US Bank will not recon denials for too many new accounts

[Anonymous]

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@calyx wrote:

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@Anonymous wrote:

@calyx wrote:

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@Anonymous wrote:

She told me that their guidelines changed and that they want to see a year of history on new accounts.

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Thank you for this information.

USBank was the first big bank card I got - I read they were super conservative, and I thought this would be a good way to get in with them when I didn't believe I'd be able to do it otherwise  (ultimate goal = PC the graduated card to Cash+).   This response makes me think I absolutely did the right thing.   

I've been questioning getting them as secured, lately, because "hey, look, I get prequals and I could have gotten my Cash+ sooner," but maybe not.

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Keep in mind I’ve added quite a few accounts in the last 12 months and I don’t have an existing relationship with them.

I actually found it rather interesting that she just zeroed in on the new accounts and didn’t even mention the BK. I would have expected that the denial would also be for BK.

Regardless, I think that a year is too long to garden for a card that changes categories all the time. Watch by the end of the year, cable bills won’t be covered and it will be a useless card for me.

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YOU SHUSH, those cats will stay forever and ever!!! Because I want them to   

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They change them to be more specific all the time it seems. I can almost guarantee you that the cable bill will get chopped quick though. You can prepay as much in advance as you want with those. 

[FinStar]

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@Remedios wrote:

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@Anonymous wrote:

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@Remedios wrote:

I was denied just a few weeks ago, recon was no problem at all. 

They still do recons, but just like with any other lender who allows the practice, they are granted at their discretion. 

Also, I would not put too much faith in what somebody tells you reasons for denial are. The letter usually paints a different picture. 

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I agree and I know the letter will say more but she was actually very explicit about the policy change. She said they are no longer allowed to ask for reconsideration when the denial is for new accounts - I would assume that’s because UW won’t turn it over. 

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When I called, the gentleman said "It all looks good to me" then transferred to UW. It was UW who over turned denial.

So, perhaps it is the presence of BK that's making them not willing to send to UW for manual review, or the fact they were included in BK. 

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As @Remedios mentioned upthread, they've had said "policy" in place for over a year, whether the primary reasons are new accounts or excessive credit inquiries or both.   There's a behavioral risk score (besides the score noted on the letter) that is used to determine whether or not UW can review it further.   2 colleagues of mine were able to have their decisions overturned not long ago, one was for Altitude Reserve, the other for FlexPerks TR.  

So, it's not that there's no reconsideration avenue, it just depends what those conditions are if declined that may be possible to get overturned, but that's not every application of course. 

On the upside, since you've tested the waters, at least you know the reasons were not due to a prior unsatisfactory relationship with USB. 

[Anonymous]

Yeah I will see what the reasons are and that will dictate if I try to stay in the garden til 0/6 (September) or if I move on. 

Its definitely surprising that previous relationship isn’t the standout reason although I’ll be shocked if it’s not on there. 

Its not inquiries because I only had 3 in the last 24 since Experian purged all of my inquiries older than April 2018 last month. My oldest on Experian right now is BBVA in December then I’ve got Amex in January and Citi in February and now US Bank. 

[Shadowfactor]

Banks do what they want, and there’s really no trying to understand it as it’s all profile dependent even with “set” policies in place.

The first time I applied for the Altitude Reserve I was 4/6. This was during all that hype about 0/6. Manually reviewed app.

When I applied for the second Altitude Reserve in January I was 3/6. instant approval for 13.5K

Last week I got another USB card. I’m currently at 9/12 and 4/6 and 20/24. So tons of new accounts by any measure of time and they gave me 16.2K

All of this is with one collection reporting. I got my first USB card with 4-5 collections showing.

I know relationships help with USB but honestly I don’t think they are as conservative as people think. Sometimes they just don’t like your credit profile and sometimes they do.

[NRB525]

I got my first US Bank credit card in 2009, when my balances were sky high. They ended up funding the mortgage on my house in late 2007, and so by 2009 I had a track record with them and they called me to suggest I get a credit card. Then they called me in 2011 to give me a Cash+ card, a second CC.

So while US Bank can be conservative, getting in with them can lead to a good credit relationship over the long term, and some of their cards are quite attractive for earnings and benefits.

I can't dispute the 0/6 rule. At the time I applied for Altitude Reserve, it was one day prior to 6 months to my last app, but if that March 2017 app counted from the start of March, rather than March 14, it would put me just outside 6 months at Sept 13, 2017.

[kdm31091]

The categories can and do change periodically so getting the card based on one category is a gamble. No guarantees it will remain.

US bank is conservative and in general you want few new accounts when applying. If you do really want the card I would heed the recon advice at least for six months with no new cards.

[Anonymous]

Yeah I can’t see myself staying in the garden that long with a purchase looming. It’s a nice card but there are others out there.

I will likely add at least one more this year although I can’t see myself doing 6 in 6 again.

Truth be told I thought for sure that I was wasting time holding off an app for US Bank since they were IIB so since Experian ended up getting cleaned up in April instead of July, I tossed the app now. I figured worst case scenario they’ll want me at 0/6 and this would be a way for me to find out and I would toss an app in September but yeah, 0/12 is just flat out not gonna happen.

[pizza1]

I think it just depends...its a YMMV kind of thing. Last year when I applied I was instant approved for $5k, had a barely 5 yr post BK7 showing, 60+ inq, and 18 new accounts, 13 in the last year.

Then, declined for Biz card, but reconned at bank, and UW overturned, approved for $1k. So in my case, the BK, Inq, and new accounts were looked past in both approvals.

[Anonymous]

Um it depends on your profile but i was approved for Cash+ and Altitude Reserve 3 months from each other. I got the Cash+ in January and AR this month. I am 2/6 and 7/12 (not counting recently acquired AR and BBP)

[Anonymous]

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@Anonymous wrote:
Yeah I can’t see myself staying in the garden that long with a purchase looming. It’s a nice card but there are others out there.

I will likely add at least one more this year although I can’t see myself doing 6 in 6 again.

Truth be told I thought for sure that I was wasting time holding off an app for US Bank since they were IIB so since Experian ended up getting cleaned up in April instead of July, I tossed the app now. I figured worst case scenario they’ll want me at 0/6 and this would be a way for me to find out and I would toss an app in September but yeah, 0/12 is just flat out not gonna happen.

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last year i was approved for 11 cards! Only lenders i remember turning me down were Barclay and Wells Fargo.

what card were u going for?