Perfect time for US Bank

[Citylights18]

Much has been made about all the requirements one has to go through to be able to finally have that coveted US Bank Altitude Reserve card in ones hands. You have to be an existing US Bank customer first in good standing and they don't give it to you right away (sometimes months I'm hearing).

Then how do you handle meeting that Altitude Reserve 50k points for 4.5k spend in this economy? That for me is going to be difficult to do without absorbing a vacation through the card. Meaning that it isn't even feasible for to apply anytime soon.

However starting in with US Bank with a checking account this month which doesn't require an app would allow me to be ready to app for a PLOC with US Bank by May as part of my PLOC app spree.  I'm looking at trying to pick up 75k between a few banks and I'll have two paystubs with my raise attached to it by then. I might be able to do 75k with Wells Fargo alone but I am not sure. I think US Bank PLOC maxes at 25k which isn't everything I need but will help me get there.

Then in another 6 months or so once I'm going into the holidays I may be doing enough spend to make the Altitude Reserve spending requirement but will have enough time in my relationship (including that PLOC posting in my credit report) to make an application for AR.

[M_Smart007]

Good Luck OP  .. Whatever you decide!

[Trikoret]

I was able to open a us Bank checking account on Sunday and I then applied for us Altitude reserve on Monday. I got approved right away. I only had one day of being a us Bank customer. I'm not sure if US Bank is as strict as they used to be. 

[Citylights18]

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@Trikoret wrote:

I was able to open a us Bank checking account on Sunday and I then applied for us Altitude reserve on Monday. I got approved right away. I only had one day of being a us Bank customer. I'm not sure if US Bank is as strict as they used to be. 

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That is good to know.

What did you need to supply to US Bank to get them to set up the checking account? How long did the application take?

[Anonymous]

You need to be a customer for 6 months before you are able to apply for the PLOC.

[Citylights18]

I read your thread on the difficult wait they put you through on the PLOC. Six months is fairly excessive its like do they want to do business or do they not? Sounds like I should have applied for a checking account way long ago but kind of ruled it out because of the smaller max.

There is also the reserve line of credit just for the checking account. I don't know how big that will go. I'd imagine at least 5k though to be taken seriously.

[Citylights18]

I gave US Bank a call today about their products and this is what I learned.

-Checking accounts. Free if you have a credit card with them. One of the things I asked was what if you want to change checking account types? Let's say if you wanted to start with the Safe Debit Account at $4.95. You could do that and once you take up a second product from US Bank such as a credit card or PLOC you could upgrade to Gold Checking and save yourself the $16.95. The checking account is a SP.

-Reserve Line of Credit. A CLOC for the checking account. Ranges in size from $500 to $5000 dollars and requires a HP. Can be acquired as soon as you open a checking account. Not a huge amount but at least they offer a CLOC.

-Personal Line of Credit. You'll need to wait 90 to 120 days after having a checking account open before applying. The size of the PLOC ranges from 5,000 to 25,000 and would be a HP.

-Asked about upcoming credit card offerings. Said to take a look at current offerings like US Bank Cash+. I know I don't have the spend right now for Altitude Reserve's bonus or travel credit. Cash+ though might not be a bad move with $150 for $500 spend offering. I can get that cash back immediately rather than waiting for a transferrable point system redemption. Take the promotional APR period and/or BT promotion too.

If I get Cash+ that puts me over 5/24 but I'm thinking I can close out my Discover Card which I opened 11 mo ago and sneak back under 5/24. My AoA is right around 5 years and I feel like it makes sense to prune if I'm going to get something new. Never took advantage of the introductory 5% cash back on Discover as I made Chase my daily driver immediately after I bought it.

[Anonymous]

@Citylights18 The Cash+ is a great card for me with 5% cashback for utilities and cellphone payment. The $150 SUB is easy to hit.

By closing your 11 month old Discover card doesn't put you under 5/24. Both open and closed accounts count for Chase's 5/24 rule.

[Citylights18]

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@Anonymous wrote:

@Citylights18 The Cash+ is a great card for me with 5% cashback for utilities and cellphone payment. The $150 SUB is easy to hit.

By closing your 11 month old Discover card doesn't put you under 5/24. Both open and closed accounts count for Chase's 5/24 rule.

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I come up with the perfect idea and then I find it flawed. 

[Anonymous]

@Citylights18 You can always go inside a Chase branch to see if you have pre-approval from a banker. It will bypass the 5/24!