Max Cash Preferred vs US Bank Cash+ Visa Signature

[BudC2]

Well it's definitely confirmed now! Max Cash Preferred through your local bank is much easier to get than the US Bank version. I tried pre-approval for US Bank when the pre-approval tool finally popped up again and it said no thank you and we'll send a letter explaining. I applied through my local bank and just got an email confirming as SL of $10,000. I don't know why the US Bank version is so much pickier since both cards go through the same US Bank underwriters, but I would say save the headache and just go local.

TransUnion pull with score in the upper 700's last I checked. 

2 out of about 6 cards with high zero percent BT balances. All others PIF immediately on receipt of cash back rewards.

No need for congratulations, please. Just offering my experience.

[jcar]

I haven't heard of the Max Cash Preferred till now. I googled it and it shows it's from Elan Financial Services.

But both cards definitely are extremely similar. Thanks for sharing. 

[Varsity_Lu]

@BudC2 

Would you mind sharing data on how many inq and new accounts you had prior to apping?

[BudC2]

I was 0/12 on inquiries and new cards. 2/14 to be closer to the truth. I'm not addicted to the credit game so you won't see me with 20 or 30 or more cards.  I will be closing what I don't use gradually like my USAA card because they are not customer friendly.  In other words, no interest rate reductions and no product changes. They served a purpose initially but they are not worthy of my loyalty because they show no loyalty to their customers.

I purposely waited a little over a year after my last 2 cards to apply again because I prefer my scores stay in the upper 700's in case I need a loan or something unexpectedly. I'm old enough to need to use some caution but can still take a chance or two. Retirement is between 6 & 9 years from now depending on the cost of insurance in retirement. Right now I'm just lining up cards to take full advantage of cash back for monthly utilities, groceries, etc. I want everything in place when I retire and have the minimum number of cards possible. I'm not a fan of more is better. I also know in retirement if I'm debt free I'll need cards before retirement because my scores will go down considerably without auto loans, a mortgage and such. No real credit mix.

I know. More info than you asked for, but I think frame of mind lends to the credit process as well.

[Varsity_Lu]

@BudC2 

Shocked that USB denied you being 0/12, 0/12, and in the upper 700s. Honestly. Shocking.

I think you'll be surprised with your score once you are debt free. It probably won't drop as much as you might think. I have been debt free since 2007 and my score got as high as 812 in the last year. It's taken a hit recently since I have opened 4 cards in the last 12 months, but I'm already back up into the high 700s even sitting at 3/12 new and 5/12 inq.

[markbeiser]

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@jcar wrote:

I haven't heard of the Max Cash Preferred till now. I googled it and it shows it's from Elan Financial Services.

But both cards definitely are extremely similar. Thanks for sharing. 

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Elan is the other side of the USB credit card coin, offering credit cards in partnership with credit unions and small banks that don't want to manage it themselves.
My Max Cash Preferred card is through Amplify FCU.

[GZG]

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@BudC2 wrote:

Well it's definitely confirmed now! Max Cash Preferred through your local bank is much easier to get than the US Bank version. I tried pre-approval for US Bank when the pre-approval tool finally popped up again and it said no thank you and we'll send a letter explaining. I applied through my local bank and just got an email confirming as SL of $10,000. I don't know why the US Bank version is so much pickier since both cards go through the same US Bank underwriters, but I would say save the headache and just go local.

TransUnion pull with score in the upper 700's last I checked. 

2 out of about 6 cards with high zero percent BT balances. All others PIF immediately on receipt of cash back rewards.

No need for congratulations, please. Just offering my experience.

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would love to know the actual underwriting difference between the two, I wonder how much it is based solely on the card not having a SUB

[coldfusion]

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@GZG wrote:

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@BudC2 wrote:

Well it's definitely confirmed now! Max Cash Preferred through your local bank is much easier to get than the US Bank version. I tried pre-approval for US Bank when the pre-approval tool finally popped up again and it said no thank you and we'll send a letter explaining. I applied through my local bank and just got an email confirming as SL of $10,000. I don't know why the US Bank version is so much pickier since both cards go through the same US Bank underwriters, but I would say save the headache and just go local.

TransUnion pull with score in the upper 700's last I checked. 

2 out of about 6 cards with high zero percent BT balances. All others PIF immediately on receipt of cash back rewards.

No need for congratulations, please. Just offering my experience.

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would love to know the actual underwriting difference between the two, I wonder how much it is based solely on the card not having a SUB

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Data points in the past suggested that they tend to be somewhat more flexible with the Max Cash Preferred regarding the number of reported inquiries/new accounts over the last 12 months, my guess is at least in part to make the Elan portfolio more appealing to the co-marketing partners.   BTW the Max Cash Preferred still does have a SUB - $150 for $500 spend within 90 days.

I tthink i was a little more than 2 years ago one of our (now former) members here contacted US Bank and confirmed that the same group of underwriters processes both US Bank and Elan credit applications, so the related comment made upthread is accurate.

[cashorcharge]

Thanks for sharing your experience! That’s Terrific!! 👏🏼🍾🥂

[BudC2]

I did forget one DP from the letter I got from US Bank on their card. They used FICO 10.