U.S. Bank Pre-Approval tool - data point

[portlandmusician]

I've been looking at the U.S. Bank Shield card since I first heard about it. I love U.S. Bank. I have three personal cards with them (Cash+, Altitude Go, and Connect), and one business credit card with them. They also have my mortgage.

Anyhow, I was reading up on the Shield card in the app, and saw the "see if I'm pre-approved" button at the top. So, I went and unfroze TransUnion (as that is who U.S. Bank pulled all four times for me on actual applications). The screen said TransUnion was unfrozen, and then I went back to the app, waited several minutes, and tried to see if I was pre-approved.

I got a 7-10 day letter notice response. I waited to get my letter, figured I wasn't pre-approved due to too much credit already extended or they wanted me to call to verify it was me or something. But, I got the letter and it stated they couldn't complete the application because TransUnion was frozen. (Application is what the letter stated, even though I tried to just pre-approve).

I swear I waited at least ten minutes (maybe 15?) before trying the pre-approval. But, I did freeze it immediately after I did the pre-approval and it gave me the 7-10 day notice.

Following the letter, I figured I'd just try again, with TransUnion unfrozen for a bit longer. This time I unfroze TransUnion for an hour (on both sides of the pre-approval request). Tried the pre-approval again. Got the 7-10 day letter notice - again. 

I received the second letter today and it thanked me for applying for the Platinum Credit Card account (other DPs show they are sending letters that still say Platinum instead of Shield), but it regretted to inform me that they were unable to approve my application because another recent application is being processed.

Both times I ONLY used the pre-approval function, screen shot everything to prove it (just in case), and just wanted to know if was pre-approved.

So, I called in on the second letter today (and the first). Basically, they said the first pre-approval was rejected because TransUnion was frozen (it wasn't... but they conceded it may have been a timing issue). And, that any other pre-approval applications will be rejected for the next 30 days (and maybe after that even) due to the first application. That there is nothing customer service can do (they can't delete the application, the pre-approval, etc.) and the ONLY way I can proceed now is actually apply, not use the pre-approval tool.

So, just a cautionary tale. I'm going to call a different customer service agent now and see if I get a different response, but I don't want to apply without a pre-approval, so looks like I'll wait a bit. But, the two letters I got didn't mention pre-approval; they only mentioned "application," FYI.

[KatzNDawgs]

Odd, but thanks for the info. Did TU notify you of a HP by any chance?

[portlandmusician]

@KatzNDawgs Nope, no hard pull from TU. 

I called and talked to another rep who said they can't check/don't know on the phone if we qualify/are pre-approved - will never know (you can only use the tool online or in the app to try and figure that out). But, I can wait 30 days and this one will be purged and I will not have a problem trying again. She also recommened I unfreeze Transunion for "at least an hour," before trying again.

She did say the only thing they can do on the phone is take an application and put it through, but it may not come back with an automatic yes/no - I still may get a waiting notice.

Still, I love U.S. Bank and their card product line. Now, to figure out if I should pull the trigger and app, or wait 30 days to *test* the pre-approval again? We'll see...

[portlandmusician]

Actually, a data point I didn't put above, that I just remembered.

I've never done business with Synchrony - at all. So, no reason they soft pull me without me pre-approving for them.

Well, right before this U.S. Bank application, I pre-approved for CareCredit. It went through. It gave me a pre-approval. So, not sure why U.S. Bank said TransUnion was frozen, because Synchrony new it wasn't.

[KatzNDawgs]

Thanks for that info!

[chamathkari]

Thanks for the info. Last month I tried that pre aprroval button and got the letter that its not approved.

[portlandmusician]

@KatzNDawgs @chamathkari You two are welcome for the info. I actually got more.

So, prior I had been calling credit card services - 800-947-1444 - the number listed on the letter I got. And the three times I called that # (I was just confused why CareCredit pre-approval went through with TransUnion and U.S. Bank letter said that TransUnion was frozen, when I tried it after CareCredit) I pretty much got the same story as above: if TransUnion was unfrozen, there was a timing issue with the unfreeze and that's why the first application said it was frozen. And, every subsequent try got automatically rejected because of that first application hanging in the wing. However, the third time I called 800-947-1444, last night, they told me I just needed to unfreeze TransUnion for a bit (maybe an hour) and try again. So I did. And, got the same 7-10 day letter response.

Thus, today, I called underwriting  - 800-685-7680 - to see why I keep unfreezing and trying the pre-approval, exactly what the credit card services department told me to do last night, to no avail - no yes you're pre-approved or no, you're not.

I spoke to a nice gentleman for about 15 minutes in underwriting. Probably took up way more time than I needed, but I asked the same question several times to really get us on the same page and make sure we were understanding each other. And, I got the run down from him on it.

He said the first application, TransUnion probably was unfrozen. But, the system's algorhythm (of which he claims not to know, it's all computer-based) didn't think I was immediately good for a pre-approval, but wasn't also good for an automatic denial. Which seems different than how other pre-approvals work; you would just get a "not pre-approved" return message. But, that's not how U.S. Bank works.

So, since it wasn't automatically denied or approved, the computer kicked the pre-approval to underwriting to look at. And when it finally got to underwriting to run another soft pull and see if they could or couldn't pre-approve me, TransUnion was indeed frozen (because I did freeze it after). And any subsequent unfreezing and trying to pre-approve again, automatically got rejected, because the first pre-approval application was still sitting in their system. 

If I am to try for pre-approval on the Shield card, I have to wait 30 days until all the applications are purged. Thus, he told me, I can't try for a pre-approval again until May 10th. And, if I try again then, and get the 7-10 day response, know that it is going to underwriting for review, and they'll do another soft pull, so I have to leave TransUnion unfrozen or we'll rinse and repeat this scenario above.

Or, I can unfreeze TransUnion and actually app (the first pre-approval I put in) and get a hard pull. But, even if I decided to go for it and get a hard pull and really app, I can't do it online anymore, for 30 days, because I'll get a hard pull and an automatic rejection because of all the other pre-approval apps hanging in the wing. But, they can load up the first pre-approval request, and do a real app for it, if I choose to do it. 

So, that's the whole story... got to the bottom of it and how U.S. Bank works. I hope this helps someone else in the future.

As for me, we'll see if I pull the trigger and really app for it. If so, I'll keep you posted. He said if I truly app for it, they'd get me an answer within 2-3 business days.

[portlandmusician]

@KatzNDawgs @chamathkari 

UPDATE:

So, I decided to app for the Shield card. I called back underwriting and explained I had talked to someone an hour ago and the situation, and that he said he could run a hard pull on the original pre-approval request and turn it into an actual app.

They said they couldn't do that and that underwriting can't take apps, but they could transfer me to someone who could take an application (it would be a new application, not turning the original pre approval app into a real app w/ a hard pull, like the man had told me on the phone not an hour prior). OR... I could do it online, but if I got the 7-10 day notice, call them back, because it *might* get rejected due to the pending pre approval app not being purged.

So, I decided to do it myself online. Got the 7-10 day notice - and no credit pull. Called the # ending in 1444 and they found the application, said it was rejected due to the pending pre-approval apps, but would put it through as a legit app. BUT... told me I had to keep my TransUnion unfrozen for 2-3 business days, before someone would look at it and process it with a hard pull. I asked why they couldn't just do a hard pull now, and they said someone would have to look at it and it could take up to 2-3 business days to do a hard pull.

I thanked them, ended the call, and then called the number ending in 7680. Got a nice woman who understood I wanted to freeze my credit again ASAP, so she put me on hold, came back, and said my TransUnion was pulled (I got a bunch of notices, so I knew it was) and that I could freeze it again and I'd hear back in 2-3 business days on the card. So, I guess I wait now...

But, I wanted to fill you all in on the whole process. Quite the journey just because the pre-approval didn't soft pull my credit right away and when they did I had frozen it again.

[KatzNDawgs]

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@portlandmusician wrote:

@KatzNDawgs @chamathkari 

UPDATE:

So, I decided to app for the Shield card. I called back underwriting and explained I had talked to someone an hour ago and the situation, and that he said he could run a hard pull on the original pre-approval request and turn it into an actual app.

They said they couldn't do that and that underwriting can't take apps, but they could transfer me to someone who could take an application (it would be a new application, not turning the original pre approval app into a real app w/ a hard pull, like the man had told me on the phone not an hour prior). OR... I could do it online, but if I got the 7-10 day notice, call them back, because it *might* get rejected due to the pending pre approval app not being purged.

So, I decided to do it myself online. Got the 7-10 day notice - and no credit pull. Called the # ending in 1444 and they found the application, said it was rejected due to the pending pre-approval apps, but would put it through as a legit app. BUT... told me I had to keep my TransUnion unfrozen for 2-3 business days, before someone would look at it and process it with a hard pull. I asked why they couldn't just do a hard pull now, and they said someone would have to look at it and it could take up to 2-3 business days to do a hard pull.

I thanked them, ended the call, and then called the number ending in 7680. Got a nice woman who understood I wanted to freeze my credit again ASAP, so she put me on hold, came back, and said my TransUnion was pulled (I got a bunch of notices, so I knew it was) and that I could freeze it again and I'd hear back in 2-3 business days on the card. So, I guess I wait now...

But, I wanted to fill you all in on the whole process. Quite the journey just because the pre-approval didn't soft pull my credit right away and when they did I had frozen it again.

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Oh wow, thank you so much for the detailed updates (including #s you called)! USB can often be a hard place to deal with, but oh my that sounds very daunting and I applaud you on your perseverance. I hope you get a YES in the end! 

[portlandmusician]

@KatzNDawgs I was approved. $17,500 starting limit. Just got the email this morning.

However, the sign-up balance transfer offer hasn't hit the card yet. I wonder if I have to wait for that? I go to "transfer a balance" on the card, and it's just at 17.74% at a 5% fee. So, I'm hoping once I get the card in 7-10 business days, once I activate it, that balance transfer offer is there. We shall see. Only reason I got the card, ha.

This is my 4th U.S. Bank personal card, and I have one business card, so five total with them.