So on 9/16 I app'd for the US Bank Cash Rewards Signature Visa and was denied. FICO's are around 705. I misplaced the letter and have to look for it but that is not the reason I am posting. The funny part is, I applied because they sent me a prequal letter in July with a solid APR of 16.74%. If that is not bad enough, I just received an email from them yesterday about prequal'ing for the SAME card at the SAME rate! Very frustrating. Just goes to show that just because you get a prequal offer does not mean it is a guaranteed approval. Now where did I put that letter....
@Anonymous wrote:
@TiminCO wrote:So on 9/16 I app'd for the US Bank Cash Rewards Signature Visa and was denied. FICO's are around 705. I misplaced the letter and have to look for it but that is not the reason I am posting. The funny part is, I applied because they sent me a prequal letter in July with a solid APR of 16.74%. If that is not bad enough, I just received an email from them yesterday about prequal'ing for the SAME card at the SAME rate! Very frustrating. Just goes to show that just because you get a prequal offer does not mean it is a guaranteed approval. Now where did I put that letter....
Are you sure the letter said you were denied? The last time I got a card from US Bank based on a pre-qual I didn't get an immediate response but did receive a letter. I assumed the letter was a denial but when I read it they just wanted me to call in to verify it was me that applied. I called to verify and was approved over the phone.
+1
Also remember that they (usually) use TU04 for new accounts, which for many people can be quite different from FICO 8/9. 
@UncleB wrote:
@Anonymous wrote:
@TiminCO wrote:So on 9/16 I app'd for the US Bank Cash Rewards Signature Visa and was denied. FICO's are around 705. I misplaced the letter and have to look for it but that is not the reason I am posting. The funny part is, I applied because they sent me a prequal letter in July with a solid APR of 16.74%. If that is not bad enough, I just received an email from them yesterday about prequal'ing for the SAME card at the SAME rate! Very frustrating. Just goes to show that just because you get a prequal offer does not mean it is a guaranteed approval. Now where did I put that letter....
Are you sure the letter said you were denied? The last time I got a card from US Bank based on a pre-qual I didn't get an immediate response but did receive a letter. I assumed the letter was a denial but when I read it they just wanted me to call in to verify it was me that applied. I called to verify and was approved over the phone.
+1
Also remember that they (usually) use TU04 for new accounts, which for many people can be quite different from FICO 8/9.
You are correct. TU04 shows 686.
The scoring system stated the reasons for denial:
Too many severely deliquent or derogataory accounts ever (Student loans almost 7 years ago)
Average time bankcard accounts have been open is too short (3 years)
Poor Credit History (on 8 cards I have been late 0 times)
TU04 Reasons for denial:
Serious delinquency
Frequent delinquency
@Proportion of revolving balances to revolving credit limits is too high (I'm @ 13% Util)
Too many accounts with balances (3 out of 8)
Number of recent inquiries on consumer report (3)
Then they offered me a swing at a secured card. I'll pass. I currently have $79,500 of available credit.
@UncleB wrote:
@Anonymous wrote:
@TiminCO wrote:So on 9/16 I app'd for the US Bank Cash Rewards Signature Visa and was denied. FICO's are around 705. I misplaced the letter and have to look for it but that is not the reason I am posting. The funny part is, I applied because they sent me a prequal letter in July with a solid APR of 16.74%. If that is not bad enough, I just received an email from them yesterday about prequal'ing for the SAME card at the SAME rate! Very frustrating. Just goes to show that just because you get a prequal offer does not mean it is a guaranteed approval. Now where did I put that letter....
Are you sure the letter said you were denied? The last time I got a card from US Bank based on a pre-qual I didn't get an immediate response but did receive a letter. I assumed the letter was a denial but when I read it they just wanted me to call in to verify it was me that applied. I called to verify and was approved over the phone.
+1
Also remember that they (usually) use TU04 for new accounts, which for many people can be quite different from FICO 8/9.
Also, why would they deny me only to email me with yet another preapproval for the card?
OP, drop over to the thread below as a former US Bank CSR is sharing great information, in case you have questions:
@Anonymous wrote:You already have that card in your signature so are you applying for an additional one or you jumped the gun?
That is not the Visa Sig, just regular Cash Rewards. i have had that card for 3+ years
Update: So after recieving yet ANOTHER prequal letter today from US Bank I decided to call UW to see why they keep torturing me. The gentlemen I spoke to was very nice and stated he could look into it. After confirming some info and looking at my report he said he sees the reasons for my denial and that the info was very old. He also stated that the reasons were computer generated and that he could send it to an actual human for review. He told me it could take up to 3 days so we will see what happens.
Good luck