US Bank Cash+ opinions/feedback

[MarvelGTR]

Is the 1/12 rule only apply for new credit card inquiries? Or is it for all inquiries in general? (new car lease, mortgage refinance etc...)

[simplynoir]

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@MarvelGTR wrote:

Is the 1/12 rule only apply for new credit card inquiries? Or is it for all inquiries in general? (new car lease, mortgage refinance etc...)

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The unofficial 1/12 rule applies to all approvals/new accounts in the last 12 months, not hard pulls gained by seeking credit. While it sounds like they also have an unofficial limit to HPs as well it seems more lenient if a recon is necessary than new accounts for Socks Bank

[Anonymous]

What is Socks Bank?

[simplynoir]

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@Anonymous wrote:

What is Socks Bank?

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Nickname for US Bank. It's an inside joke within the forums. I gotta remember not everyone even on forums knows that lol

[Aim_High]

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@simplynoir wrote:

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@MarvelGTR wrote:

Is the 1/12 rule only apply for new credit card inquiries? Or is it for all inquiries in general? (new car lease, mortgage refinance etc...)

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The unofficial 1/12 rule applies to all approvals/new accounts in the last 12 months, not hard pulls gained by seeking credit ...

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I may be wrong, but I thought the 1/12 referred only to how many revolving accounts had been opened in the past 12 months, not all accounts.  That's how the Chase 5/24 and Bank of America 3/12 policies work.  So car loans or leases, mortgages, or other such long-term closed-end fixed-payment loans would not count against you.  Generally, we're talking about how many credit cards you've opened.

[Aim_High]

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@simplynoir wrote:

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@Anonymous wrote:

What is Socks Bank?

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Nickname for US Bank. It's an inside joke within the forums. I gotta remember not everyone even on forums knows that lol

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Here is a link where I inquired about it.  Supposedly, @Remedios has socks with US Bank logo but I never got the rest of that story.  Lol  Perhaps she will chime in and enlighten us with the background. 

https://ficoforums.myfico.com/t5/Credit-Cards/Altitude-Reserve-Delta-gift-card/m-p/5906785#M1697484

[Remedios]

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@Aim_High wrote:

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@simplynoir wrote:

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@MarvelGTR wrote:

Is the 1/12 rule only apply for new credit card inquiries? Or is it for all inquiries in general? (new car lease, mortgage refinance etc...)

---

The unofficial 1/12 rule applies to all approvals/new accounts in the last 12 months, not hard pulls gained by seeking credit ...

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I may be wrong, but I thought the 1/12 referred only to how many revolving accounts had been opened in the past 12 months, not all accounts.  That's how the Chase 5/24 and Bank of America 3/12 policies work.  So car loans or leases, mortgages, or other such long-term closed-end fixed-payment loans would not count against you.  Generally, we're talking about how many credit cards you've opened.

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It does, I have no clue why loans are being thrown in there.

If US Bank uses loan as a denial reason, that just means they really, really, really didn't want to approve,but probably for a completely different reason. 

[simplynoir]

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@Remedios wrote:

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@Aim_High wrote:

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@simplynoir wrote:

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@MarvelGTR wrote:

Is the 1/12 rule only apply for new credit card inquiries? Or is it for all inquiries in general? (new car lease, mortgage refinance etc...)

---

The unofficial 1/12 rule applies to all approvals/new accounts in the last 12 months, not hard pulls gained by seeking credit ...

---

I may be wrong, but I thought the 1/12 referred only to how many revolving accounts had been opened in the past 12 months, not all accounts.  That's how the Chase 5/24 and Bank of America 3/12 policies work.  So car loans or leases, mortgages, or other such long-term closed-end fixed-payment loans would not count against you.  Generally, we're talking about how many credit cards you've opened.

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It does, I have no clue why loans are being thrown in there.

If US Bank uses loan as a denial reason, that just means they really, really, really didn't want to approve,but probably for a completely different reason. 

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I have no clue I had to be specific when I said that. Thought it was implictly understood that we are talking about credit card accounts here and loans not even come into the picture

[calyx]

Mr. c got the Cash+ some months ago.   He had one other revolver at the time (a Chase product that was ~16ish years old), and had a ton of new INQs because of a refi on the house and applying for another loan.   No prior relationship with them, and received a 5k SLI.

So, no new revolvers, and a boatload of INQs from both the initial mortgage and a refi.   He was over 1/12, just not in revolvers and he never had to recon, nor were there any hiccups.

Not sure quite how helpful that is, but it sounds like it might be closer to your situation.  New mortgage/s, few INQs, no established "relationship," no problems.

[Aim_High]

For those interested in an alternative option, Elan Financial Services is releasing a new version of the Cash+ through its' lending partners.  It's called the "Max Cash Preferred" and I've found it at over 75 smaller lenders around the US. From what I've observed, Elan's underwriting is a little more lenient than its' parent US Bank.

See my link at:

https://ficoforums.myfico.com/t5/Credit-Cards/Elan-quot-Max-Cash-quot-vs-US-Bank-Cash/m-p/6198795#M1...