US Bank Prequal Confusion

Anonymous · ‎07-25-2018

Hey guys,

After working to increase my credit score from the mid-500's, I was pleased to learn that after my cards reported this month that my scores were in the 660-690 range. I decided to replace 2 of my cards(Cap One Secured and Credit One Platinum). I checked the prequal sites and found 2 cards that I liked. The Amex card I applied for originally gave me the 7-10 day notice but I then got an approval by email only 2 hours later. I was also pre-qualified for a US Bank Cash+ Visa card. Or maybe I wasn't? I applied immediately and also got the 7-10 day notice on that one. I understand that nothing is a guarantee, but it was my understanding that if you got a pre-qualification with an exact rate, rather than a range, then it was pretty much a sure thing.

Well, at the top of the prequalification page it says "You are prequalified for the offers below. Apply now." It then lists the Cash + Visa card and the Cash 365 American Express card. When I scroll under the Cash+ Visa card it says "APR 0% introductory APR∗ on purchases and balance transfers for the first 12 billing cycles. After that, a variable APR applies, currently 20.74% based on your credit worthiness." I would post pictures to show what I'm talking about but I'm not sure how to do that or if it is even permitted.

If I click on the "20.74%," it pulls up the terms disclosure which also says 20.74%. I put in my application on Friday and tried calling today to see what the status was. They could only tell me that it was still under review. To ensure I don't make this mistake again, can anybody tell me if I missed something that would have tipped my off that this wasn't as solid of a prequalification as I originally thought? Is there any thing I should be mindful of going forward to avoid a bunch more inqs on my report? Thanks for your help.

Anonymous · ‎07-25-2018

@Anonymous wrote:
Hey guys,

After working to increase my credit score from the mid-500's, I was pleased to learn that after my cards reported this month that my scores were in the 660-690 range. I decided to replace 2 of my cards(Cap One Secured and Credit One Platinum). I checked the prequal sites and found 2 cards that I liked. The Amex card I applied for originally gave me the 7-10 day notice but I then got an approval by email only 2 hours later. I was also pre-qualified for a US Bank Cash+ Visa card. Or maybe I wasn't? I applied immediately and also got the 7-10 day notice on that one. I understand that nothing is a guarantee, but it was my understanding that if you got a pre-qualification with an exact rate, rather than a range, then it was pretty much a sure thing.

Well, at the top of the prequalification page it says "You are prequalified for the offers below. Apply now." It then lists the Cash + Visa card and the Cash 365 American Express card. When I scroll under the Cash+ Visa card it says "APR 0% introductory APR∗ on purchases and balance transfers for the first 12 billing cycles. After that, a variable APR applies, currently 20.74% based on your credit worthiness." I would post pictures to show what I'm talking about but I'm not sure how to do that or if it is even permitted.

If I click on the "20.74%," it pulls up the terms disclosure which also says 20.74%. I put in my application on Friday and tried calling today to see what the status was. They could only tell me that it was still under review. To ensure I don't make this mistake again, can anybody tell me if I missed something that would have tipped my off that this wasn't as solid of a prequalification as I originally thought? Is there any thing I should be mindful of going forward to avoid a bunch more inqs on my report? Thanks for your help.

Welcome to the forums.

1. A pre-qualification is not the same as a pre-approval. A pre-qualification simply means you successfully passed the creditor's initial screening for the card.

2. The majority of U.S. Bank credit card applications are processed manually and it usually takes 2-3 business days for a decision. You can call U.S. Bank underwriting Services for a status update on your app. You can also elect to speak directly with someone in the underwriting department in the event they want clarifications on any possible questions.

Anonymous · ‎07-25-2018

I got the same message. 4 days later approved for $500. Reconned to 10k. Like many on here this seems to be their MO. YMMV

Good luck.

Anonymous · ‎07-26-2018

Thanks guys,

I have a follow up question.

To update, I called the status line and it said it was still in processing. So I pressed the button to be connected with a representative who advised that an underwriter submitted the application for "manual verification" on Monday and that it can take another 3-5 business days after that. Does anybody know what this manual verification is? Are they trying to verify my identity or is this just another way of saying it's still being reviewed?

Thanks.

FinStar · ‎07-26-2018

That means it is under review. Since you were just recently approved for one of their cards, typically any additional CC applications go through a secondary UW process.

If they feel that you have sufficient exposure at this time it can potentially be declined, or it can go in the opposite direction if all else checks out.

Anonymous · ‎07-26-2018

The other approval I received was from Amex. This is my first time applying for any accounts with US Bank. I don't use them for regular banking either as they don't have branches in my state. I just found it weird that it is taking this long to reach a decision. The process seems to be unlike what I've experienced with other banks, too. I guess I'll just have to be patient and await word back one way or another.

FinStar · ‎07-26-2018

You'll just have to exercise patience, correct. USB has their own UW and verifications process just like other banks and CUs have their own internal processes. Some may take less time than others.