US Bank Business Credit Card - Need Help & Feedback

[credit8502020]

Hi All, 

I have a new business and am considering applying for either the U.S. Bank Triple Cash Rewards Visa® Business Card or U.S. Bank Business Platinum Card. I do not have a banking relationship with US Bank and they are not in my area, but I do have an Elan Personal Credit Card. 

I am currently 3/12, 1/6. My most recent card opened in July 2021. I'm concerned about them being account sensitive. If I do not apply now, I'm considering waiting until I'm 1/12 in February.  However, by then I will have new business credit cards on my account.

1. When they pull your credit for Business Credit Cards, do they attempt to see if you have Business Credit and therefore will see my new Business Credit Cards or will they only look at my Personal Credit? 
2. Also does it only report to your business credit? 
3. If I do take the risk and apply now and get denied, how long would I ideally need to wait to apply again?

Please share any data points. Thank you! 

[GApeachy]

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@credit8502020 wrote:

1. When they pull your credit for Business Credit Cards, do they attempt to see if you have Business Credit and therefore will see my new Business Credit Cards or will they only look at my Personal Credit? DON'T KNOW
2. Also does it only report to your business credit? YES, unless you default
3. If I do take the risk and apply now and get denied, how long would I ideally need to wait to apply again?  Depending on the denial reason, you would probably get a letter stating such I would imagine.  Knowing what the reason(s) is/are you could then adjust your timeline and personal credit to be most appealing to them.  

Please share any data points. Thank you! 

---

When I applied back in July I was 9/12 new personal accts. They pulled EQ for me here in GA and I was 3/12 or 1/6 EQ inquiries.  Between dh and myself there are a lot of new biz accts.  Biz dating back to early 1990's, incorporated in 1994....so biz history may matter, may not.  Idk. 

My eq score had dropped to the 730's after an app spree but USB gave me $9ksl.  

How are your scores?  personal?  Do you know any of your biz scores?  

[GApeachy]

@credit8502020 also, we had no prior relationship with USB before dh got his first biz card with them 9-ish months prior to my app.  In case that even matters....maybe it shows they are more interested in personal over biz credit??????? idk, somebody around here I'm sure knows.  Hmmmm @FinStar  whatcha say?

[FinStar]

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@credit8502020 wrote:

Hi All, 

I have a new business and am considering applying for either the U.S. Bank Triple Cash Rewards Visa® Business Card or U.S. Bank Business Platinum Card. I do not have a banking relationship with US Bank and they are not in my area, but I do have an Elan Personal Credit Card. 

I am currently 3/12, 1/6. My most recent card opened in July 2021. I'm concerned about them being account sensitive. If I do not apply now, I'm considering waiting until I'm 1/12 in February.  However, by then I will have new business credit cards on my account.

1. When they pull your credit for Business Credit Cards, do they attempt to see if you have Business Credit and therefore will see my new Business Credit Cards or will they only look at my Personal Credit? US Bank primarily relies on personal credit history for UW, although in a few cases they've been known to check biz reports if your personal credit history is limited. The ELAN account will have no bearing on the decision.
2. Also does it only report to your business credit?  Correct, as mentioned upthread by GApeachy (unless you default)
3. If I do take the risk and apply now and get denied, how long would I ideally need to wait to apply again?  You can reapply after 30 days, if denied. If you want things to be a little optimal, you can wait until February, if you wish. Often times, having some sort of banking relationship *could* help especially if your business history is very limited, but it's not required.

Please share any data points. Thank you! 

---

Thanks for the tag @GApeachy 😊 

Some DPs also noted above in bold.

[SouthJamaica]

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@credit8502020 wrote:

Hi All, 

I have a new business and am considering applying for either the U.S. Bank Triple Cash Rewards Visa® Business Card or U.S. Bank Business Platinum Card. I do not have a banking relationship with US Bank and they are not in my area, but I do have an Elan Personal Credit Card. 

I am currently 3/12, 1/6. My most recent card opened in July 2021. I'm concerned about them being account sensitive. If I do not apply now, I'm considering waiting until I'm 1/12 in February.  However, by then I will have new business credit cards on my account.

1. When they pull your credit for Business Credit Cards, do they attempt to see if you have Business Credit and therefore will see my new Business Credit Cards or will they only look at my Personal Credit? 
2. Also does it only report to your business credit? 
3. If I do take the risk and apply now and get denied, how long would I ideally need to wait to apply again?

Please share any data points. Thank you! 

---

I got a platinum card from them almost two years ago, which I have since PC'd to the Triple Cash.

I did not have a relationship with them, and had significantly more new accounts at the time than you have.

I have no idea what they look for when they pull your credit, or how long to wait if you get denied.

I believe my FICO 8 scores were in low to mid 700's at the time.  My SL was $8k and I have never asked for a CLI.

Yes it reports only to business credit.

[credit8502020]

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@GApeachy wrote:

---

@credit8502020 wrote:

1. When they pull your credit for Business Credit Cards, do they attempt to see if you have Business Credit and therefore will see my new Business Credit Cards or will they only look at my Personal Credit? DON'T KNOW
2. Also does it only report to your business credit? YES, unless you default
3. If I do take the risk and apply now and get denied, how long would I ideally need to wait to apply again?  Depending on the denial reason, you would probably get a letter stating such I would imagine.  Knowing what the reason(s) is/are you could then adjust your timeline and personal credit to be most appealing to them.  

Please share any data points. Thank you! 

---

When I applied back in July I was 9/12 new personal accts. They pulled EQ for me here in GA and I was 3/12 or 1/6 EQ inquiries.  Between dh and myself there are a lot of new biz accts.  Biz dating back to early 1990's, incorporated in 1994....so biz history may matter, may not.  Idk. 

My eq score had dropped to the 730's after an app spree but USB gave me $9ksl.  

How are your scores?  personal?  Do you know any of your biz scores?  

---

@GApeachy Thank you for sharing these data points. I appreciate it. 

FICO 8

EX - 777

TU - 781

EQU - 779

I don't have any business scores yet. I was going to apply as a brand new business. Starting the business soon. Considering US Bank is so conservative, I may wait until I build my business credit and apply later. The main reason Triple Cash is such an attractive card for me is because of $500 CB since I will definitely spend over $4500 within the first 150 days of opening my account and also the continuing cash back categories since I spend in those areas anyway. I like the Platinum because of the introductory. For now, I may just replace this with FNBO. My only other concern was once I apply for these other cards, will US Bank count the newer business credit cards as newer accounts "against me" or is that only counted against you on the personal credit side.  

[credit8502020]

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@FinStar wrote:

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@credit8502020 wrote:

Hi All, 

I have a new business and am considering applying for either the U.S. Bank Triple Cash Rewards Visa® Business Card or U.S. Bank Business Platinum Card. I do not have a banking relationship with US Bank and they are not in my area, but I do have an Elan Personal Credit Card. 

I am currently 3/12, 1/6. My most recent card opened in July 2021. I'm concerned about them being account sensitive. If I do not apply now, I'm considering waiting until I'm 1/12 in February.  However, by then I will have new business credit cards on my account.

1. When they pull your credit for Business Credit Cards, do they attempt to see if you have Business Credit and therefore will see my new Business Credit Cards or will they only look at my Personal Credit? US Bank primarily relies on personal credit history for UW, although in a few cases they've been known to check biz reports if your personal credit history is limited. The ELAN account will have no bearing on the decision.
2. Also does it only report to your business credit?  Correct, as mentioned upthread by GApeachy (unless you default)
3. If I do take the risk and apply now and get denied, how long would I ideally need to wait to apply again?  You can reapply after 30 days, if denied. If you want things to be a little optimal, you can wait until February, if you wish. Often times, having some sort of banking relationship *could* help especially if your business history is very limited, but it's not required.

Please share any data points. Thank you! 

---

Thanks for the tag @GApeachy 😊 

Some DPs also noted above in bold.

---

@FinStar Ok. Great! Thank you for your feedback. I definitely would have opened a bank account with them, but they're not in my area. I'm glad to know they primarily reply on personal credit. Hopefully they'll pull from Experian and the fact that I have no inquiries on Experian will help. I've seen varying reports that they may pull from Experian or Equifax.

[credit8502020]

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@SouthJamaica wrote:

---

@credit8502020 wrote:

Hi All, 

I have a new business and am considering applying for either the U.S. Bank Triple Cash Rewards Visa® Business Card or U.S. Bank Business Platinum Card. I do not have a banking relationship with US Bank and they are not in my area, but I do have an Elan Personal Credit Card. 

I am currently 3/12, 1/6. My most recent card opened in July 2021. I'm concerned about them being account sensitive. If I do not apply now, I'm considering waiting until I'm 1/12 in February.  However, by then I will have new business credit cards on my account.

1. When they pull your credit for Business Credit Cards, do they attempt to see if you have Business Credit and therefore will see my new Business Credit Cards or will they only look at my Personal Credit? 
2. Also does it only report to your business credit? 
3. If I do take the risk and apply now and get denied, how long would I ideally need to wait to apply again?

Please share any data points. Thank you! 

---

I got a platinum card from them almost two years ago, which I have since PC'd to the Triple Cash.

I did not have a relationship with them, and had significantly more new accounts at the time than you have.

I have no idea what they look for when they pull your credit, or how long to wait if you get denied.

I believe my FICO 8 scores were in low to mid 700's at the time.  My SL was $8k and I have never asked for a CLI.

Yes it reports only to business credit.

---

@SouthJamaica Thank you for sharing those details! I appreciate it. 

[mikeef]

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@GApeachy wrote:

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When I applied back in July I was 9/12 new personal accts. They pulled EQ for me here in GA and I was 3/12 or 1/6 EQ inquiries.  ?  

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Hi @GApeachy , since I know you're very engaged in business credit as you've replied to so many posts, including my posts in the past, could you help understand what the 9/12 accounts and the 3/12 and 1/6 on inquires mean?

1. Does 9/12 mean you opened 9 credit tradelines in 12 months?
2. Does the 3/12 and 1/6 mean you had 3 inquires in 12 months and 1 in 6 months?

1. If that is correct, how does that correspond to underwriting rules at US Bank? Like what is the limit they're looking for? And are they including buisness and personal accounts?

Thanks for your help in advance!

[Red1Blue]

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@credit8502020 wrote:

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 Ok. Great! Thank you for your feedback. I definitely would have opened a bank account with them, but they're not in my area. I'm glad to know they primarily reply on personal credit. Hopefully they'll pull from Experian and the fact that I have no inquiries on Experian will help. I've seen varying reports that they may pull from Experian or Equifax.

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You can open US Bank Checking account online. You don't have to be in their area. I have Personal / Business / IRA / Investment all accounts with US Bank and I opened them online. They also have some kind of deal to get these accounts free of monthly charge. Check with them.