US Bank Secured unsuccessful upgrade/product change

[Waldemar]

So I got my ch7 discharged in June 2021. In July 2021, I opened a US Bank Platinum secured card with a 500 limit then in November 2021; I opened a US Bank Cash+ secure card. I tried to graduate both credit cards and have yet to succeed. I did some online reading, and it appears that I may have to wait up to 5 years before US Bank will graduate or even consider the request if it doesn’t happen automatically. I hope to convert to unsecured both cards and upgrade my Platinum card to the Altitude Go card. Any suggestions?

[Tcal]

I thought the US Bank cards have an automatic annual review process? I got one recently, and they've been very transparent about how the process works in app. 

[Waldemar]

From what I read, the process is different with bankruptcy in the credit file. I never had any accounts with US Bank but acquired these cards after discharge.

[FireMedic1]

@Waldemar 

"If your account is in good standing while meeting certain eligibility and credit criteria, you do not have any recent bankruptcies, and you have a Social Security number connected to your account, we will proactively review it after 12 months of account history to determine if you are eligible to graduate to a traditional card."

https://www.usbank.com/customer-service/knowledge-base/KB0238524.html 

Can you try Discover that graduates?

[Waldemar]

Sadly I burned Discover, along with a few other big banks. I hope to get back with Discover and Amex at some point.

I may eventually end up closing the two cards with US Bank or keep them until they do graduate (whenever that is). I don't need the deposit in the secured savings, but I also have some strong credit cards including a BCU with a 10k limit, my Bread Amex with a 7.5k, and a few others. In total, close to 70k in credit card limits. I don't carry balances and always pay them in full each month. 

[Tcal]

Closing one of them might be beneficial, but US Bank has decent unsecured cards. Might be better to keep the smaller open & milk the cashback on utilities/cable/phone and pay in full. Keep your foot in the door for years down the line when that bankruptcy is gone.  

[FireMedic1]

@Waldemar  You do have other cards besides these 2 secured I hope.

[Waldemar]

I sure do have other credit cards with healthy limits too. I could always have small auto-debits come out of my two US Bank cards and see if it opens other doors down the road with US Bank. I don't need the money tight up in the secured savings, and there is no true rush to get the cards graduated. I just hoped that by now, they would have.

[northway]

I had a TD Cash secured card that after 5 years never unsecured even though promising that it would upon review "every month". Even with a FICO of 763, it never happened, so I wound up applying for an unsecured which was approved and closed out the secured.

With US Bank, I had a secured Cash+ and secured Altitude Go. Each one unsecured exactly at the 12 month mark for me. USB likes to see a FICO of at least 650+ before they'll consider unsecuring it. YMMV clearly.

[Waldemar]

I just checked my FICO scores and they look alright.  My FICO Score 9 are pretty much the same. Aside from the two US Bank secured cards I have a Truist secured which will turn a year in October. Let's see what happens with that one.