US Bank Cash+ opinions/feedback

[Anonymous]

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@calyx wrote:

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.

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I appreciate the info.  That profile does sound similar to mine.  I'd hope for a > $5k SL to be honest, but if that's what I got it sounds like there's growth opportunity.  There are months where I've paid ahead on utilities for a period of time and it would be nice to not have to report periodic higher utilization on the card.

[calyx]

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@Anonymous wrote:

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@calyx wrote:

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.

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I appreciate the info.  That profile does sound similar to mine.  I'd hope for a > $5k SL to be honest, but if that's what I got it sounds like there's growth opportunity.  There are months where I've paid ahead on utilities for a period of time and it would be nice to not have to report periodic higher utilization on the card.

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Yeah, he definitely didn't recon or anything else.   I think if he had, he could have gotten a higher limit.    His other card is ~16k and honestly, the 5k limit is more than he's planning on using monthly anyway, so he's happy with it.   He doesn't care about util % either (to my horror when he posted a 9k balance on that 16k card I have as an AU).  

I'm pretty sure he's their goal customer - conservative and sticks with one institution forever for everything once they're in (he is currently displeased with his main bank, I suggested he move it all over, and he just might... you're welcome, USBank ).

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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It became my 4th highest card. The other 3 ahead of it were 2nd cards with different banks so already had a relationship with those banks. When I applied for the US Bank Cash+ I had no prior relationship with them. It's my highest CL without a prior relationship with a bank.

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How were your new accounts/inquiries at the time of applying?  As your limit stayed the same since getting the card (not sure how long you've had it?) or have you had it raised?

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I had two inquiries when I applied for the Cash+. One was from the year before when I applied for the Chase Freedom Unlimited and the other was when I bought my phone from Sprint. Didn't realize phone carriers pulled your credit report when it happened.

I've had the Cash+ for about 9mths now and my limit has stayed the same so far.

[MarvelGTR]

Thank you all for the valuable insight! I'm thinking of just going ahead and applying and see what happens.

Some data points:

I do have 3 new inquiries for this year. My first one was in January for the Best Buy credit card (I was approved and then I closed it immediately because of a very low SL and terrible CS). My second inquiry was for a home refi in June (took advantage of the low interest rates). And finally my third inquiry was for a personal loan I took out in July (which I just paid off in full last month). 

It seems like the 1/12 rule is some what flexible. I'll be interested to see what happens. I'll keep everyone posted. Thanks again guys!

[Anonymous]

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@MarvelGTR wrote:

It seems like the 1/12 rule is some what flexible. I'll be interested to see what happens. I'll keep everyone posted. Thanks again guys!

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Well, you only have 1 new revolver in 12 months so you may be good regardless.  Definitely report back!

[MarvelGTR]

So I finally applied and got the 7-10 day message. I'll keep you guys posted.

[JNA1]

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@MarvelGTR wrote:

So I finally applied and got the 7-10 day message. I'll keep you guys posted.

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Good luck! 

[MarvelGTR]

As you all know, I applied on Sunday and got the 7-10 day message. I ended up calling the underwriting

department (800-947-1444) the following day and the automated system said that I was not approved

at this time and I will receive a letter in the mail explaining why.

I was kind of bummed because I thought I had a solid credit profile. Well it turns out that when you apply online, the system can not tell apart the different account types (Regardless of being a revolver account, personal loan account or even a home refi account) and if you have more than one new account within the year, it will more than likely go against you. 

The rep was very helpful and explained to me that this was the reason for the decline. She requested for a manual review and told me to call back in a few days. I called back today to only find out that I was now approved through the automated system. 

I'll be receiving a letter 10 days from today with my new card and the details.

I hope these data points were helpful. Thank you every one!

[Aim_High]

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@MarvelGTR wrote:
... I called back today to only find out that I was now approved through the automated system.

I'll be receiving a letter 10 days from today with my new card and the details.

I hope these data points were helpful. Thank you every one!

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Congrats on your your US Bank Cash + approval, @MarvelGTR!  

[Anonymous]

Great info above regarding the denial due to number of accounts and that there isn't any differentiation between account types.