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US Bank two $500 approvals (cash+ and Platinum) :(

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US Bank two $500 approvals (cash+ and Platinum) :(

I kind of hijacked another thread so I decided to make my own to tell my woes. I saw three pre-approvals for cash +, Platinum and AMEX 365. Went for cash+ first. After a few days, I was approved. Found out limit was $500. When I received the card I called back door and waited a few days. Still $500 on cash+. Too many inquiries and no history with USBank. (They aren't wrong) I'm sending a letter as I had read one report of someone doing that. But at this point I am resigned to just using it for the $100 sign up bonus and making multiple payments for a month and then sock drawering it.

Meanwhile, I also went for the Platinum (without knowing I received a low SL on cash+) and was approved, also for $500. I actually have no use for this card so I will be closing it. I wanted it for the cell phone protection but it doesn't appear to cover StraightTalk anyways. 

 

I would appreciate any advice and datapoints for my plan. My assumption is that the recon letter will fail as well. Is there any benefit to just sockdrawering it for 6 months (or some other sweet spot)? Or should I just cancel it as I'm now in a certain "bucket" with USbank?

 

Thanks in advance!

 

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Senior Contributor

Re: US Bank two $500 approvals (cash+ and Platinum) :(

Set up your 5%, 5% and 2% categories and if you can get the most cashback based on the cards you have, use it!  After 6 months, go find the ancient CLI link -- rumor is that CLI requests under $1500 (or maybe $1500 or less) are SPs.  Give it a go in 6 months.

 

Data points?  Did they pull TU?  What's your FICO there?

 

I'm going to app for this one I think tomorrow even though I was planning on gardening til April.  I did my AAoA math and a card added October or November 2017 will still let me keep my AAoA goal of 36 months by end of 2019 -- if I app for 2 cards after November, I won't hit 36 month AAoA until a month or two into 2020.

 

I fully expect a $500 SL.  If so, I'll just write a nice letter asking for more, $2500 would do just fine but honestly I could make $500 work for 6-12 months if necessary.  Would be nice to get back in with US Bank after burning them on a secured card in 2011 (although they didn't lose any money, just closed the account and used my deposit to PIF).  Never reported me as late which is a weird thing, but never had any prequalifications until this month.

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