Why not US Bank?

[Bandit5160]

I recently applied for the US Bank Cash + card because I love their option to choose two 5% categories a month.  They gave me the 7-10 day wait message.  I called today to check my status...my application  was not approved.  I have no previous history with US Bank.  I have an 80K income and credit scores in the mid 700s...no legit reason to decline me exists IMHO.  So today I got an invitation to apply for the Bank of America card in the mail...it’s not as attractive as the US Bank one but it does offer 3% cash back on a category of my choosing, 2% on wholesale clubs (I like Sams and Costco- though I already have the Citi Costco Visa), and a $200 bonus.  I was instantly approved for an 8K SL with BoA.  I also have no previous history with BoA.  So what is up with US Bank- ny ideas why they give me the cold shoulder?  I think they both pulled my Experian, so it wasn’t a credit report difference...

[Remedios]

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@Bandit5160 wrote:

I recently applied for the US Bank Cash + card because I love their option to choose two 5% categories a month.  They gave me the 7-10 day wait message.  I called today to check my status...my application  was not approved.  I have no previous history with US Bank.  I have an 80K income and credit scores in the mid 700s...no legit reason to decline me exists IMHO.  So today I got an invitation to apply for the Bank of America card in the mail...it’s not as attractive as the US Bank one but it does offer 3% cash back on a category of my choosing, 2% on wholesale clubs (I like Sams and Costco- though I already have the Citi Costco Visa), and a $200 bonus.  I was instantly approved for an 8K SL with BoA.  I also have no previous history with BoA.  So what is up with US Bank- ny ideas why they give me the cold shoulder?  I think they both pulled my Experian, so it wasn’t a credit report difference...

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There is a reason. Based on your previous threads you have several new accounts. 

If you really want that card, you'll need to let your accounts age before applying again 

[Anonymous]

USBank is almost as elusive as CUs to understanding their approvals.

How many cards have you opened in the past year? BoA is usually pretty sensitive to that too so it makes me wonder.

[Bandit5160]

I have opened 3 accounts this past year...the BoA approval today makes it 4 now.  US Bank and Citi Best Buy (who approved me this spring) are the only ones ever to decline me.   But I know why Citi Best Buy declined me two years ago- I had a new Citi account approved too recently before that app.  And I know better than to apply for any Chase Card for a long while with their 5/24 thing.  But I don’t know why US Bank said no- guess I will know for sure in 5-8 days now.  

[Bandit5160]

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@Remedios wrote:

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@Bandit5160 wrote:

I recently applied for the US Bank Cash + card because I love their option to choose two 5% categories a month.  They gave me the 7-10 day wait message.  I called today to check my status...my application  was not approved.  I have no previous history with US Bank.  I have an 80K income and credit scores in the mid 700s...no legit reason to decline me exists IMHO.  So today I got an invitation to apply for the Bank of America card in the mail...it’s not as attractive as the US Bank one but it does offer 3% cash back on a category of my choosing, 2% on wholesale clubs (I like Sams and Costco- though I already have the Citi Costco Visa), and a $200 bonus.  I was instantly approved for an 8K SL with BoA.  I also have no previous history with BoA.  So what is up with US Bank- ny ideas why they give me the cold shoulder?  I think they both pulled my Experian, so it wasn’t a credit report difference...

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There is a reason. Based on your previous threads you have several new accounts. 

If you really want that card, you'll need to let your accounts age before applying again 

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This sounds very plausible to me.  I might have to wait about a year before trying for this card again.  And something better could come along in the meantime...

[Anonymous]

A term you see used around the Forum is recon! May want to consider that and see if there is any way they will review your request?

[Bandit5160]

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@Anonymous wrote:
A term you see used around the Forum is recon! May want to consider that and see if there is any way they will review your request?

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I guess it couldn’t hurt to try.  The worst they can do is tell me no again.  I am not going to let them do another hard pull though...

[Anonymous]

Bandit5160 do understand about the no second hard pull (these additional hard pulls are so stupid anyway from my seat). What the Forum seems to do is support the idea of not falling over every time a lender says no. Many seem to get reconsideration with some happiness and some not. But, "nothing ventured nothing gained". For myself approvals always seem to go to two days (never automatic) and for sure a manual review and sometimes I have to reach out for a telephone call with a underwriter supervisor to achieve my goal and underwriting has been good and polite.

[Anonymous]

Consider freezing a couple of minor credit reports before applying to US Bank for a credit card.  Seems to help odds of approval.

[NRB525]

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@Bandit5160 wrote:

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@Anonymous wrote:
A term you see used around the Forum is recon! May want to consider that and see if there is any way they will review your request?

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I guess it couldn’t hurt to try.  The worst they can do is tell me no again.  I am not going to let them do another hard pull though...

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Did they actually deny the app, or you got a message?  US Bank puts many accounts through manual review.  A Recon is unlikely to influence this. 

Wait for the letter. 

Being a USBank customer, with checking or a mortgage, is helpful to get credit cards. Talking with a banker in branch can be a better way to app as well.