US Bank - easier to be approved with existing relationship?

[Bk2006]

I am interested in the US Bank Altitude Reserve card. It has a hefty AF ($400) but I could make good use of the 5x on hotels and car rentals + the $325 annual statement credits for travel & dining. Plus, I don't currently have a Visa Infinite so it would be nice to add to my collection.

However, I know that US Bank is very conservative with approvals for those of us who have recently opened credit cards elsewhere. I am at 5/24, 4/12, 4/6 as I've improved my FICO score and gone with more "premium" cards in the past year. Good news (potentially?) is that I have a mortgage through US Bank so I have an existing relationship. I've never had a US Bank credit card.

What are the odds of being approved for any US Bank card (or more specifically the Altitude Reserve) with an existing relationship but 4 new credit cards in the last 6 months?

[coldfusion]

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@Bk2006 wrote:

What are the odds of being approved for any US Bank card (or more specifically the Altitude Reserve) with an existing relationship but 4 new credit cards in the last 6 months?

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In absolute terms not good.  Given that you have a mortgage with them, if you chose to apply it might be a good idea to do so in-branch so phone calls can be made on your behalf. 

[Absolution16]

@Bk2006 

I would think exisiting relationship "may" help, but it is not always a guarantee.  My recent personal experience within the last month and a half made me even more skeptical.  An existing auto loan with BoA, which a lot of people call as "relationship bank" got me nowhere on my application for one of their cards: verifying me and approving me over the phone, only to flip flop and cancel the approval within less than an hour without telling me and then asking for intrusive docs like tax returns.

I personally don't have anything "nice" to say about USBank either, as they took their sweet time and it was a PITA requiring a lot of patience, effort, and time just to get them to tell me that they too wanted my tax returns.

They both are now on my personal blacklist.

But that is just exclusively me.  Others have good experiences with USBank.  But it seems as though they tend to be really stingy and shy away from applicants with even 1 or more new accounts recently.  I have read too many denial DPs here to lead me to believe that not even 1/12 could be considered safe.

I am a little skeptical in your situation because you have quite a few recently opened new accounts.  Just based on my personal experience, I wouldn't put too much weight into having a "relationship" in any kind of approval decision.  As @coldfusion suggested, I also think visiting the local branch would be the best way to go, if you really want to gamble and take your chances.  I personally would wait.  The only time I would really be desperate to open a new credit card would be ina situation where I know I need to open up a 0% BT card, as timing is essential lot of times especially if you anticipate your reported balances and overall UTI to go up.  Any other rewards cards I consider them purely "optional"; they can always wait.

[Bk2006]

Thank you @coldfusion and @Absolution16. Sounds like it would be best to wait at least another year to apply for a US Bank credit card. The Altitude Reserve is a nice card but not an absolute must-have for me at this point. And I live in Virginia so no US Bank branches near me anyway.

[Absolution16]

@Bk2006 

Not that I am suggesting to apply for it, but if you are "specifically" looking for VISA Infinite, Cap1 Venture X could be another option.  The downside is their triple pull, but you could always try their pre-approval tool to see where you stand.  They are never a guarantee, but at least you will know if they, at some point, believed that your profile may have been considered good enough to be approved.

Many people like the Altitude Reserve here, and lot of that seem to come from their 3x earning from mobile wallet purchases.  That could be a hit or miss depending on your local acceptance of mobile wallet.  Some people go as far as getting an old Samsung phone with MST, so that they can pay at older terminals without NFC.

Venture X is simpler with everything 2x.  Their hotel and car rental rewards are at 10x, while flights are at 5x, all through their own portal, just like Altitude Reserve requires use of their own portal as well.  Venture X though also has partners that you can transfer points into, albeit none being U.S. carriers, but I believe Wyndham is their hotel partner.  That may work better for you.  Just something to think about in the near future if conditions are ripe for an application.

If Mastercard or AMEX would suffice, there are other choices as well.  Chase, you are already 5/24, so that definitely requires you to wait.

[Remedios]

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@Bk2006 wrote:

I am interested in the US Bank Altitude Reserve card. It has a hefty AF ($400) but I could make good use of the 5x on hotels and car rentals + the $325 annual statement credits for travel & dining. Plus, I don't currently have a Visa Infinite so it would be nice to add to my collection.

However, I know that US Bank is very conservative with approvals for those of us who have recently opened credit cards elsewhere. I am at 5/24, 4/12, 4/6 as I've improved my FICO score and gone with more "premium" cards in the past year. Good news (potentially?) is that I have a mortgage through US Bank so I have an existing relationship. I've never had a US Bank credit card.

What are the odds of being approved for any US Bank card (or more specifically the Altitude Reserve) with an existing relationship but 4 new credit cards in the last 6 months?

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It's a single pull, so give it a try, it's not the end of the world.

For me, first application for cash+ denied them approved on recon, I had two accounts under a year. 

Altitude Reserve auto approval 2-3 months later, now three accounts under a year.

Altitude Go, instant approval, no accounts under a year.

Altitude Connect, about 7 accounts in 24 months, at least 5 were under a year, manual review.

I have checking, savings, and investment account. Had a small PL for about 6 months to appease Fico gods, gave up and paid it off. Should have kept it, apr was 2.99% 

[Anonymous]

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@Absolution16 wrote:

Many people like the Altitude Reserve here, and lot of that seem to come from their 3x earning from mobile wallet purchases.  That could be a hit or miss depending on your local acceptance of mobile wallet.  Some people go as far as getting an old Samsung phone with MST, so that they can pay at older terminals without NFC.

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From what I recall (with my still functional S10+) THAT could be hit or miss.   I remember being elated some years back when it worked at my vet (=big charges) but it did there just that once and not again.   (Fortunately, in the last two months, they have removed the shielding they had for covid and installed NFC capable customer terminals.  Yeah!)

Here in the Boston area, for where I go, I would say 95% of the stores accept NFC.   I gather it's not that good in all other places (and in the kind of stores I don't go to)

[Absolution16]

@Anonymous 

I see.  I haven't had the chance to use the MST method for a few years now, but back when I had a Galaxy S8 long time ago, it used to work like a charm at small businesses with old terminals.  Nowadays, I immediately look for a contactless symbol, and if I don't see it, I take out my wallet.

It was pretty fun though and gave me giggles whenever I was told "we don't accept ApplePay" only to show them that my S8 and MST SamsungPay worked.  The look on the faces at the other side of the counter?  Priceless.

I guess there is a reason why Samsung decided to move away from MST.  Most stores seem to allow NFC mobile payment nowadays, and since I hardly ever go to WalMart, it hasn't been an issue. 

[minski]

This was my experience with US Bank. I already had 2 Cash+ cards, one of which I had closed and 1 I was actively using. Plus a Checking account.

https://ficoforums.myfico.com/t5/Credit-Card-Applications/US-Bank-Altitude-Reserve-Part-Two/m-p/6574...

Ended up going with Capital One Venture X and CSR.

[Absolution16]

@minski 

Thanks for that helpful datapoint.

That really sucked.  Your profile was and still is much better than mine.  The "reasons" they gave you seem like a bunch of bogus cow dung, but hey at this point, I will just label that as USBank being USBank.  I know, for mine, they will probably send me a letter asking for all those docs for whatever reasons they have, but I am no longer waiting or interested in any of their products.

At least you ended up with much superior set of cards in Venture X and CSR.  Good stuff.  I am happy with my CSP as well.