Path to US Bank Cash+ approval & app timing Advice

[Anonymous]

Might have to consider this. Maybe I’m one step closer to the AR 😄😄😄

[Anonymous]

Might have to try this for the AR! Are you planning to use the brokerage account? And did they pull your credit report for either the checking or the brokerage?

[ChazzieT]

Since I get the hundred free trades, I'll probably match what I've got in my Robinhood account and get some brokerage diversity as well as stock diversity.

They did a soft pull on Equifax for the checking/savings. I haven't been alerted to any hard pulls, but I'll check TU and Ex tomorrow for soft pulls.

As far as I know, no inquiry of any kind for the brokerage account.

[SifiUSa]

Yes, the same problem with me living in Texas. Applied twice and been denied. I remembered that once I was pre-qualified but I did not jump on it, I should have done it at this time.....Thank you for the advice, I may try that road to see if that work for me.

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@ChazzieT wrote:

So I've read a lot on the forums about US Bank being a relationship bank and being more likely to approve an app if you already have some kind of account with them. I've been denied twice for the Cash+, so I tried to sign up for a checking account to start that relationship, but was told that, because they don't have any branches in Texas (where I live) that I couldn't apply for a checking account.

I would assume that what I'm about to describe will work for anyone outside their service area, but as with most things, YMMV.

US BankCorp (the investment arm of US Bank) offers a "Self Directed Brokerage Account" that is available nationwide. It offers a deal of 100 free trades per year to people with a US Bank Gold Checking account. I signed up for the brokerage account and then called US BankCorp customer service. I explained that when I tried to call US Bank or sign up online that I was told I couldn't get a checking account because of where I lived. They put me on hold, then added a US Bank rep from (I'm pretty sure he called it) the Financial Sales Department, to the call. She took my app for the Gold Checking/Savings package over the phone and told me I was approved. She even gave me my new account numbers before the call ended.

I did have to call back later to get an "Online Banking Specialist" to remove a restriction from my account that kept the checking/savings from showing up online (I could only see the brokerage account until then), but it would seem that I finally have begun my relationship with US Bank.

I would have app'd for the Cash+ as soon as she said "approved", but my last denial was only a little over a month ago and they sited "number of recently open trade lines", which would only be one month less recent. I'll let those age up a little and then, hopefully, third time will be the charm!

Hopefully this helps someone else who is having trouble getting started with them, like I was.

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[ChazzieT]

So it looks like they did a single Soft Pull on Equifax for the checking/savings combo and no pull of any kind for the brokerage account.

Additional DP's:

-)I'm in Texas where US Bank doesn't have any physical presence

-)I have been denied twice for the Cash+ on cold apps (EQ HP and multiple recon attempts each time)

-)Pre-Brokerage Account I was ejected from the online checking/savings app before completion and denied an app on the phone.

-)Pre-Brokerage Account, I also managed to get a phone CSR to let me app for checking/savings, but the completed app was denied due to "geographic location"

-)First post-brokerage account checking/savings app I was asked to lift any freeze I had on all three majors, sagestream and lifelock (I only had sagestream, EQ & EX frozen at the time) and re-app. I called into US BankCorp again and got a US Bank CSR added to the call for successful app.

-)Once the checking/savings app was approved, I could still only see the brokerage account when I logged in. I had to call in to an On-line Banking Specialist to get a restriction lifted that was preventing the checking/savings account from showing up in the app or online. She said this was because I had the brokerage account first.

-)I was asked for info on funding the checking/savings accounts, during the successful app.

-)All three account balances are still $0 as of this writing. The checking/savings app was approved before I ever funded the brokerage account.

[Anonymous]

Thanks for the response! I think I’ll try the brokerage/checking route (will wait till I’m home from traveling for the holidays) then wait 1-2 months for the AR app.

[ChazzieT]

No worries! Safe travels and good luck on the app! 

[ChazzieT]

TL;DR - When should I try again for the US Bank Cash+ card?

I've been lurking for a while and only recently started to post, so I'll take this opportunity to tell the story of my credit journey and set up my question.

Messed up big in college (late 80's, early 90's). Never really recovered before I bought my house in 2005 (lots of cash and a broker who was a miracle worker with the sub prime companies) and almost immediately hurt my knee and couldn't work. Credit score cratered (I never checked, but I imagine the number was likely a negative integer, LOL).

Until 2013, I used cash exclusively until I had a very sick siberian husky who needed a surgery I couldn't afford in order to live (she survived and went on to live to 16 years of age). I had deposited 4 paychecks at the beginning of the holiday weekend, totalling $6k, but none would be available in time to save her.

I got a Synchrony CareCredit card with a $1200 limit, at the vet's office, and immediately maxed it out. Not wanting to be caught in that situation again, I paid the card off immediately and kept it for emergencies. I went back to cash only, but instinctively new enough to put a small charge on the card every once in a while and pay it off in full before interest hit.

Fast forward to August, 2018. I've advanced enough in my career that I can count on a regular income and have gotten all my money stuff straightened out. I applied for a car loan from my credit union and they told me they would shave .25% of the interest rate if I got a credit card at the same time. I said sure, why not? They asked me what credit limit I wanted and I said I probably wouldn't use it, I just wanted the .25% and to give me whatever CL they wanted to (I know, I know). They came back with $5k and I said sure and signed all the papers.

Over the next 8 months, I paid off the equivalent of 15 car payments and discovered this site. I reconnected with an old friend who extolled the virtues of Credit Karma and I started to get my plan together.

I didn't read enough and blew the Chase 5/24 rule on my first app spree. I got approved for:

5/8/19 - Citi Double Cash ($6k), Discover IT ($10k), Synchrony Amazon Prime Store Card ($5k)
5/14/19 - BofA Cash Rewards ($5k)

Then I discovered the US Bank Cash+ and their wonderful 5% back on utilities!

Of course with no prior relationship and being 4/1 - 5/24, they shot me down on 5/19/19.

I tried recon, but no joy. They told me to wait 6 months with no apps/inquiries and try again.

I tried to get a relationship going, but they wouldn't let me app for checking/savings since I live in Texas.

6 months in the garden (though I didn't know that term at the time).

11/21/19 I tried again. No dice. In the mean time, I had discovered some other cards I wanted and apped for them while my US Bank Cash+ app was in recon (after they'd done their hard pull).

11/24/19 - Amex Blue Cash Prefered ($15k), Cap1 SavorOne ($5k)
11/26/19 - FNCO Ducks Unlimited ($14k)

12/2/19 In a depression over being denied for the Cash+ a second time (I really kind of lost my mind here), I apped for the Chase Freedom (at 8/24) and got the "don't call us, we'll call you" message. Of course I knew it wouldn't be approved!

Three days later, they did call me. They verified my identity and approved me ($6800).

I am more determined than ever to get the Cash+ and started poking at their setup and discovered that you can app for a US BankCorp Self Directed Brokerage account, even if you're outside their geo-fence.

I got the Brokerage account setup and then called US BankCorp (not US Bank) customer service. I told them I wanted to take advantage of the "100 free trades" deal for Gold checking members but lived in Texas. They added a US Bank CSR to the call and got me approved! (For more details, see: https://ficoforums.myfico.com/t5/Credit-Card-Applications/Path-to-US-Bank-Cash-approval/td-p/5854169 It would seem that the other topic has now been combined with this one, so see OP of this topic for more details).

I now have 10 cards and a total CL of $105,900.00.

My util is 6% overall, no more than 20% on any one card (0% apr).

Fico8 scores: EX:761, EQ:756, TU:778

I have daily access to all three credit reports at the moment (my credit union screwed up big time and are providing this to show me progress as they try to fix it). Only one of the Nov/Dec apps is reporting yet, so it looks like I am 1/6 - 5/12 - 6/24. US Banks seems to only pull EQ for me and it shows 9 inquiries in the last year. One of those is disputed (part of the credit union screw up), two were made by US Bank and the remaining six are spread across 4 banks. Two of those 4 banks I have open accounts showing with.

So now for the $64k question:

Do I
A)App again before the other three new accounts report?
B)Wait until I get a pre-qual offer?
C)Wait six months, regardless of offers?
D)Wait longer than six months?

During my waiting period (however long) I will be using all three accounts at US Bank. Thanks to a suggestion (from randomguy1), I will be using the checking account to pay all my other cards and hoping they will notice what a good little consumer I am!

All advice is welcome!

(Edited for spelling and to add Fico8's)

[Anonymous]

Wait at least 6 months between your newest account and another US Bank application would be my recommendation but beware that people DO get denied, even with an existing relationship, for new accounts in the last 12 months. 

[ChazzieT]

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@Anonymous wrote:

Wait at least 6 months between your newest account and another US Bank application would be my recommendation but beware that people DO get denied, even with an existing relationship, for new accounts in the last 12 months. 

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Thanks so much! You're not the only one to recomend 6 months (or more)!

I'm kind of leaning toward accepting the first pre-qual offer I get AFTER six months.

Interesting DP (albeit unconfirmed as it came from a US Bank CSR): I was told to expect pre-qual offers at the 4 month mark from the Gold checking being approved.