US Bank secured card question

[Ilinferno]

I am looking at getting a US Bank secured card as my 3rd while I rebuild. From what I have been able to find on the forums it looks to me like they graduate with the same credit line that was deposited to get the card in the first place, has anyone here experienced otherwise?

[IodineNightSky]

I dunno. I've had the same secured card w 2500$ limit for about 5 years now.

My understand is that you can ask for an unsecured card but if you get it you'll get a hard pull and a new account rather than graduation of the secured card - I don't want the inquiry nor the new acct bc I'm in the mortgage area soon. Once the house purchase is done, I'll close the secured and see if I can get an unsecured, but from all I've heard it's a HP and a new acct. 

[IntegerIntrovert]

I can confirm you will keep the same limit upon conversion to unsecured. I had mine for 1-2 yrs then asked and got a HP for a new unsecured account. This was many years ago however.

[Ilinferno]

Oh that's interesting I missed that once it graduates the account is closed and a new one is started, thanks for the heads up!

[Ilinferno]

@IntegerIntrovert 

Thank you for the confirmation. Based on what you experienced was it also closed and a new revolving account opened when you graduated as mentioned by @IodineNightSky ?

[Red1Blue]

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@Ilinferno wrote:

Oh that's interesting I missed that once it graduates the account is closed and a new one is started, thanks for the heads up!

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I am not sure how things works with US Bank. Here is my experience. I had 2 secured cards with them and they both upgraded on 10/4 to unsecure and received the deposit back from them.

Harley Card /18 months old / $3000 Deposit.

US Bank Visa / 15 months old / $500 Deposit.

They sent the deposit back from both cards.They mailed new cards to both accounts.

US Bank Card changed to Platinum and retained its original account number. They sent me a new card with the same number.

Harley card I have received and they gave a new number but retains the entire old card history.

I asked for CLI on both cards. And also PC from US Bank Platinum to US Bank Altitude Go. But due to the glitch with US Bank system they both are showing as secured cards even though they became unsecure and they sent the deposit back. The CSR I talked to told me to wait few statement cycles to reflect the change and then ask for the CLI and Product Change. In my case I am not in a rush so I am going to wait and see.

@IlinfernoHope this helps you answer your questions. Feel free to send me a PM if you have any other questions to me.

[Ilinferno]

@Red1Blue 

Thanks, that is very helpful! I just switched to them for my banking so it seems like a good idea to go this route and make them my last secured card. Appreciate the info!

[sjt]

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@IodineNightSky wrote:

I dunno. I've had the same secured card w 2500$ limit for about 5 years now.

My understand is that you can ask for an unsecured card but if you get it you'll get a hard pull and a new account rather than graduation of the secured card - I don't want the inquiry nor the new acct bc I'm in the mortgage area soon. Once the house purchase is done, I'll close the secured and see if I can get an unsecured, but from all I've heard it's a HP and a new acct. 

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They changed their policy where you keep your same account number and history.

[Red1Blue]

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@Ilinferno wrote:

@Red1Blue 

Thanks, that is very helpful! I just switched to them for my banking so it seems like a good idea to go this route and make them my last secured card. Appreciate the info!

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Keep in mind US Bank is very HP hungry. Make sure you put all the deposit once and leave it alone. Every time you ask for CLI even if it secured to add more deposit to your account they do HP each time. 

[Ilinferno]

@Red1Blue 

Also good to know, thanks for the heads up. Think I will go for the 5k max that way it will just be the hard pull to unsecure it when my scores support it.