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US Bank Approval

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Valued Member

US Bank Approval

I recently applied for a checking/money market account at US Bank for the purpose of a promotional bonus being offered. At the end of the application process, I received a popup stating I had prequalified for either a Visa Signature Cash+ card or a Amex Cash 365 Card with a $4000 limit. I had promised myself to wait to apply for any additional cards until next year when several inquiries will fall off, so i was hesitant to take the hit more HPs).  Additionally, my credit took a big hit last year, dropping 30+ points when I refinanced a student loan in mid 2016.  For the record, I have a five year old bankruptcy (Discharged August 2012) and have had no success getting back in with Citi (who i did not include in bankruptcy, BUT I was a cardholder at the time of bankruptcy with $0 balance on the credit cards I held — this probably did me no favors), nor Discover (despite multiple preapproval offers received in mail; they were IIBed for $400 dollars, which in retrospect was a poor decision, nor AMEX, who was IIBed for approximately $7500. Anyway, I have no previous relationship with US Bank, and I have not applied for a credit card from them in the past, but nonetheless decided to take the plunge and the HP despite US Bank's reputation as a conservative lender and the fact that when I had used their pre-qualification tool a month or two prior, I was matched with no cards.  To my shock, I was instantly approved for a Visa Signature with a $4000 limit. Thereafter, i decided to cold app for the Amex as well, received the 7-10 day notice, and was  approved for a $1000 CL a few days later, to my surprise.  Within a week's span of time after applying for cards, I called underwriting for increases on the CL for each card, requesting $5000 on the AMEX and $10000, which i received.  Needless to say, I am shocked and pleased.  

21 REPLIES 21
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Community Leader
Mega Contributor

Re: US Bank Approval

Well doneSmiley Happy
Message 2 of 22
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Valued Member

Re: US Bank Approval


@AverageJoesCredit wrote:
Well doneSmiley Happy

 

Thanks, and my experience is another example of how inaccurate pre-qualifiers can be, both to the benefit and peril of potential customers.  Also, US Bank is perhaps a less conservative lender nowadays than previously thought. I am grateful that the rebuilding of my credit has yielded positive results for me (from US Bank and other lenders). 

 

Message 3 of 22
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Valued Contributor

Re: US Bank Approval

Wow!! impressive!




FICO 8 Scores EQ 704 / Goal 750, EX 706 / Goal 750, TU 724 / Goal 750

FICO 9 Scores EQ 726 / Goal 750, EX 683 / Goal 750, TU 726 / Goal 750
Message 4 of 22
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Valued Contributor

Re: US Bank Approval

Very NICE!!..Congratulations!!

American Express Business Gold(NPSL 10k) Chase CSP (25k) Pier 1(23.5k) BofA CR Siggy (20.8k) BofA BBR (22.1k) Amex BCP(4.1k) Overstock (21.1K) Lowes (17K) NFCU CLOC (15K) NFCU VS Cash (15K) Care Credit (15k) J Crew( 11.9k)Venture WMC (10.25k) Amex Everyday (1k) Chase Slate (10k) Walmart MC(10k) BB Visa (10k) Discover(4.5k☝️) PayPal Cashback Mastercard (8k) Chase FU (7.4k) Citi AAdvantage Gold World Elite (9.5K) Citi Double Cash (8.5k) Fidelity® Rewards Visa Signature® Card (6.5K) PenFed PCR (5K) PayPal Credit (4550)Discover (500✌️) Kohls (3k) Chase Freedom (1500)

Mortgage May 2017 - 2 auto loans (1 PenFed and 1 Navy) Aug 2018=98K
Gardening until Aug 2020

FICO 8 Scores EX 702 EQ 705 TU(1) 718
AAOA 4.6yrs TCL=300,700
Message 5 of 22
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Frequent Contributor

Re: US Bank Approval

Polina your BK chapter 7 or 13? Congrats!
Message 6 of 22
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Valued Member

Re: US Bank Approval


@meyerstwilight6 wrote:
Polina your BK chapter 7 or 13? Congrats!

Thank you, all. I filed Chapter 7 but the bankruptcy and one other derogatory account are the only negatives listed on my report, as I managed to get a lot of the negatives removed about three years post-bankruptcy.  What is so strange about their underwriting department is that when I requested the CLI on each card, both reps simply asked me how much I wanted my limit to be. That was it, no other questions about my credit usage or history. Increases were both processed in less than 24 hours and generated no hard pulls. Now I have to control my urge to apply for anything other cards until 2018, when many of my HPs fall off. My next goal is to get back in with Chase, Citi, and Amex. If anyone else has had experience with US Bank, please let me know!

Message 7 of 22
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Valued Contributor

Re: US Bank Approval

Congrats.  

 

I'm a huge fan of USB, despite some not liking them. They've been great to me.   

Once you have a banking relationship with them, the become less and less conservative.  If you are interested search my name and read about all my USB love.  Smiley Wink 

Get the Premier Line Plus next.  Greet product, only available to current customers, and comes in handy every now and then.  

 

Congrats again!

FICO 09 TU= 787 (Aug) EQ= 774 (Aug) EX= 801 (Aug) Favorites: Citi DC, AMEX Gold and U.S. Bank Cash+
Message 8 of 22
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Established Contributor

Re: US Bank Approval

Congrats on both cards!!!  There were a number of things in that post I could have replied to, but Ive been on here too long already....and you answered the main question I had about 3/4's of the way through it.  I was going to ask you if you had used the online prequalification tool, as I too have not been able to get any sort of offer through it.  I'm half tempted to go your route...did you get mailed an offer?

 

As for Discover, I posted a thread a few days back about not getting any prequal mailer loving from anyone, and you got it from someone you IIBed, with a 9 month more recent discharge? Smiley Happy  That would have made me smile even more had you posted that in my thread.  Granted I IIBed them for much more, but I really appreciate your data point.  I recently did a 60 to 0 after 2 cards, and also until 2018(most likely), so I can relate, and admire the intestinal fortitude it takes.  

This message is endorsed by me.  Thanks for your support.
"If I made just one person happy, then it's all been worth it"
"I'll wait for you there ....like a stone... I'll wait for you there ALONE"
Message 9 of 22
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Senior Contributor

Re: US Bank Approval


@Polina wrote:

I recently applied for a checking/money market account at US Bank for the purpose of a promotional bonus being offered. At the end of the application process, I received a popup stating I had prequalified for either a Visa Signature Cash+ card or a Amex Cash 365 Card with a $4000 limit. I had promised myself to wait to apply for any additional cards until next year when several inquiries will fall off, so i was hesitant to take the hit more HPs).  Additionally, my credit took a big hit last year, dropping 30+ points when I refinanced a student loan in mid 2016.  For the record, I have a five year old bankruptcy (Discharged August 2012) and have had no success getting back in with Citi (who i did not include in bankruptcy, BUT I was a cardholder at the time of bankruptcy with $0 balance on the credit cards I held — this probably did me no favors), nor Discover (despite multiple preapproval offers received in mail; they were IIBed for $400 dollars, which in retrospect was a poor decision, nor AMEX, who was IIBed for approximately $7500. Anyway, I have no previous relationship with US Bank, and I have not applied for a credit card from them in the past, but nonetheless decided to take the plunge and the HP despite US Bank's reputation as a conservative lender and the fact that when I had used their pre-qualification tool a month or two prior, I was matched with no cards.  To my shock, I was instantly approved for a Visa Signature with a $4000 limit. Thereafter, i decided to cold app for the Amex as well, received the 7-10 day notice, and was  approved for a $1000 CL a few days later, to my surprise.  Within a week's span of time after applying for cards, I called underwriting for increases on the CL for each card, requesting $5000 on the AMEX and $10000, which i received.  Needless to say, I am shocked and pleased.  


Congratulations, and very interesting. I also recently opened a US Bank checking for the promo bonus. (Super easy bank bonus, $200, no direct deposit required, just use their bill pay to make 2 payments of $30 or more). And I'm impressed so far - nice online banking interface, a rep from Tucson called to welcome me, and called again yesterday but I missed her call. I wouldn't mind keeping the account, but it has a $8.95/mo. fee. US Bank will waive the checking fee if you have a US Bank CC, but I figured no way they'd approve me - US Bank has a reputation of an automatic No! if you have a BK on your report, my BK7 was discharged Jan 2011. The last time I checked their pre-qual (probably 2 years ago) they offered me a pre-paid debit card, so I stopped checcking. Hmmm, maybe I'll open a money market account & see if I get an offer.


Message 10 of 22
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