US Bank Cash+ vs Elan Max Cash Preferred (approval odds & experience)

[Peculiar_radish]

I spend a lot on fitness clubs (gyms & group classes). I wanted to open a USB Cash+ but then read about how stringent they are about recent inquiries/accounts. I was then reminded of the Elan Max Cash Preferred cards, that are basically the same thing, but potentially easier to get approved for. I'm currently at 1/6, 6/12, 7/24 for new revolvers. In terms of inquiries:

• EX: 1/6, 5/12, 8/24
• TU: 0/6, 2/12, 5/24
• EQ: 0/6, 1/12, 5/24

I've pieced together two suggestions:

1. Open a checking with US Bank, establish the relationship, try for the Cash+ when I’m 1/12 on inquiries & new revolvers (~7mo)

2. Apply instead for the Elan Max Cash card through a smaller bank

I’m trying to decide which is better. I browsed these forums and there seems to be many people complaining about the Elan web/app user experience, customer support, and it actually working properly with selected categories (especially utilities). BUT it’s easier to get and I could potentially have it within the next month. I'm mostly concerned with how well it works with the fitness category.

On the other hand, the US Bank web/app experience is better and it’s got better support (since it’s a larger bank). BUT I’d have to stick $1,500 in a checking that gets no interest for several months just to maybe be approved in 7 months. And I heard they're less broad on what counts as fitness? In my case, it's national gym/group class studios.

I’d love to hear thoughts from y’all, especially anyone who has done one or both of these options. For those with either card, what has your experience been?

[Citylights18]

I would also consider this idea against the promotional APR periods. Elan was offering me 15 month 0% APR but I no longer see this offer.

[Lou-natic]

I'm still trying to figure out why you need to open an account and park $1,500 in it to get a US Bank credit card? I had no prior relationship at all when I got approved for my Cash+ card.

[Peculiar_radish]

My understanding is that US Bank is very sensitive to recent inquiries & new credit cards. I opened a lot this year while trying to get my ideal setup. I have been told that US Bank prefers those who have an existing relationship, so I figured I'd open the Checking account to establish that while I wait for my recent inquiries & credit cards to age a bit.

[CreditCuriosity]

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@Peculiar_radish wrote:

My understanding is that US Bank is very sensitive to recent inquiries & new credit cards. I opened a lot this year while trying to get my ideal setup. I have been told that US Bank prefers those who have an existing relationship, so I figured I'd open the Checking account to establish that while I wait for my recent inquiries & credit cards to age a bit.

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1/6 isnt your issues... 6/12 is your issue.. likely under 2 to 3 accounts in a year.  I am not sure what US Bank current UW is as same as elan as they are one in the same and don't think one is easier than another and dont have a us bank account and have two us bank cards one at 20k and one at 15.5k atm although one was converted from a bank us bank bought

[northway]

USBank underwriters and Elan underwriters are the same exact people. It's not any easier to acquire Elan accounts than it is USBank. They'll deny you for the same reasons.

[Peculiar_radish]

Do you happen to know if going for a secured version makes it any easier in terms of underwriting?

[Lou-natic]

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@Peculiar_radish wrote:

Do you happen to know if going for a secured version makes it any easier in terms of underwriting?

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I mean I don't KNOW but it is reasonable to assume that it is much easier to qualify for a secured card than an unsecured card. The harder thing to know is how much easier? That we just can't be sure of. If you just got to have one of their cards I'd say it's a viable option for you. Checking into their fees I see where you are coming from on the $1,500 deal. For me I started with a credit card and once you have that the checking is free. I only keep the $25 in mine that was used for the initial funding required to start the account. I see what you are trying to do and I think it will work if you want to wait.

I'm putting $2,500 into Ally money market account in the hope of an Ollo Optimum card invite so I get where you're coming from. All of Ally's cards are invite only and Ollo is part of Ally although they are going to transition them to Ally as well in the future so I'm gonna see where this goes.

[northway]

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@Peculiar_radish wrote:

Do you happen to know if going for a secured version makes it any easier in terms of underwriting?

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I actually do know. It's near universal approval for USB/Elan secured cards. You're allowed to have up to 2 types of secured card at any given time (Cash+/Altitude Go/State Farm/Platinum) from USB.

Depending on your credit profile, the card should unsecure after a year, but there's no guarantee on that. There's an automated review process at the 1 year mark and it can also be requested via underwriting at any time after that as well.

[Peculiar_radish]

Thanks! I guess that's a good fallback in case I get denied for the unsecured version. Not ideal to lose the SUB and have to deal with a low limit, but I'll generate $400/yr in rewards from it, so worth it in the long run I think.