@Creditswoonercompass dollar tree wrote:
Hello!
I have been rebuilding my credit over the past year and a half and have gotten to the point where I am almost eligible for graduation with my US Bnk Cash+ Secured card! I have never missed a payment, use the card quite a bit (only have a $500 limit but I spend about $1500-$2000/ month on it, paying it off several times throughout the month and paying it in FULL at the end of every month so I never carry a balance).
I am wondering if anyone who has had experiences graduating a US Bank secured card could give me some insight into the graduation process, as I will reach a full year on July 10th and am trying to graduate my card to unsecured!
Btw, I just want to say that I have called the US Bank underwriting department and asked them these questions and I got 3 different answers from 3 different representatives (I spoke to the first representative back in April/May and he was very helpful and direct, I spoke to the second representative today and she told me the exact opposite of what the first rep told me, and then the third rep had absolutely no clue what was going on and was trying to search for the answers in the disclosures which proved to be both contradictory and unhelpful), so those interactions weren’t really helpful for me - which is odd, because the US Bank underwriting department has usually been pretty knowledgeable and squared away in my previous dealings with them!
Okay so a few questions:
- When your card graduated, was it after exactly one year or was it longer/shorter than one year?
- When your card graduated was automatic or did you have to call in?
- If you called in, was there a hard pull or a soft pull on your credit report to check for graduation approval?
- Did you request or receive a credit line increase when your card graduated?
- Did they send you a new card or were you able to keep your old one?
Hello, @Creditswoonercompass dollar tree
Congratulations on your progress in rebuilding your credit! Graduating from a secured card to an unsecured card is a significant milestone. Let’s address your questions regarding the US Bank Cash+ Secured card graduation process:
Timing for Graduation:
Typically, secured cards graduate to unsecured cards after a certain period of responsible use. While the exact timing can vary, it’s common to see graduation after approximately six months to one year of on-time payments.
Since you’re approaching your one-year mark, you’re likely in a good position for graduation.
Automatic vs. Manual Graduation:
Some credit card issuers automatically review secured accounts for graduation. Others require account holders to request it.
In your case, it’s essential to proactively reach out to US Bank to inquire about graduation.
Credit Pull for Graduation:
When you request graduation, the credit card issuer may perform a credit check (either a hard pull or a soft pull) to assess your creditworthiness.
It’s essential to clarify with US Bank whether they’ll perform a hard or soft pull when considering your graduation request.
Credit Line Increase (CLI):
Graduation often comes with a credit line increase. If you haven’t already, consider requesting a CLI when discussing graduation.
A higher credit limit can positively impact your credit utilization ratio.
New Card vs. Keeping the Old One:
When your secured card graduates, you’ll likely receive a new unsecured card with a higher credit limit.
The old secured card may be closed, and you’ll receive your security deposit back.
I hope this info is helpful to you.
Best Regard,
Gregory Chavez
