US Bank Cash+ Offer

[StephenH]

What's up everyone! I recently received a mailer from US Bank for their Cash+ card. The language is specific and states that I'm "pre-selected based on an existing account relationship". The account they are referring to is my DWs on which I'm an AU. In addition, there's a solid APR: 0% introductory APR for the first 15 billing cycles. After that, 20.24%. Furthermore, there's a SUB and a code to access the offer. I don't plan on applying for anything, but I'm curious to find out your thoughts on the offer and general guidelines for US Bank w/ a BK.

[willwar14]

Correct me if i'm wrong but I believe they have a 5+ year post filing rule for CH7 for unsecured cards, and I don't believe secured cards apply to this, but they wont unsecure until your BK reaches 5 years.

[StephenH]

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@willwar14 wrote:

Correct me if i'm wrong but I believe they have a 5+ year post filing rule for CH7 for unsecured cards, and I don't believe secured cards apply to this, but they wont unsecure until your BK reaches 5 years.

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Which is what I'm trying to figure out. If they're not necessarily bk friendly given they are one of the more conservative lenders 

[FinStar]

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@StephenH wrote:

What's up everyone! I recently received a mailer from US Bank for their Cash+ card. The language is specific and states that I'm "pre-selected based on an existing account relationship". The account they are referring to is my DWs on which I'm an AU. In addition, there's a solid APR: 0% introductory APR for the first 15 billing cycles. After that, 20.24%. Furthermore, there's a SUB and a code to access the offer. I don't plan on applying for anything, but I'm curious to find out your thoughts on the offer and general guidelines for US Bank w/ a BK.

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The pre-selected invitation is simply marketing offer regardless of any special codes associated with it. Though, there are targetted pre-approved offers that US Bank sends from time to time including some that may be offered to existing customers via the online portal or app. Still need to meet UW criteria since they're not 100% guaranteed.

[StephenH]

I figured that is likely the case. Do you know if they are BK friendly? Let's say 3yrs post DC...

[FinStar]

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@StephenH wrote:

I figured that is likely the case. Do you know if they are BK friendly? Let's say 3yrs post DC...

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I can't recall the exact timeframe post-BK, but @Remedios (or someone who has been approved post-BK) may be able to confirm. 

Since US Bank wasn't included in your BK then you'd have better odds on getting approved at some point. 

[Remedios]

Five years from filling. 

I haven't read anything that indicated they changed it. 

It's a single pull, so you can give it a try. If that doesn't sound appealing, there is a secured version of Cash+

[mgood]

Cash+ is the next target on my list. I wouldn't mind getting a deal like that. But I'm planning to wait until I'm 0/6 on new accounts,  which will be in about 6 months, lol. 

[OmarGB9]

Sounds like marketing to me.

[StephenH]

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@Remedios wrote:

Five years from filling. 

I haven't read anything that indicated they changed it. 

It's a single pull, so you can give it a try. If that doesn't sound appealing, there is a secured version of Cash+

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Thanks guys! @Remedios @FinStar 

I'm being very careful, so no more apps for me until March 2024; except if I decide to turn my car lease in before its due. In any case, I'm hopeful I'll be over 700 across all 3 CBs by then and I'll have more options. 

The only thing that is concerning at the moment is a change in my student loan servicer. I was moved from Great Lakes to Nelnet. Which unfortunately for me means that they will no longer report my balance as one consolidated loan and instead report it as 6 different installment loans with various balances. I'm not sure how this may effect my credit profile/rebuild.

I'm thinking about just paying it off because it's only $15k, but I'd prefer to wait for the Supreme Court decision on forgiveness as opposed making a rash decision purely in order to "save my score".