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US Bank Cash 365 Amex Card

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Established Member

US Bank Cash 365 Amex Card

First of all, I have just now started posting here after being a long time lurker while digging myself out of my own personal credit black hole in the last couple of years, but this card has now been added to my arsenal.  Well, I have been approved I am just waiting on the card itself as it has already been added to my online banking account.  

 

To make an incredibly long story short, I have been digging myself out of student loan related issues the last couple of years, and even now my FICO seems to hover in the 660ish range. I had pretty much resigned myself to just pay in cash for everything for awhile as it appeared as though I was cursed. This changed in late 2015 when I needed to get some kind of credit card to charge all my work related travel costs for ease of expense reports to HR. There was also the problem that rental cars are nearly impossible without a credit card, and hotels like to essentially hold your debit car for ransom after check in if you lack one. I have been a banking customer of US Bank for 7+ years, so when I stopped by a branch to inquire about ponying up some cash for a secured card the clerk was taken aback. Her reply was something along the lines of "Why would you want a secured card? Would you like for me to just send you a card?" I said sure and went through the motions figuring nothing would come of it which had been my entire previous experience with credit cards, but in less than a week I had a Cash + card waiting for me in my mailbox with a 1K limit. I was shocked beyond belief, and elated at my first ever credit card. I resigned myself to be meticlious about this card since someone had finally given me a chance. I have been dilligent in paying that card off immediatley each month and I only charge my work travel related items to it. 

 

So fast forward to last week and I recievced a customer service courtesy call from US Bank, as they tend to do every so often. Those who bank with them and frequently visit a branch will know what I mean: "rate your experience, what was your purpose in visiting the branch?, how quickly were you handeled by a banker?", etc. We got into an offshoot convo about credit when the rep suggested that I open a credit card for myself also since my Cash+ I used exclusively for work, as well as upgrade to Gold Checking as I was still on a student checking account even after all this time. I honestly thought it would be a longshot since I felt like there must have been some kind of technical error for them to give me the Cash + card in the first place. To my utter shock, I got a nearly instant decision after a very short (perhaps 5-10 min) call with some ancillary questions. No wait for 30 days. No submit additional information. No asking for a DNA sample. 2500 CL and the checking upgrade and Amex account was added to my online banking in less than 24 hours. I am really stoked because, for whatever reason, I have always viewed Amex as a mark of prestige. 

 

I know from lurking around numerous credit related forums for a couple of years now that US Bank has an awful reputation for being stingy. This is much less the case when you do buisness with them for other services, and I am hardly the only person out there who has reported similar findings. They are a relationship based financial institution. If you are looking to do buisness with them and build some credit, my advice would be to open a checking or savings account first as this will greatly improve your chances. Sorry for the long winded post, I am just pumped Smiley Happy 

 

One question though, does it hurt me (or at the least, not help as much) that all of my credit accounts are from one lender? US Bank also has my signature loan for my car. 

12 REPLIES 12
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Senior Contributor

Re: US Bank Cash 365 Amex Card

Hey congrats on all the success with Us Bank and no it doesn't hurt you bc all your credit is with one lender persay but you know that saying about not putting all your eggs in one basket ? Well that's a smart idea just incase anything were to ever happen with US Bank and your relationship with them , if for any reason the AA you , you would lose all of your avail credit bc it's with that one lender , it's always best to diversify your Credit mix , so you only have 2 credit cards right now right ? T maximize your fico you need atleast 3 revolving credit card accounts, why don't you look into opening one with a different lender ? Discover, Chase , BOA just to name a few. Congrats again , I opened a checking with them in Feb to build a relationship, my scores are right in 660s range also , I'm waiting for a preapproval to come my one day hopefully lol
Message 2 of 13
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Senior Contributor

Re: US Bank Cash 365 Amex Card

Have you checked your online account for any preapproval notices for their Line of Credit ?
Message 3 of 13
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Community Leader
Mega Contributor

Re: US Bank Cash 365 Amex Card

Congrats Op, glad to see things moving along. Great read and thanks for sharing your experienceSmiley Happy
Message 4 of 13
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Established Member

Re: US Bank Cash 365 Amex Card

 

 

 

Message 5 of 13
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Senior Contributor

Re: US Bank Cash 365 Amex Card

Not odd that you gained points , bc like I said the first 3 revolving accts are likely to jump your scores rather than hurt them , it could be a SP that they did , they are know for this sometimes
Message 6 of 13
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Established Member

Re: US Bank Cash 365 Amex Card

Message 7 of 13
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Frequent Contributor

Re: US Bank Cash 365 Amex Card


@ChiTownRobby wrote:

First of all, I have just now started posting here after being a long time lurker while digging myself out of my own personal credit black hole in the last couple of years, but this card has now been added to my arsenal.  Well, I have been approved I am just waiting on the card itself as it has already been added to my online banking account.  

 

To make an incredibly long story short, I have been digging myself out of student loan related issues the last couple of years, and even now my FICO seems to hover in the 660ish range. I had pretty much resigned myself to just pay in cash for everything for awhile as it appeared as though I was cursed. This changed in late 2015 when I needed to get some kind of credit card to charge all my work related travel costs for ease of expense reports to HR. I have been a banking customer of US Bank for 7+ years, so when I stopped by a branch to inquire about ponying up some cash for a secured card the clerk was taken aback. Her reply was something along the lines of "Why would you want a secured card? Would you like for me to just send you a card?" I said sure and went through the motions figuring nothing would come of it which had been my entire previous experience with credit cards, but in less than a week I had a Cash + card waiting for me in my mailbox with a 1K limit. I was shocked beyond belief, and elated at my first ever credit card. I resigned myself to be meticlious about this card since someone had finally given me a chance. I have been dilligent in paying that card off immediatley each month and I only charge my work travel related items to it. 

 

So fast forward to last week and I recievced a customer service courtesy call from US Bank, as they tend to do every so often. Those who bank with them and frequently visit a branch will know what I mean: "rate your experience, what was your purpose in visiting the branch, how quickly were you handeled by a banker", etc. We got into an offshoot convo about credit when the rep suggested that I open a credit card for myself also, as well as upgrade to Gold Checking as I was still on a student checking account even after all this time. I honestly thought it would be a longshot since I felt like there must have been some kind of technical error for them to give me the Cash + card in the first place. To my utter shock, I got a nearly instant decision after a very short (perhaps 5-10 min) call with some ancillary questions. No wait for 30 days. No submit additional information. No asking for a DNA sample. 2500 CL and the checking upgrade and Amex account was added to my online banking in less than 24 hours. I am really stoked because, for whatever reason, I have always viewed Amex as a mark of prestige. 

 

I know from lurking around numerous credit related forums for a couple of years now that US Bank has an awful reputation for being stingy. This is much less the case when you do buisness with them for other services, and I am hardly the only person out there who has reported similar findings. If you are looking to do buisness with them and build some credit, my advice would be to open a checking or savings account first as this will greatly improve your chances. Sorry for the long winded post, I am just pumped Smiley Happy 

 

One question though, does it hurt me (or at the least, not help as much) that all of my credit accounts are from one lender? US Bank also has my signature loan for my car. 


Congrats on the new card! The Cash365 looks like a pretty good one actually.

 

It's funny you say that about Amex, I used to thnk the same thing Smiley Happy Amex is a great credit card company, and I've been very happy with them. If you're in the 660+ range, you could probably get a charge card with them at a minimum, and maybe a revolver like the Delta gold or Everyday card. They are more relaxed with their requirements than most people tend to think.

 

Out of curiosity, how long did it take from the approval to it appearing in your online banking?

Personal:

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Message 8 of 13
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Established Member

Re: US Bank Cash 365 Amex Card

Message 9 of 13
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Valued Contributor

Re: US Bank Cash 365 Amex Card

ChiTown,

I agree about not putting all of your eggs in one basket.

I suggest you look at Alliant if you want to stay Chicgo based or my favorite, PenFed CU.

 

You can do your main banking with US bank but have an alternative relationship with a credit union.

Message 10 of 13
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