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My luck rises! Approval for US Bank Cash+ - SL $1k

mdswxtech
Frequent Contributor

Re: My luck rises! Approval for US Bank Cash+ - SL $1k

Congratulations on your your new card and on your successful strong foundation on your re-build!! This card will grow over time.

 

Message 11 of 21
MmmarkAz
New Contributor

outRe: My luck rises! Approval for US Bank Cash+ - SL $1k

Congrats on Your US Bank Approval! You Planted the Seed, They are Tough to Get In, I Just Got My Business Cash Rewards in the Mail Today & Been with them 10 years.. Lol

Good Luck with Your Rebuild!

Fico8s EX 733 EQ 752 TU 769
Started 10/16 Ex 593 EQ 605 TU 620

Home Depot 25k
ICCU Premier Rewards Visa 20k
PENFED Gold Visa 11k
CITI Double Cash 6.4k
CITI Simplicity 3.8k (PC'd to Rewards+ 6/21)
BofA Cash Rewards 4k
Amex Hilton Honors 3.1k
Amex BCP 1k
Discover It 1k
Lowe's Advantage 100.
Business Cards
Amex Business Lowe's 3k
BMO Harris Biz Platinum Rewards 7.5k
Lowe's 4 Pros 2k
US Bank Biz Cash Rewards 3k
Message 12 of 21
Deus-Ex_Veritas
Established Member

Re: My luck rises! Approval for US Bank Cash+ - SL $1k

Wow, thank you everyone! This is definitely a milestone in my credit rebuild journey! The success and luck I've had with these approvals is tempting me to go one step further, but I'm guessing this might be a good point to stick with what I've got!

 

@Aim_High Thank you so much for that! You're right in that these were tricky approvals this time around, especially since I've never been into Chase or US Bank's ecosystem! But I think your ign certainly inspired me to reach as many rewards cards as needed!

 

@mdswxtech It is absolutely the best foundation I could honestly ask for! I just hope US Bank is at least willing to be generous with CLIs down the road as I let the card age!

 

@MmmarkAz Oh man, 10 years?? I have a similar length of relationship with Bank of America, but I'm glad US Bank was willing to provide you with the Business Cash Rewards! Speaking of business credit cards, are they more difficult to get approved for than personal credit cards? I don't have a biz credit card or account, so I'm curious to know.

 

Also, just wondering for anyone, but how often do you apply for credit cards? Ive been assuming it as a year or two, which is why I waited until now, but is that not always the case? 

Message 13 of 21
MmmarkAz
New Contributor

Re: My luck rises! Approval for US Bank Cash+ - SL $1k

@Deus-Ex_Veritas Thanks,

Yes, Business Cards seem harder to get, I Got Denied from USBank Oct 2018 and 2015 when Scores were Lower, But Finally Approved. Biz Checking and American Express Biz Card Started Reporting Helps..

I Like to Apply in Clusters of 2-3 At 6mos YMMV, Depending on Your New Inquires/Accounts,

That Way they Grow Together and Fall OFF Together & Don't Get Denied for too many Recent Accounts, Like Your 0/12 is a Safe Way to Go..

Fico8s EX 733 EQ 752 TU 769
Started 10/16 Ex 593 EQ 605 TU 620

Home Depot 25k
ICCU Premier Rewards Visa 20k
PENFED Gold Visa 11k
CITI Double Cash 6.4k
CITI Simplicity 3.8k (PC'd to Rewards+ 6/21)
BofA Cash Rewards 4k
Amex Hilton Honors 3.1k
Amex BCP 1k
Discover It 1k
Lowe's Advantage 100.
Business Cards
Amex Business Lowe's 3k
BMO Harris Biz Platinum Rewards 7.5k
Lowe's 4 Pros 2k
US Bank Biz Cash Rewards 3k
Message 14 of 21
mrcraft
Valued Contributor

Re: My luck rises! Approval for US Bank Cash+ - SL $1k

Congratulations on your approval!!






Message 15 of 21
Titans84
Regular Contributor

Re: My luck rises! Approval for US Bank Cash+ - SL $1k

Congrats on your Cash+ approval!

Current FICO 8:






Message 16 of 21
Total80sKid
Valued Contributor

Re: My luck rises! Approval for US Bank Cash+ - SL $1k

Congrats on your USB Cash+ approval 👍🏼

Message 17 of 21
manbuckets
Regular Contributor

Re: My luck rises! Approval for US Bank Cash+ - SL $1k

Congrats on your approval!

Current Cards/Loans: >
Future Cards:
Message 18 of 21
Aim_High
Senior Contributor

Re: My luck rises! Approval for US Bank Cash+ - SL $1k


@Deus-Ex_Veritas wrote:

how often do you apply for credit cards? Ive been assuming it as a year or two, which is why I waited until now, but is that not always the case? 


That's a tricky question, @Deus-Ex_Veritas.   One guideline is to only apply for new credit when you NEED it.  Many of us on My Fico push it farther than that in pursuit of improving our card lineups, rewards, or SUBs. 

 

It also depends greatly on your profile (FICO scores, depth of credit history, derogatories, credit card utilization, overall debt including installment loans like mortgages or cars, and debt as a ratio of debt-to-income.)   Older credit files, higher incomes, and lower debts can sometimes get away with more frequent applications before starting to get denials or low limit approvals.  

 

It also depends on the lender you are pursuing.  Some like Chase, US Bank or Bank of America have some well known rules about recent credit seeking which you would be wise to observe before wasting a hard pull on a doomed application.  (Respectively for new accounts: 5/24; 1/12; 3/12 or 7/12, depending on if you are deposit account holder.)

 

It may also depend on your overall credit and finance goals.  If you are planning to apply for a mortgage (especially) or even just a car loan, you might want to set aside new card applications to improve your APRs and /or approval odds.  If you've got all your main spending needs covered, the limits you've attained give you a comfortable utilization pad, you've diversified your lenders, and you don't really need the new cards, it may be time to garden indefinitely.  The good thing about gardening for 12 -24+ months is that it improves your approval odds of a new card when you want/need it and you may get a higher starting limit. 

 

A general rule of thumb I have often suggested is that, for most average profiles, if you add one new credit account no sooner than approximately every six months, you may optimize your chances of approvals and good limits.  And you'll probably stay within most lender's guidelines for approvals on a new card.  If you do a mini-spree like you did with three cards, I would probably suggest gardening for more like at least nine months to a year before any new applications. 



Length of Credit > 35 years; Total Credit Limits > $500K
AoOA > 28 years (Jun 1993); AoYA (Aug 2020); Gardening since 08/15/20.
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 19 of 21
BlackOpzFX
Established Member

Re: My luck rises! Approval for US Bank Cash+ - SL $1k

I like to do app-clusters too. PRO: Inqs fall off in bunches at the SAME **bleep** TIME!! - CON: Can You Say 'Garden'? - It can be frustrating sometimes seeing a new card but having to wait (Citi Custom Cash!!) can be frustrating. I'm in Jail till Dec to be 0/12 and 3/24 (2Trans/1Equ) stalking the USBank Cash+.

Message 20 of 21
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