They had tightened that policy to a fairly hard 1/12 rule for a long time during the worst of the pandemic. Only more recently have I seen approvals over 1/12 start to trickle through again here and there. I'm sure it's just the amount of accounts opened that caused the decision, and they threw the other reason on there for extra fluff. I'm sorry about your denial. They seem to be pretty new account sensitive compared to some other lenders.
@TampaBAY86 wrote:
@Straed wrote:Hello,
I recently applied for the US Bank Altitude Go and was denied after 7 days of manuel review.
I received a letter that listed the reasons of why I was denied.
Reasons:
- Credit bureau report contains a number of recently opened trade lines
- Maximum amount of unsecured credit already available.
Can anyone explained what these reasons mean? I only have 10k in credit lines across all my cards, including a 5k limit US Bank Cash+. I know it isn't the max that US Bank allows, but maybe they are being careful because they take up 50% of my credit?
I am 3/12 btw, which also may be part of the problem because of their 2/12 card velocity rule. However, I wasn't insta declined which makes me think that this is a soft rule.
As for the 3/12, that is likely a large factor in the denial. Also, based on not knowing the rest of your profile and income, it is possible the $5k limit on your Cash+ is the max amount US Bank will offer you at this time.
When you read that, you wonder if they are referring to maximum allowed with them, or with TCL from all lenders. Some FIs word that one more clearly in that they feel you already have enough revolving credit through your total combined limits. This one could be taken either way. That is a good point you bring up @TampaBAY86 in that they may be referring to their own internal hard limit being reached.