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 
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 Op, glad to see things moving along. Great read and thanks for sharing your experience
@ Aduke1122, yes, they have. Those familiar with their online banking platform, it was added to my list of accounts under the liabilities tab with a credit line of 2500.00. I also appreciate the feedack guys on getting another card with another lender. Yes, I only have 2 credit cards at present (Cash+ and Amex 365). I am certian I am not going to have nearly as much success as far as terms reaching out to other lenders but it is probably wise to diversify.
One last addition in reference to this thread that I thought was worth noting, but I was checking my Credit Karma this morning (yes, I know, not the most reliable of sources) wondering if I was going to take a minor hit because of the additional inquiry and I found something at least I thought was a little strange. Not only is there no record whatsoever of the inquiry being done (did US Bank not do an inquiry?) but my scores jumped significantly. 24 points via Transunion and 11 from Equifax. Anyone else find this odd?
@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
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 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?
(heyryan, it was a little over 24 hours later when it showed up via online banking. Conseqentially, for another reader that might be in the same boat. My rep on the phone was super cool and preempted me that I would still recieve a form email from US bank, which is standard practice, and told me not to freak out about it. It reads, verbatim from my Inbox "Your application may be subject to further verification. You will be receiving additional information in the mail in 7-10 business days. Thank you for choosing U.S. Bank". He told me to disreguard this as approval was already verified. I am glad the guy informed me of this though. Had he not of, I would of been left wondering if I was really approved or not.
