US BANK ALTITUDE RESERVE QUESTION

[Anonymous]

Hello all!

Just got into US bank, opened up a checking account and have it all set up .

For the Altitude Reserve and US bank in general , what are some common DP , tips to be approved? I'm at 5/24 now and will be under in May but then will be over again until February so I'm looking at applying for Altitude Reserve and a Chase card the same day.

My most recent account was opened in November, last inquires by bureau are:

Ex:July 2020 Eqep 2020 TU:Aug 2020

Fico scores in 750+ ranges on all

Most recent cards are July 2020&November 2020

Better chances of being approved in May or June?

[Remedios]

August if you want to try while 1/12, December if you want to try when you're 0/12.

US Bank isn't Chase, so 5/24 isn't applicable. 

They will typically look at number of accounts opened in the past 12 months. 

[dragontears]

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@Anonymous wrote:

Hello all!

Just got into US bank, opened up a checking account and have it all set up .

For the Altitude Reserve and US bank in general , what are some common DP , tips to be approved? I'm at 5/24 now and will be under in May but then will be over again until February so I'm looking at applying for Altitude Reserve and a Chase card the same day.

My most recent account was opened in November, last inquires by bureau are:

Ex:July 2020 Eqep 2020 TU:Aug 2020

Fico scores in 750+ ranges on all

Most recent cards are July 2020&November 2020

Better chances of being approved in May or June?

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With US Bank the question is how many accounts have you opened in the last 12 months? If it is more than one, your odds are not good. 

[Anonymous]

Interesting& thank you.  I saw some people get approved at 2/12 with a few inquiries the last 6 months but I know i won't have any inquiries for 8+ months on each bureau & will have a decent amount of money deposited into the account come May/ June.  

[Anonymous]

Thank you!

[randomguy1]

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@Anonymous wrote:

Interesting& thank you.  I saw some people get approved at 2/12 with a few inquiries the last 6 months but I know i won't have any inquiries for 8+ months on each bureau & will have a decent amount of money deposited into the account come May/ June.  

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Every profile is different and having more new credit lines (not inquiries, although inquiries are part of the picture) open in the last 12 months will make your chances increasingly difficult.

[fm92555]

For your first card with them I would have a clean slate, few new accounts and inquiries. I got approved with a lower credit score, but I had multiple savings and checking accounts and direct deposit. I really believe the like a relationship. 

[Bradac56]

Yes USBank really wants to see a relationship for cards - cards are harder to get than personal loans. I could get any of their cards I want now but that's after 15+ years with them and using all there services. I know when we first started with them it was a pain to do anything until about year 3-4 which was about the time we opened our 3 lines of credit ($5k each for overdraft) and then year 5 was our first house. Personally I would open a checking account with at least a small DD per pay check going into it. I would also wait until your credit is as clean as you can reasonably get it.

[Anonymous]

Thank you! Looking like I'll be waiting until I'm 0/12 

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@fm92555 wrote:

For your first card with them I would have a clean slate, few new accounts and inquiries. I got approved with a lower credit score, but I had multiple savings and checking accounts and direct deposit. I really believe the like a relationship. 

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[Anonymous]

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@Bradac56 wrote:
Yes USBank really wants to see a relationship for cards - cards are harder to get than personal loans. I could get any of their cards I want now but that's after 15+ years with them and using all there services. I know when we first started with them it was a pain to do anything until about year 3-4 which was about the time we opened our 3 lines of credit ($5k each for overdraft) and then year 5 was our first house. Personally I would open a checking account with at least a small DD per pay check going into it. I would also wait until your credit is as clean as you can reasonably get it.

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Yes I set up direct deposit going into the checking will probably wait until there's no accounts open the last 12 months when I apply.  Profile is clean and inquires will be at 0/6  &0/12on all bureaus by November.