Prequalified for US Bank Visa...but is it BS?

[fixingthefico]

I decided to go to the US Bank website and see if I am prequalified for any of their cards. It came back with two results, and an interest rate of 16.99. Does anyone know if this is legit or not?

[Anonymous]

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@fixingthefico wrote:

I decided to go to the US Bank website and see if I am prequalified for any of their cards. It came back with two results, and an interest rate of 16.99. Does anyone know if this is legit or not?

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I tried the same about 2 week back and got preapproved for Cash+, I went ahead and applied it and in couple days found out that I got approved for only $500.. wth.. so I called the reconn number and told them that I want a CLI with the same HP ... they asked me how much, I asked for $10k, got countered for $6k and I accepted. One week later the card arrived which said the limit is $500 and next day was another letter saying the limit has been increased to $6k. This is the only bank I know (might be others too) that I know who doesn’t show the CC limit. 

Also surprising for me was I thought you only get Visa Signature card if CL is $5k+ but in my case the initial approval of $500 was VS. 

Hope this helps..

[Anonymous]

I think the whole ">=$5k limit" benchmark is a popular & somewhat widely used qualifier for a visa signature but is by no means a binding stipulation mandated by visa. There are at least a couple cards I've seen that are all VS regardless of limit, but then I also got a letter from wells fargo saying they're giving my rewards visa an upgrade up signature "because I'd your excellent credit use & because your credit limit is at or above $5000. If your limit drops below $5k your card will no longer be eligible for signature status"

Then again WF sucks big time so I'm not at all surprised they would be hard sticklers to the 5k "rule"

[fixingthefico]

Sigh...I applied and was denied. It didn't take long either, I think I was denied as soon as I applied. Probably too many inquiries plus balances on cards, but honestly, I really wanted this card. Would I be wasting my time talking to someone at usbank? My TU score is around 700.

Ughh...when it denies that quickly is it even worth trying to recon?

I received the 7-10 day message and when I called the number to check my application status it said "your application was not able to be approved, you'll receive a letter in the mail."

[Anonymous]

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@fixingthefico wrote:

Sigh...I applied and was denied. It didn't take long either, I think I was denied as soon as I applied. Probably too many inquiries plus balances on cards, but honestly, I really wanted this card. Would I be wasting my time talking to someone at usbank? My TU score is around 700.

Ughh...when it denies that quickly is it even worth trying to recon?

I received the 7-10 day message and when I called the number to check my application status it said "your application was not able to be approved, you'll receive a letter in the mail."

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Sorry to hear about the denial

when i I got the CL for $500 the lady told me that it was assigned by their system and she will request for a manual review and after that got $6k. No harm in trying to reconn.

[fixingthefico]

I just feel so frustrated. Now I have nothing but another inquiry on my credit report. Argh!! I also had a bankruptcy in 2012 and I'm wondering if that could be the reason, even though my payment history has been perfect since then.

[Anonymous]

The BK is definitely the reason. They’re not BK friendly in the least.

[Anonymous]

How many inquiries and what kind of utilization do you have? US Bank is pretty conservative. Do you have a relationship with them?

[fixingthefico]

Someone here did say that if some time has passed since the BK, it could still be approved.

My overall utilization is 12% and I had 6 inquiries in the past six months, now 7. Ugh.

Four years of perfect payment history since my BK, if that means anything (it should).

[CreditCuriosity]

bk is the reason