Advice for Getting a Second US Bank Cash+

[FinStar]

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@VanderSnoot wrote:

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@Remedios wrote:

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Started March 2019, with additional UW changes in May 2019. 

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@Anonymous They let me through :shrug: I opened two carefully planned CCs in Jan 2019, joined MyFico around March, and went on an ill advised/very dumb/not recommended app spree in April. US Bank came later, in the second week of May (but poor impulse control and a BB&T SP a day later). I've developed some discipline since then.

Taking this 1/12 rule at face value, is this 1 new account? Inquiry? Tradeline? Revolver? Do checkings/savings count?

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The rule applies mainly to accounts but inquiries are also part of the mix.  While having a USB relationship *could* help in a variety of situations, it's not always a slam dunk.  So, if you pull the trigger, YEMV.  

[VanderSnoot]

In May I'll be at 1/12 inquiries, and 2/12 for accounts, but one of those accounts is a savings account. USB gave me a 33% CLI in Dec, and that might be a sign they are interested in expanding the relationship.

Are there DPs specific to a 2d Cash+, especially since the pandemic?

[Anonymous]

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@FinStar wrote:

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Yup, it's rare but it happens.  My app stayed in pending for about a week (I think) before they called me.  But, I was approved for one of their products when the restriction was in its infancy.  Though, I was around 5/12 or 6/12 from what I recall 🤷‍♂️

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Good to know.  For now unless someone else discloses something greater I'll say that 9/6 is the record for a USB approval.  Has anyone been able to determine any sort of profile correlation between those that were able to achieve approvals with greater than the standard "allowed" number of new accounts?  There's got to be some sort of factor(s) that allows some files to push past the "rule" and it would be great to know.

[randomguy1]

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@FinStar wrote:

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@VanderSnoot wrote:

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@Remedios wrote:

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Started March 2019, with additional UW changes in May 2019. 

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@Anonymous They let me through :shrug: I opened two carefully planned CCs in Jan 2019, joined MyFico around March, and went on an ill advised/very dumb/not recommended app spree in April. US Bank came later, in the second week of May (but poor impulse control and a BB&T SP a day later). I've developed some discipline since then.

Taking this 1/12 rule at face value, is this 1 new account? Inquiry? Tradeline? Revolver? Do checkings/savings count?

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The rule applies mainly to accounts but inquiries are also part of the mix.  While having a USB relationship *could* help in a variety of situations, it's not always a slam dunk.  So, if you pull the trigger, YEMV.  

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I think inquiries could play into the mix as well. I had to go through manual review at 0/12 and US Bank questioned me about my inquiries. Since they were all mortgage inquiries, I was approved. My profile isn't as strong as OP's or @Remedios so that probably is another piece of the credit profile that gets considered (720-740 FICO scores on a dirty file).

[IntegerIntrovert]

I have been approved for multiple USB cards (AR, AGO) in the same year with other approvals from different banks inbetween in the same year.  However... I have a high balance relationship for many years.  My last approval (AR) did go into manual review but I was approved.

Let us know what happens.

[Viva-LV]

That's a pretty decent limit on Cash+.  Why not app for the Alt Reserve?

[Remedios]

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@VanderSnoot wrote:

Is there anything I should know before applying for a second Cashplus from US Bank? Has their underwriting changed since the pandemic? Any tips or best practices?

My DPs are solid: scores in the 800s; at 5/24 until May; utilization <1%. I got my first Cashplus in May 2019 and use it monthly on category spend. In December US Bank gave me an auto CLI of $4k (new CL: $16k).

My plan is to wait until May to apply.

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US Bank is by far more forgiving of post-approval shenanigans then when it comes to new accounts. 

I've gotren increases from them when I had more than four accounts in three months, HPs in double digits etc,

(I'm not talking about good ole times, I'm talking about last summer and fall).

I'm fairly certain they wouldn't have been  willing to overlook those new accounts if it was a new application. 

Apply when you drop as low as you can in terms of new accounts and see what happens. After all, it's a single HP (and the few ancillary  reports).