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USBank Secured Visa Graduation

calyx
Super Contributor

USBank Secured Visa Graduation


When I started my rebuild, no one would touch me (not even Disco or Citi), so I got an OpenSky card.    Just after that, USBank finally gave me a secured card (still couldn't prequal for the other two);  I waited and the day the AF hit, I called to request graduation.

 

I initially put a deal of spend through it (my almost-only card), but as I got rewards cards, I just stuck a $23 monthly recurring charge on it and let it ride, so it saw usage, just not a lot.


The rep told me she would put in an 'application', which I confirmed was an app for graduation, not an app for a new product (that happens sometimes), that they may or may not HP me, and that the decision could take up to 30 days.   I logged into the USBank site the next evening after my phone alerted me to a TU HP and the account was closed.   The next day, a brand new (open) account number was in its place. 

I chose the USBank Secured Visa because, allegedly, it can be PCed to the Cash+, which is one of my goal cards.
According to research & TOS:   USBank secures after 1 year, but will only look at graduation at the account holder's request, and generally requires a 680 FICO to graduate (previous bank customers might be able to graduate earlier).

8/4/2018  App
8/6/2018  HP EQ & EWS;  EQ between 542 (rejection letter) and 610 (9/5, but my last COs had not reported paid by then, so def. not that high)

Approved
AF: $29
3/2/2019 - increased the CL by sending a check; they HPed TU (755) before approving it.
8/7/2019:  AF hit my account; 8/8/2019:  Requested Graduation; 8/9/2019:  HP TU (780) &  Account "closed" when checking online
8/10/2019:  New account number reporting open online; no CLI (fine by me, it's high enough); AF reversed (I didn't have to request it)
8/16/2019:  Received new platinum card (got home too late to call UW)

8/17/2019:  Deposit refund cheque was in my mailbox.

So the time from request to graduation to getting the new card and deposit back was ~1.5 weeks, which I was very surprised (and pleased!) with.

 

I called underwriting today to see if 1) I could use my recent HP to get a CLI (nope) and 2) graduate the card (nope).
I'll call again tomorrow (I don't care about the CLI, but figured it couldn't hurt to try!).

I'm giddy that my secured card graduated!

 

 



F8 EQ: 809 | EX: 802 | TU: 805 | Accounts: 2/6 4/12 7/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 1 of 11
10 REPLIES 10
M_Smart007
Epic Contributor

Re: USBank Secured Visa Graduation & PC to Cash+

"I'm giddy that my secured card graduated!"

 

 

Job well done! & The feeling of SuccessSmiley Happy

 

Message 2 of 11
Camps
Valued Member

Re: USBank Secured Visa Graduation & PC to Cash+

Congrats! I've been following your journey in particular because I have the Skypass secured card I'll hit the 1 year mark in December.

Message 3 of 11
CH-7-Rebuilding
Valued Contributor

Re: USBank Secured Visa Graduation

Congrats on your success with US Bank.   I am curious about something though.   You indicated that they gave new a new unsecured card and closed the old account number from the secured card.    Is the the new card they have given you showing the same open date and credit history as the now closed secured card?

 

Normally when cards "graduate," the account numbrer stays the same, the history stays with the account, nothing is closed and you simply get your deposit back.

 

This sounds very much like they didn't unsecure your card but rather were willing to issue you a brand new credit card without collateral.   This is not a bad thing, but it does cut your average age of accounts by opening a new account and it also impacts the time since latest account opened since your new "graduated" card will report simply as a brand new unsecured credit card.

If I am missing something, please feel free to step in and correct me.   I have been known to be wrong a time or two!   But true graduating cards are like the Discover secured and the Navy Secured where the only things that happens is you get your security deposit back and they often give you a credit limit increase at that same point in time.

Regardless, you are not great and have a lot to be proud of.

Message 4 of 11
calyx
Super Contributor

Re: USBank Secured Visa Graduation


@CH-7-Rebuilding wrote:

Congrats on your success with US Bank.   I am curious about something though.   You indicated that they gave new a new unsecured card and closed the old account number from the secured card.    Is the the new card they have given you showing the same open date and credit history as the now closed secured card?

 

Normally when cards "graduate," the account numbrer stays the same, the history stays with the account, nothing is closed and you simply get your deposit back.

 

This sounds very much like they didn't unsecure your card but rather were willing to issue you a brand new credit card without collateral.   This is not a bad thing, but it does cut your average age of accounts by opening a new account and it also impacts the time since latest account opened since your new "graduated" card will report simply as a brand new unsecured credit card.

If I am missing something, please feel free to step in and correct me.   I have been known to be wrong a time or two!   But true graduating cards are like the Discover secured and the Navy Secured where the only things that happens is you get your security deposit back and they often give you a credit limit increase at that same point in time.

Regardless, you are not great and have a lot to be proud of.


New account number, same open date, and same expiration - it's the same tradeline.    Hope that helps!

 

In fact, if I pull up my old statements, they're under the new card number.  It's just the way USBank does it.



F8 EQ: 809 | EX: 802 | TU: 805 | Accounts: 2/6 4/12 7/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 5 of 11
CH-7-Rebuilding
Valued Contributor

Re: USBank Secured Visa Graduation

Great news!    So you should not see a new account reporting on your credit report after the graduation.   There should be only one account for the whole secured/unsecured timeframe.    It's so confusing because so many CSRs don't understand what graduation means.    I'm glad it worked out well for you!

Message 6 of 11
AverageJoesCredit
Mega Contributor

Re: USBank Secured Visa Graduation

Grats㊗️
Message 7 of 11
Adkins
Mega Contributor

Re: USBank Secured Visa Graduation

Congratulations!! 😃🎉🥳🎊

Last HP 09-14-2020



Message 8 of 11
coldfusion
Community Leader
Super Contributor

Re: USBank Secured Visa Graduation

 

Congrats!  Smiley Very Happy



(4/2021)
FICO 8 (EX) 815 (TU) 822 (EQ) 808
FICO 9 (EX) 827 (TU) 826 (EQ) 832

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 9 of 11
calyx
Super Contributor

Re: USBank Secured Visa Graduation

Thanks y'all!



F8 EQ: 809 | EX: 802 | TU: 805 | Accounts: 2/6 4/12 7/24
Happy practitioner of AZE7or8or9or10 | Team Finances > FICO
Message 10 of 11
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