USB Cash+... hold off on applying?

[McNugget]

I'm itching to apply for the USB Cash+ card, but don't think I'm quite where I need to be.  

My stats:

FICO8 scores are around 675 (all three)

Utilization is at 44%

4HPs with TU & EX, 3HP with EP 

Credit history is 15 years, average is 6.5 years.

2 new accounts from last month

3 baddies from 2014 (medical collections)

No late payments

I crunched numbers and found that my utilization will be decreasing by a minimum of 4% each month starting in April, everything PIF by the end of February 2020.  Considered getting a quick loan to get an immediate reduction in utilization and interest, but am not sure I should go that route seeing that everything will be PIF in a year's time.

My scores are too low, correct?  What FICO score should I reach for?  I don't have a history with USB.

My plan was to garden, but I want this card for the utilities cash back and would garden hardcore after that.

[Anonymous]

For the best chance of not just an approval but not getting stuck with a $500 or $1K SL, I would shoot for 700+ as a goal score. 

Most places they pull TU but as I found out that’s not a guarantee (they apparently pull EX in CO and my EX was frozen). 

[simplynoir]

Not that it's an indicator of your chances but have you tried the prequal page on US Bank website to see what pops up?

I think if utilization got below the 28.9% threshold you would see a score bump there which you can re-evaluate then which is in roughly four months by your estimates.

[pinkandgrey]

You might be able to get it, but as Saeren said, you might end up with a small SL. Trust me; I know lol

[Anonymous]

I app'd for the card on Friday and it was sent to manual review, I'm currently waiting on their decision. My scores are slightly higher than yours, 14% utili and I have less inquiries + no baddies. You do have a much older credit profile however. As always, YMMV with this stuff. When I get an answer, I can update you with my actual data points and the result, so that you can gauge it a little better. I think you just have to get each card under 28.9% (maybe?) utilization and your scores will most likely increase. Maybe I'd wait and do that first, then check the pre-qual page to see if the cash+ pops up for you. 

[Caardvark]

@StrykingSquirrel

Have you tried calling US Bank Underwriting? It's an automated line and is usually the fastest way to find out if approved/denied.

Sorry I don't have the number (I'm on my phone) but it should be available with a quick search of the forum.

[Caardvark]

StrykingSquirrel

Have you tried calling US Bank Underwriting? It's an automated line and is usually the fastest way to find out if approved/denied.

Sorry I don't have the number (I'm on my phone) but it should be available with a quick search of the forum.

[Anonymous]

---

@Caardvark wrote:
@StrykingSquirrel

Have you tried calling US Bank Underwriting? It's an automated line and is usually the fastest way to find out if approved/denied.

---

Yeah, I called them this morning. Since it was the weekend, they didn't get much done. The CSR told me that the time will be about 4 days, so by Friday at the latest. I'm going to assume I'll get an email sooner though, probably Wed/Thurs.

[Anonymous]

Just wanted to update the thread, I was approved for a CL of 2.5K for the Cash+. When I receive the card/paperwork, I'll post it in the approvals section with the DP.