US Bank AR application

GatorGuy · ‎09-09-2021

Thought I would share my DPs for anyone else in case they are useful.

After just closing on my refi, I decided to try for the Altitude Reserve before gardening for a while. I am way over their 1/12 rule (currently 6/12) for new accounts but I decided to give it a shot since its just one more inquiry.

I applied a few days ago and got the message "we'll let you know in 7 to 10 days" although I was expecting an instant denial. Today I called to check on the status and got transferred to a nice lady who spent a few minutes asking about my recent inquiries and accounts. Afterwords, she apologized and said that I was declined. She told me they appreciate my business but they would like to see time for my recent CC which was a little over one month old. Weirdly she she told me to reapply in 6 months and I would have a very high likelihood of approval. Even in 6 months I will still be 6/12 so I'm not sure if she should have told me to wait longer.

DPs:

They pulled EQ

FICO8 811

Inquires 7/24

New accounts 6/12

AAOA 7.7 years

Income 6 figures

Existing customer: have had a car loan with them since 2018

Anonymous · ‎09-10-2021

It looks like you answered your own question. US Banks is very strict and you know their rules. I would stay clear of them and go with a bank that is more apt to approve you. I have several accounts with US Bank but they are either old or they recently took over State Farm Bank credit cards so my card for that is now with them too. But I too have more inquries and new accounts then they would like so I would not apply there for a new card.

Thanks

Mark

GatorGuy · ‎09-10-2021

@Anonymous Thanks for the response. I pretty much expected the denial but just had to check it for myself. Wasn't concerned about the inquiry.

I guess I question at this point if I should try again in 6 months like the CSR suggested or wait longer consistent with others experiences.

FinStar · ‎09-10-2021

@GatorGuy wrote:
@Anonymous Thanks for the response. I pretty much expected the denial but just had to check it for myself. Wasn't concerned about the inquiry.

I guess I question at this point if I should try again in 6 months like the CSR suggested or wait longer consistent with others experiences.

Personally, I would wait longer knowing what you know about US Bank. The agent was likely suggesting a general timeframe as guidance, but not as a sure thing for a guaranteed approval.

randomguy1 · ‎09-10-2021

Unfortunately, you should have prioritized the AR as the first card after closing your mortgage. I didn't apply for cards first awhile (only business) up to getting a mortgage so I was 0/12 when I applied for the AR and got approved. 1/12 or 0/12 seems like it greatly improves your chances for AR. There are outliers but denials over that threshold too.