US Bank: Are mailed "invitations" essentially pre-approvals?

[LADave]

I got a letter today about a card that hasn't been on my radar, from a bank which has been on my radar for a while - inviting me to apply for a US Bank Visa Platinum Card.

Is an invitation to apply from US Bank as good as a solid pre-approval? I see a few upsides and a lot of downsides to my applying right now.

There are two things that stick out for me with this offer:

• It's 0% APR for 21 months
• Assuming it qualifies, having the card could keep my US Bank checking free without a minimum direct deposit or balance. (My checking is currently free until next summer IIRC, because it was grandfathered in from Union Bank.)

It's not a Cash+ or Altitude Reserve, but having some positive history with a USB card could potentially help me get one or both of those down the road.

Negatives: I'm currently 8/12 for new cards and 9/12 for new accounts, which I think disqualifies me from any USB cards (I'm also 13/24 for new accounts). Inqs are 12/24 (not including 3 duplicates from car shopping) and 9/12 (not including 2 duplicates from car shopping). My FICO8 on Experian is currently 689, reporting 20% utilization. 

I'm interested in home shopping in the next year if rates decline enough (probably not for at least the next 6 months). Even if that wasn't the case, I wouldn't be interested in applying for this or any other card in the short term unless I was quite sure I'd be accepted. Because I have a lot of new accounts, US Bank would be one of the last banks I'd consider unless I was very sure I'd be accepted.

If I was approved for a toy limit like $500, I would not consider that worth the hit to my inquiries and the minor hit to my AAoA. (Needless to say, the 0% APR at 21 months would be useless at that limit, there's no cash back or points on the card, and I already have cell phone protection on my Wells Fargo Autograph.) My AAoA is currently 2 years and 8 months with 23 accounts, and my AoOA is 9 years 11 months.

I appreciate any feedback about this.

Edit: A possible mitigating factor to my recent new credit spree is my history with US Bank, including my history with Union Bank since May of last year. I currently have less than $200 there between my checking and savings (temporarily fee-free after the merger). If it were to help my application, I'd park hundreds more there for a while before applying.

[Blender]

Given all the things you mentioned and some fairly recent community DPs, I wouldn't be surprised to see you get that infamous $500 SL, if you got approved at all.

But if you decide to go for it, best of luck!

[LADave]

---

@Blender wrote:

Given all the things you mentioned and some fairly recent community DPs, I wouldn't be surprised to see you get that infamous $500 SL, if you got approved at all.

But if you decide to go for it, best of luck!

---

If I knew in advance I'd get approved for a $500 limit on a USB card, it would probably be the Cash+. At least I'd be able to meet the SUB without doing a suspicious amount of cycling. 😂

[JoeRockhead]

Considering USBs conservative UW, I wouldn't look at this any more seriously than a third party marketing mailer. You never know of course, but I just wouldn't feel confident in pulling the trigger myself. 

[firefox100]

I would not apply for a US bank card you have to many inquires for us bank, don't take hit let your credit age and improve over time.

[maxchurn]

Your decision will be automated either way and you'll have to take another HP for a manual review. YMMV but they gave me a low limit with a good profile, see my recent post

[LADave]

---

@maxchurn wrote:

Your decision will be automated either way and you'll have to take another HP for a manual review. YMMV but they gave me a low limit with a good profile, see my recent post

---

@maxchurn thanks for the tip. I did find your post and found it quite interesting: https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Chase-Slate-Edge-and-US-Bank-Visa-platinum-ap...

As I'm thinking about this more, I don't have much of a use for a balance transfer card right now, and I don't think I'll have much use for one until summer of next year. So the only thing that's interesting about the card right now is that it's from US Bank.

I think I'll pass.

[Larrypatty]

 I got 2 invititations during my first 2 years banking with them and was denied. Hit the 3 year mark and got 4 US Bank credit cards in a 5 month period with 60k total in cl's. along with 3 other credit cards.

  It's almost like were giving you 60k in credit no matter how many inquires and cc's you rack up.

 Even with a relationship i doubt you'd be approved with your stats, 

[MitchDeerfield]

I just did a balance transfer with the US Bank Platinum card for $12,000.  Their terms are amazing in this period of high interest rates.

Just a 3 percent transfer fee for 21 months of zero interest, which is about 1.75% APR!

At the same time, I was recently approved for a Bread Amex card that will charge me 31% APR  interest if I am foolish enough to carry a balance.  Ha ha.

[BuckyB]

Wise move not taking the bait. They would have denied you.