US Bank Secured Graduation Questions

[Anonymous]

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@Dw4250 wrote:

I just "unsecured" my US Bank secured card last Thursday.  The whole process took about 90 seconds, and was pretty painless.

I called the number on the back of the card.  CSR confirmed SSN, address, etc.  I told her I was interested in unsecuring the card...she checked a couple of things and said "yes you are eligible to unsecure the card" and upgraded me to the US Bank Platinum.  CL will remain the same ($1000); she said to call back in 6 mo. to request an increase or PC.  She also indicated the card number changes, but the TL history will remain.  I should receive the card within a week, and my deposit will be mailed back to me within 10 business days.

I checked CK on Sunday...no hard pull from TU.  Nothing from Scorewatch (EQ) or Experian either...so it looks like it was a SP.  I have heard mixed reviews on this question  (some people report a HP, some not)...but for me, they did not HP.  YMMV.

Hope this helps.  Good luck!

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Thanks for sharing and congratulations!! So they told you right on the spot, I though I read you had to wait for response to be mailed. Maby that only if you're denied. I am not so patiently waiting for my satisifaction of judgement paperwork to arrive and then I will submit it to the credit breaus so they can update the satus. So I still have a while before I can unsecure mine. I only have $300 also, hope I don't have to wait 6 months for the CLI.

Did you have any negative items left on your report?

[Dw4250]

I have one baddie left...a 5.75 year old charge-off stubbornly clinging to my CR's :-). It definitely is still weighing down my scores.

Once you get rid of that judgement, you should be golden.

[Anonymous]

Thanks. I'll share my experience, hopefully soon. This card was so easy to get even with all the negative items I had a year ago. I didn't realize US bank was such a conserstive lender and it wasn't an automatic graduation. Thats what I get for not doing my homework up front. I think I will be ok, just need to get everything updated first.

Thanks again.

[AeroKrix]

I also have a US Bank Secured. Currently at $300 limit. Asked last week about an upgrade to an unsecured and the rep said I dont qualify, but said she can put in a request for manual review and hinted that it would be a hard pull. So basically, if the system kicks back that you qualify on the spot, its a SP, but manual review of eligibility is a hard pull. I declined for the manual review since I know that my score alone wont qualify. Also, she mentioned that if approved, my current limit will be the limit for the unsecured, and will be able to request a CLI in 6 months.

Additionally, I asked my brother (who is a US Bank branch manager) said that most, if not all, unsecured cards at US Bank require a minimum of 670. But he also mentioned that US Bank uses an internal RMS scoring system (a customer rating based on US Bank accounts and history). This RMS score can also determine someone's eligibility for any product or service.

For example, the most common request is to waive an OD fee on a checking account. Typically, once requested, a banker (online/in-person) will view your RMS score and see if you are able to get one. Essentially, everytime a customer OD's, your RMS score takes a hit, and when you are granted a OD fee waive, your RMS takes a hit too.

US Bank highly frowns upon unpaid debt that shows on a credit report. If your score qualifies based on history, AAoA, and util, but you have a few baddies, US Bank will ask you pay them all off and get a letter from each CA that the account is "paid in full." Thats the tricky part. US Bank underwriters like to see accounts PAID IN FULL.

Hope this helps 

Edit: They used to pull Equifax only, but now have moved onto TU. They will also pull all 3 if your TU is borderline, but will not pull all 3 if TU results in a decline.

[Anonymous]

AeroKrix - Thanks!! That was very helpful. I am a few points shy of 670. Technically all my accounts are paid. I'm just waiting on my judgement satisfaction paperwork to arrive so I can submit it to the credit bureaus. I will definitely make sure everything is updated on all 3 reports before I request it be unsecured. Bummer that you have to wait an additional 6 months for a CLI.

[Anonymous]

**Update**

So I called in on Friday to put in my request to unsecure my card. The rep informed me it would be a hard pull and I would have my response mailed or I could call back in 2-3 business days. I asked which bureau they pulled and he told me it was random. Got an alert today that Transunion was pulled.

Monday I tried to make an online payment and all my payment account info was missing and it wouoldn't let me add it back. I checked my account details and my account number was still the same, I know they change it once your card unsecures. This morning I log in again and I see my account number has changed and my annual fee was automatically refunded. So I called in to confirm and my account was unsecured!! So I asked about a CLI, expecting the wait 6 month response, but she asked how much did I want?? I first asked would this be another hard pull and she said no. I told her how much I wanted and she said to call back in 2-3 days for a response. We will see if it goes though because everything I've read said you have to wait six months.

I'm just excited that it was unsecured, I was worried about them being so conservative.