US Bank Cash+ Denial

[Anonymous]

Applied on 08/09, Pulled TU 748. Total accts 7 + 2 (2 on the way), Hard inquiries: 9, avg credit age: 10mo, longest credit age 1yr7mo.

Just recived rejection mail:

• length of time accts have been established
• too many inquiries last 12 months
• length of time revolving accts have been established
• lack of recent installment loan info

I opened a checking accts with them after being denied, will that be helpful for my next USB application? and when should I try to apply again?

[Anonymous]

When I apped 2/2018 I got auto denied for INQ's... I suspect the threshold is 6 in the previous 12 months or less.  

I called for a manual review and got it overturned for 1K/ea card, called again asking for 25K/ea and got countered for 10K/ea.

INQ/New Accounts will shut the door in your face w/ USB.  They're not as bad as Chase w/ 5/24 but, they're stingy if you don't play by their rules.

Just hit the bench and stay away from apps for 6-12 months depending on when the last several accounts were opened.

Checking accounts with them are pretty worthless with the fees they impose unless you have a CC it's $14.95/mo.  I opened one post CC for redemptions and transfer the cash to my main account through a ACH pull from USB since they charge $3 for a ACH push.

[Anonymous]

I opened a student checking just to start the relationship with them, and it's free

stay away from apps for 6 months is really hard for me...... maybe I should try other banks....

[FinStar]

Unfortunately, given the recent credit activities, trying your luck with other institutions in the short term is likely to result in additional denials, more inquiries and, if any CCs are approved, very low SLs.

As far as USB goes, you placed the cart after the horse. Potentially, down the road, the depository relationship can help in the event you'd still be interested in their products, provided you can overcome the reasons they cited on the letter.

[Anonymous]

thank you for the advice

[SEAlifer]

If you've got nine cards already and your average age is 9 mos I'm impressed you've been able to accrue that many cards so quickly. Sounds like they just want to see a cool off period.

[Anonymous]

yeah i think i really need to stop here.

[pinkandgrey]

That was gutsy, apping with US Bank with a fairly short history. First things first: definitely try recon. It may not work, but I managed to get approved for the Cash + even after 4 denial letters lol

Assuming that doesn’t work, hold off on applying for anything for at least six months. You have a lot of inquiries and USB doesn’t like that. Good on you for getting the checking account. Now just be a good loyal customer for the next six months (AT A MINIMUM). Honestly, though, I’d give it a year before trying for that card again.

Sorry about the denial but good luck in the future! 

[Anonymous]

I tried recon and still got denied at 1st time, then when I tried to recon again they told me the application already closed and I can no longer recon again... seems like I can do nothing but wait for 6-12mo

[Camps]

Next time you apply, I would suggest going into a branch to apply in person with a banker. I was upgraded to a gold checking account last week in the branch, and the banker explained that they can speak to the underwriters to give them a nudge as well if needed on a credit card application. I will test that theory in a few months after I pay down some debts.