request to go unsecured after one year. They denied it because of my bankruptcy. So I will wait a week or so and then close my account. They already have $5,000 for the security and then I opened a checking account for the rewards and that is about $1,000. I would rather have my deposit back since I am not willing to wait a few years for them to decide to return the deposit.

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

Lurker22 — Fri, 08 Nov 2024 12:47:18 GMT

@SilentTraveler wrote:
I heard back from US Bank on my request to go unsecured after one year. They denied it because of my bankruptcy. So I will wait a week or so and then close my account. They already have $5,000 for the security and then I opened a checking account for the rewards and that is about $1,000. I would rather have my deposit back since I am not willing to wait a few years for them to decide to return the deposit.

sorry they denied it, thankfully my 13 dropped from the last CR a few months ago so both of mine were approved - what's interesting is it's not immediate, it occurs the day after the next statement date, my C+ graduates to a Signature C+ but my Alt Go graduates to a Signature Perks+ (which I'm going to PC to a 2nd C+ card)

If you're able - NFCU's cards graduate like clockwork within 6 months of opening

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

SilentTraveler — Fri, 08 Nov 2024 15:36:16 GMT

Thanks for the recommendation on NFCU. I thought it would be a problem. My father was retired Navy, but he died 55 years ago. I thought it would be an issue signing up as a family member since I didn't have specifics on his service. I had tried to get a copy of his service records but they told me they could not find them. But NFCU didn't ask for any information about him. I am wondering if since he died when I was a child and received VA Benefits until I graduated from college then my SS information was in their database. But NFCU set up a checking and savings account and are sending me a debit card.

Thanks again for the recommendation - I am thrilled to becoming a member of NFCU. My father was Navy, I was born in a Naval Hospital, I grew up in Navy housing (until he retired), VA helped pay for college, and now I volunteer with the USO.

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

Lurker22 — Fri, 08 Nov 2024 15:47:25 GMT

congrats man!!

NFCU is a great CU to be a member of (I should have been more clear when I said 6 months...it's 6 statements not 6 months after opening that it'll graduate so for me it was like 6.5 months or almost 7 months)

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

sjt — Fri, 08 Nov 2024 18:00:04 GMT

@SilentTraveler wrote:
I heard back from US Bank on my request to go unsecured after one year. They denied it because of my bankruptcy. So I will wait a week or so and then close my account. They already have $5,000 for the security and then I opened a checking account for the rewards and that is about $1,000. I would rather have my deposit back since I am not willing to wait a few years for them to decide to return the deposit.

Whatwas your BK filing date?

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

SilentTraveler — Sat, 09 Nov 2024 00:33:10 GMT

@sjt wrote:
Whatwas your BK filing date?

I filed 03/2023 and discharged 06/2023.

I applied for the US Bank secured card on 07/2023 for $5,000.

When I called to ask for it graduate to unsecured they did a HP and then denied it because of my BK.

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

stewart504 — Mon, 11 Nov 2024 05:49:55 GMT

I can't decide if I should apply for BofA or US Bank. I'm only leaning towards US Bank because I already have a checking account with them and I'm thinking it might help with graduation as long as I maintain an account with them. I've read lots of bad reviews on US Bank so I don't know what to think. I guess just go with something for a year and then close the account if I doesn't graduate and I'm getting other unsecured cards.

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

Lurker22 — Mon, 11 Nov 2024 12:06:45 GMT

@stewart504 wrote:
I can't decide if I should apply for BofA or US Bank. I'm only leaning towards US Bank because I already have a checking account with them and I'm thinking it might help with graduation as long as I maintain an account with them. I've read lots of bad reviews on US Bank so I don't know what to think. I guess just go with something for a year and then close the account if I doesn't graduate and I'm getting other unsecured cards.

USB will issue the secured card so long as the $$ are successfully pulled - have no experience with BOA so not sure if they do the same, but besides having to call them and request graduation I've had zero issues with them (and as noted up in the thread they did graduate both cards upon request)

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

sjt — Mon, 11 Nov 2024 15:12:24 GMT

@stewart504 wrote:
I can't decide if I should apply for BofA or US Bank. I'm only leaning towards US Bank because I already have a checking account with them and I'm thinking it might help with graduation as long as I maintain an account with them. I've read lots of bad reviews on US Bank so I don't know what to think. I guess just go with something for a year and then close the account if I doesn't graduate and I'm getting other unsecured cards.

US Bank can graduate after a year as long your credit showed improvement and if you had a BK, it should be 4-5 years post filing date.

Re: Has anyone had any experience with U.S. Bank secured credit card graduation?

stewart504 — Tue, 12 Nov 2024 10:26:21 GMT

@Lurker22 wrote:
congrats man!!

NFCU is a great CU to be a member of (I should have been more clear when I said 6 months...it's 6 statements not 6 months after opening that it'll graduate so for me it was like 6.5 months or almost 7 months)

My dad was a civilian employee at a military airfield during WWII but I don't know how I would prove it. He helped load planes with ammunition that was trucked over from the Naval ammunition depot. I'd join and go for their secured card if I could