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[If this allows, I'll be editing this post to share updates.]
I've seen a few posts regarding the U.S. Bank Cash+ Visa® Secured Card, and I thought I'd share my journey in possibly acquiring one for myself. I wanted to add this card to my wallet due to its great 5% cash back rewards in select categories. There is an unsecured (Visa Signature) version of this card, but I wanted to increase my chances of opening an account by going the secured route.
01/12/2022 - Applied on the US Bank website for the secured card. I proposed funding it with $2,000 from an external checking account (I do not have a previous relationship with US Bank) and, perhaps because I submitted it outside of the bank's operating hours, I got an email stating, "We're in the process of reviewing your application and will notify you as soon as it's complete."
01/13/2022 - Called US Bank's UW Services (800-947-1444) and spoke to a representative who told me that I needed to unfreeze my EX. I did so over the phone and they proceeded to HP EX only. The representative then said, "your application has now gone to manual review and we, uh, well, see, you can call us in a few days. It's most likely that we'll need some information from you."
01/18/2022 - With the MLK Jr. holiday behind us, I called UW Services again for an update, and spoke to a helpful rep who said that "Everything looks very good right now. It will just take a few more days for the funds to move over." and I asked about any information that I might need to provide, and the response I got was, "Nope. Your application is moving right along. Everything looks really good right now. Call us again at the end of the week."
01/20/22 - Opened my external checking account to discover that the funds have gone out! Hoping this means that it's approved. So far during this review process, I have not received any emails at all from US Bank as, according to the first rep I spoke to, "We just send letters." -- Also, I received two identical postcards today via snail mail stating that "For your security, we're writing to verify that you are the one who submitted the application."
So we are moving right along. Some additional data points here:
8 revolving CCs.
6 hard inquiries in the last 6 months.
Definitely hopping into the garden after this.
Highest CL is on a CSP ($10K)
EX 703 / EQ 721 / TU 719
@thatsrichh wrote:[If this allows, I'll be editing this post to share updates.]
I've seen a few posts regarding the U.S. Bank Cash+ Visa® Secured Card, and I thought I'd share my journey in possibly acquiring one for myself. I wanted to add this card to my wallet due to its great 5% cash back rewards in select categories. There is an unsecured (Visa Signature) version of this card, but I wanted to increase my chances of opening an account by going the secured route.
01/12/2022 - Applied on the US Bank website for the secured card. I proposed funding it with $2,000 from an external checking account (I do not have a previous relationship with US Bank) and, perhaps because I submitted it outside of the bank's operating hours, I got an email stating, "We're in the process of reviewing your application and will notify you as soon as it's complete."
01/13/2022 - Called US Bank's UW Services (800-947-1444) and spoke to a representative who told me that I needed to unfreeze my EX. I did so over the phone and they proceeded to HP EX only. The representative then said, "your application has now gone to manual review and we, uh, well, see, you can call us in a few days. It's most likely that we'll need some information from you."
01/18/2022 - With the MLK Jr. holiday behind us, I called UW Services again for an update, and spoke to a helpful rep who said that "Everything looks very good right now. It will just take a few more days for the funds to move over." and I asked about any information that I might need to provide, and the response I got was, "Nope. Your application is moving right along. Everything looks really good right now. Call us again at the end of the week."
01/20/22 - Opened my external checking account to discover that the funds have gone out! Hoping this means that it's approved. So far during this review process, I have not received any emails at all from US Bank as, according to the first rep I spoke to, "We just send letters." -- Also, I received two identical postcards today via snail mail stating that "For your security, we're writing to verify that you are the one who submitted the application."
So we are moving right along. Some additional data points here:
8 revolving CCs.
6 hard inquiries in the last 6 months.
Definitely hopping into the garden after this.
Highest CL is on a CSP ($10K)
EX 703 / EQ 721 / TU 719
You have a $10k CSP, 8 total cards and a 700++ score but you went for a secured card?? Why??
That's a fair question. I also mulled it over as I thought how I wanted to go in.
U.S. Bank is legendary for a suprising number of denials when it comes to their CCs. Selective as they already are in their underwriting, they are particularly sensitive to the number of new accounts opened in a short amount of time. Even the more robust DPs reveal that you will want to be free of any HPs within the last year to have even a decent shot of approval. They also favor existing banking relationships, which I did not have at the time of application. My odds of approval, as good as my credit is right now, are basically nonexistent via the unsecured route. Not unless I enter the garden until the year 3000.
In October, U.S. Bank basically took their two most selective CCs and released secured versions of them, which I found surprising. As it's turning out, getting the secured card is the best option to getting in with U.S. Bank IMO. For me, this is the last card I am getting before hopping into the garden.
I'm sure you already knew most of this information. I'm just laying it out for others if they didn't know, and that's sort of my thought process.
@increasingmyfico wrote:
@thatsrichh wrote:[If this allows, I'll be editing this post to share updates.]
I've seen a few posts regarding the U.S. Bank Cash+ Visa® Secured Card, and I thought I'd share my journey in possibly acquiring one for myself. I wanted to add this card to my wallet due to its great 5% cash back rewards in select categories. There is an unsecured (Visa Signature) version of this card, but I wanted to increase my chances of opening an account by going the secured route.
01/12/2022 - Applied on the US Bank website for the secured card. I proposed funding it with $2,000 from an external checking account (I do not have a previous relationship with US Bank) and, perhaps because I submitted it outside of the bank's operating hours, I got an email stating, "We're in the process of reviewing your application and will notify you as soon as it's complete."
01/13/2022 - Called US Bank's UW Services (800-947-1444) and spoke to a representative who told me that I needed to unfreeze my EX. I did so over the phone and they proceeded to HP EX only. The representative then said, "your application has now gone to manual review and we, uh, well, see, you can call us in a few days. It's most likely that we'll need some information from you."
01/18/2022 - With the MLK Jr. holiday behind us, I called UW Services again for an update, and spoke to a helpful rep who said that "Everything looks very good right now. It will just take a few more days for the funds to move over." and I asked about any information that I might need to provide, and the response I got was, "Nope. Your application is moving right along. Everything looks really good right now. Call us again at the end of the week."
01/20/22 - Opened my external checking account to discover that the funds have gone out! Hoping this means that it's approved. So far during this review process, I have not received any emails at all from US Bank as, according to the first rep I spoke to, "We just send letters." -- Also, I received two identical postcards today via snail mail stating that "For your security, we're writing to verify that you are the one who submitted the application."
So we are moving right along. Some additional data points here:
8 revolving CCs.
6 hard inquiries in the last 6 months.
Definitely hopping into the garden after this.
Highest CL is on a CSP ($10K)
EX 703 / EQ 721 / TU 719
You have a $10k CSP, 8 total cards and a 700++ score but you went for a secured card?? Why??
My understanding is that what the OP did is more or less the best thing they could do at the time to obtain approval. US bank usually will turn a card request away faster than Pepe le Phew if they have 2 inquiries in 12mo already. This requester has 6 in 6mo and who knows how many in 12 but definitely at least 6. Also US bank wants 720 on a good day, making it about 740-760 in the pandemic. I have good reason to believe that they would not extend a card without security.
Congratulations on your new found liquidity.
Hi @thatsrichh Congrats on your application and approval for US Bank Cash+ secured credit card. That is the best move. Now that the funds are removed from your bank account you should get your card in the mail in the next 7-10 days. That is pretty common practice for their secured credit cards. Good news they will unsecure your card in 12 months and return your security deposit.In the mean time you can enjoy your Cash+ card rewards.Keep in mind you have to ask them to unsecure the cards. They do not do it automatically. Also there will be a hard inq when the upgrade your card to unsecure card.
I had US Bank Secured Platinum Card and US Bank Harley Davidson Secured card. At 14 months in October 2021, I requested for upgrade ( unsecure). They made both accounts unsecure and sent me my deposit funds the same day. My scores are high 600 and I could apply for unsecured cards. I decided to continue the same route of secured cards and I applied in December 2021 for Cash+ Secured Card for $5k and Altitude Go Secured Card for $5k. They both are approved and I have the cards and using them. I know in 12 months US Bank would unsecure my cards and return my deposit and let me keep the unsecured cards. I am not going to apply for any new cards for next 12 months and enjoy my life and let my accounts age.
Enjoy your new US Bank Cash+ Secured Card.
@thatsrichh wrote:That's a fair question. I also mulled it over as I thought how I wanted to go in.
U.S. Bank is legendary for a suprising number of denials when it comes to their CCs. Selective as they already are in their underwriting, they are particularly sensitive to the number of new accounts opened in a short amount of time. Even the more robust DPs reveal that you will want to be free of any HPs within the last year to have even a decent shot of approval. They also favor existing banking relationships, which I did not have at the time of application. My odds of approval, as good as my credit is right now, are basically nonexistent via the unsecured route. Not unless I enter the garden until the year 3000.
In October, U.S. Bank basically took their two most selective CCs and released secured versions of them, which I found surprising. As it's turning out, getting the secured card is the best option to getting in with U.S. Bank IMO. For me, this is the last card I am getting before hopping into the garden.
I'm sure you already knew most of this information. I'm just laying it out for others if they didn't know, and that's sort of my thought process.
I got ya. I hope you earn more on your money than I did. I have an Elan secured card and the cd rate is so low they should have not even offered it.