Pulled TU. F8 was 850, 0 inq, new accts were 0/12, 2/24. Sole prop est. 20 years with 3K revenue. Other income 160K. Prior deposit accounts both biz and personal but none currently open. This is my first biz CC.
Apped by phone with the local banker. I was going for the in-branch SUB on Leverage that had just expired so did this one instead. Banker said decision would be faster through them but it still took 6 business days. I had to do an extra verification because of the fraud alert on my reports. Then they wanted a copy of DL and recent paystub. During the time of verification and UW review, phone status said "your application was unable to be approved. You'll be receiving more info by USPS." Banker let me know it's approved. Phone status message has changed to "Congratulations." No email yet.
Awesome! Congratulations on the approval and the very nice starting limit to get going with.
@RebelRocket wrote:Awesome! Congratulations on the approval and the very nice starting limit to get going with.
Thanks! I was happy with the SL given all the recent dps of 3k approvals for US Bank biz cards. Wasn't sure I could expect better since I have no current relationship and low revenue.
My only slight gripe is I wanted to use this for bank account funding, and reports indicate the purchase will go through only if under the cash advance limit, which is 25% of TCL. The max funding I have in mind is 3K, so I'm a little short of taking full advantage. But after the hassle of opening, it's not worth recon of this SL.
Congrats.
@lyTENciL wrote:
@RebelRocket wrote:Awesome! Congratulations on the approval and the very nice starting limit to get going with.
Thanks! I was happy with the SL given all the recent dps of 3k approvals for US Bank biz cards. Wasn't sure I could expect better since I have no current relationship and low revenue.
My only slight gripe is I wanted to use this for bank account funding, and reports indicate the purchase will go through only if under the cash advance limit, which is 25% of TCL. The max funding I have in mind is 3K, so I'm a little short of taking full advantage. But after the hassle of opening, it's not worth recon of this SL.
You're welcome for sure!!
Have you taken a cash advance against a credit card with much success in the past? Most of them that I'm aware of are always treated at a much higher interest rate than your normal percentage against purchases on the card, and I'd be nervous to appear desperate to the bank in borrowing against it so soon after opening, (if also reporting that the business is profitable on the application regarding the annual revenue figure you listed before submitting).
And especially with how conservative U.S. Bank tends to be, it feels like a trap of a feature to move forward with, lol.
Perhaps there are intro offers to use them, (cash advances), without the substantial hike in interest above normal purchases that could take you to the moon, that are similar to how balance transfers can be treated at account opening to incentivize you to take advantage of it.
In any case, U.S. Bank is still a tricky one for me, though. So I'm going to continue peppering my personal and business checking accounts with them before applying for the Triple Cash for my LLC sometime next year.
Wish me luck!
@RebelRocket wrote:
@lyTENciL wrote:
@RebelRocket wrote:Awesome! Congratulations on the approval and the very nice starting limit to get going with.
Thanks! I was happy with the SL given all the recent dps of 3k approvals for US Bank biz cards. Wasn't sure I could expect better since I have no current relationship and low revenue.
My only slight gripe is I wanted to use this for bank account funding, and reports indicate the purchase will go through only if under the cash advance limit, which is 25% of TCL. The max funding I have in mind is 3K, so I'm a little short of taking full advantage. But after the hassle of opening, it's not worth recon of this SL.You're welcome for sure!!
Have you taken a cash advance against a credit card with much success in the past? Most of them that I'm aware of are always treated at a much higher interest rate than your normal percentage against purchases on the card, and I'd be nervous to appear desperate to the bank in borrowing against it so soon after opening, (if also reporting that the business is profitable on the application regarding the annual revenue figure you listed before submitting).
And especially with how conservative U.S. Bank tends to be, it feels like a trap of a feature to move forward with, lol.
Perhaps there are intro offers to use them, (cash advances), without the substantial hike in interest above normal purchases that could take you to the moon, that are similar to how balance transfers can be treated at account opening to incentivize you to take advantage of it.
In any case, U.S. Bank is still a tricky one for me, though. So I'm going to continue peppering my personal and business checking accounts with them before applying for the Triple Cash for my LLC sometime next year.
Wish me luck!
Well you don't want it to actually code as a cash advance. You'd pay a hefty fee on top of the higher rate that compounds daily immediately as I understand. In some cases the account deposit codes as a regular purchase. When I've done it on other bank cards, I've turned off cash advance to be safe. According to dps, US Bank cards must be allowed to initiate as if it were CA, but it will post as purchase, no fee or reduction in CA limit. It is a risk so I haven't entirely decided if I will give it a try.
Good luck with your own app. Recent dps indicate they may have gotten less sensitive to new acts and inquiries. I do hear an existing relationship is beneficial.
@lyTENciL wrote:
@RebelRocket wrote:
@lyTENciL wrote:
@RebelRocket wrote:Awesome! Congratulations on the approval and the very nice starting limit to get going with.
Thanks! I was happy with the SL given all the recent dps of 3k approvals for US Bank biz cards. Wasn't sure I could expect better since I have no current relationship and low revenue.
My only slight gripe is I wanted to use this for bank account funding, and reports indicate the purchase will go through only if under the cash advance limit, which is 25% of TCL. The max funding I have in mind is 3K, so I'm a little short of taking full advantage. But after the hassle of opening, it's not worth recon of this SL.You're welcome for sure!!
Have you taken a cash advance against a credit card with much success in the past? Most of them that I'm aware of are always treated at a much higher interest rate than your normal percentage against purchases on the card, and I'd be nervous to appear desperate to the bank in borrowing against it so soon after opening, (if also reporting that the business is profitable on the application regarding the annual revenue figure you listed before submitting).
And especially with how conservative U.S. Bank tends to be, it feels like a trap of a feature to move forward with, lol.
Perhaps there are intro offers to use them, (cash advances), without the substantial hike in interest above normal purchases that could take you to the moon, that are similar to how balance transfers can be treated at account opening to incentivize you to take advantage of it.
In any case, U.S. Bank is still a tricky one for me, though. So I'm going to continue peppering my personal and business checking accounts with them before applying for the Triple Cash for my LLC sometime next year.
Wish me luck!
Well you don't want it to actually code as a cash advance. You'd pay a hefty fee on top of the higher rate that compounds daily immediately as I understand. In some cases the account deposit codes as a regular purchase. When I've done it on other bank cards, I've turned off cash advance to be safe. According to dps, US Bank cards must be allowed to initiate as if it were CA, but it will post as purchase, no fee or reduction in CA limit. It is a risk so I haven't entirely decided if I will give it a try.
Good luck with your own app. Recent dps indicate they may have gotten less sensitive to new acts and inquiries. I do hear an existing relationship is beneficial.
You have discovered the unicorn, my friend. I'm not sure in what instances an advance can code as a purchase, but however you choose to proceed with funding your bank account, I hope that it works out as a smooth transition! And that with use, U.S. Bank bumps your limit up in short time to give you a bit more flexibility in the future.
Thanks for the well wishes, also! Looking forward to see how I fare down the stretch later on at that time. Fingers crossed.
Thanks for circling back to share your insight!