Building a Relationship with US Bank

[coldfusion]

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@randomguy1 wrote:

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@VPExecutive wrote:

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@Brian_Earl_Spilner wrote:

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@creditfan wrote:

I am not sure if it's the case for recently changed, because it's used to you can get their cards without needing to live anywhere near their branches

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You can get their cards, you can't get a bank account unless you're in their footprint. The way around it is to get a product that isn't geofenced first. In this case, the OP is planning to do some banking to increase their chances of a card approval.

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Not worth it in my opinion. 

If you don't live near a U.S Bank, you're paying ATM fees, fees for this, fees for that, and $4.95 per brokerage trade. 

You're better off applying for another U.S Bank card, establishing a relationship with them, and then applying for the Altitude Reserve. 

Way too many good checking accounts out there to pick a mediocre U.S Bank checking account. 

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It's not too difficult or too much to ask to have another bank for ATM withdrawals, is it? I do less than 10 ATM withdrawals a year.

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Get a CC, get a Gold checking account with maintenance fee waiver and a debit card, get spotted 2 free non-USBank ATM transactions per statement period.  Sounds like it would work for you just fine.

[VPExecutive]

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@randomguy1 wrote:

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@VPExecutive wrote:

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@Brian_Earl_Spilner wrote:

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@creditfan wrote:

I am not sure if it's the case for recently changed, because it's used to you can get their cards without needing to live anywhere near their branches

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You can get their cards, you can't get a bank account unless you're in their footprint. The way around it is to get a product that isn't geofenced first. In this case, the OP is planning to do some banking to increase their chances of a card approval.

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Not worth it in my opinion. 

If you don't live near a U.S Bank, you're paying ATM fees, fees for this, fees for that, and $4.95 per brokerage trade. 

You're better off applying for another U.S Bank card, establishing a relationship with them, and then applying for the Altitude Reserve. 

Way too many good checking accounts out there to pick a mediocre U.S Bank checking account. 

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It's not too difficult or too much to ask to have another bank for ATM withdrawals, is it? I do less than 10 ATM withdrawals a year.

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Depends. If I want one bank account, then the answer is yes. Many people who travel overseas often use the ATM and rack up hundreds of dollars in fee reimbursements every year. If I can find better accounts with no minimum balance requirements, and ones that reimburses ATM fees (not ones that waive just two of their own bank's fees every month), then why would I choose U.S Bank? 

Do you really need a checking account with U.S Bank to qualify for the AR if you have a brokerage account? You're still a U.S Bank customer if you have just the brokerage account. 

[randomguy1]

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@VPExecutive wrote:

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@randomguy1 wrote:

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@VPExecutive wrote:

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@Brian_Earl_Spilner wrote:

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@creditfan wrote:

I am not sure if it's the case for recently changed, because it's used to you can get their cards without needing to live anywhere near their branches

---

You can get their cards, you can't get a bank account unless you're in their footprint. The way around it is to get a product that isn't geofenced first. In this case, the OP is planning to do some banking to increase their chances of a card approval.

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Not worth it in my opinion. 

If you don't live near a U.S Bank, you're paying ATM fees, fees for this, fees for that, and $4.95 per brokerage trade. 

You're better off applying for another U.S Bank card, establishing a relationship with them, and then applying for the Altitude Reserve. 

Way too many good checking accounts out there to pick a mediocre U.S Bank checking account. 

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It's not too difficult or too much to ask to have another bank for ATM withdrawals, is it? I do less than 10 ATM withdrawals a year.

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Depends. If I want one bank account, then the answer is yes. Many people who travel overseas often use the ATM and rack up hundreds of dollars in fee reimbursements every year. If I can find better accounts with no minimum balance requirements, and ones that reimburses ATM fees (not ones that waive just two of their own bank's fees every month), then why would I choose U.S Bank? 

Do you really need a checking account with U.S Bank to qualify for the AR if you have a brokerage account? You're still a U.S Bank customer if you have just the brokerage account. 

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You're arguing opening a checking account vs. a brokerage account. Where do ATM fees come into this equation other than to move goal posts? People who have the means of traveling overseas and rack up "hundreds of dollars in ATM fees" should have a fee free checking and another bank account isn't really a concern for someone who has those means. No one is forcing someone to use the ATM.

Why US Bank Checking? $300 SUB, establish relationship, get AR, and close account. 

[ChazzieT]

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@Anonymous wrote:

Hello! I am planning on applying for a US Bank credit card in the future and wanted to start building a relationship...

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The idea of relationship with US Bank has become a touchy subject around here.

The vast majority of posts on MyFICO, advocating "relationship" seem to mean just what you're talking about (setting up and using deposit accounts). For the rest of this post, I will use that as the definition of "relationship". It's not about what the bank considers a relationship, but about what the person advising a relationship defines it as.

That said, I discovered the Brokerage path several months back and opened Brokerage, savings and checking in December. I had been denied for the Cash+ one month earlier (and denied again after Recon) when I was 0/6, 4/12 new accounts.

As the topic of relationship with US Bank heated up, I decided to try an experiment. As of 6/20, I was 1/6, 5/12. All my scores were within a few points of what they had been in Novemeber. I had 1/1 additional new accounts and the 4/12 from November were all 6 months older as was my mortgage and car note. This would seem to be roughly a wash, so if 6 months of relationship (defined as Savings, Checking, Brokerage and US Bank as my daily driver) was going to make a difference, then I should be set for approval.

I apped yesterday for the Cash+ and was denied so throroughly that when I spoke to UW, I was told that they wouldn't even consider Recon.

So, by the definition used by most of the people saying "US Bank is a relationship bank", 6 months of relationship does you no good.

If you're going to invest a year of "relationship" to test the hypothesis, you might as well invest a year in getting down to 0/12 or 1/12 (Like @Remedios said) and getting the card that way.

The only reason I see for having a checking account (unless you just like US Bank) is if you need it to app for AR. In that case, it seems that a week is plenty long enough to qualify you, if everything else is in order.

Somebody mentioned the Brokerage account possibly qualifying you for the AR. I don't know if this is the case or not, but your brokerage account is with US Bancorp and your checking/savings is with US Bank. They are seperate entities like BofA and Merril Lynch. Although there is some crossover (Gold checking gets you 100 free trades in Brokerage) I would not assume that brokerage account qualifies you for AR. It might, but I would verify before setting up the account.

[Remedios]

Relationship with US Bank is not a touchy subject,  and I doubt that it ever was. 

Stashing a few hundred or opening some roundabout account, then thinking that by virtue of doing that, there will be a magic approval is what gets touchy. 

There wont be one, because it doesnt work like that.

Sure, if you bring insane amounts of money, lender might want to "relate" to you, but anyone who knows what they are doing financially, wont be moving those amounts for a puny credit card. 

[firefox100]

Ok here is my story with U.S. bank, back in August of 2019 called and applied for the US cash plus visa with out any banking relationship with the bank and was approved for credit line of 14.5K limit. For first 4 months put around 300 dollars and paid the balance off before the end of month then for next several months spend about 70 dollars and also paid the account off so it would not report balance. Around June 20 of this year open a gold checking account for opening deposit of 50 dollars all by phone and signed all the paper work by email and the web did an ach deposit. Then on July 6 applied for the Altitude go visa card and instant approval for 10K starting limit. The reason for opening the checking account was to help in the approval of Altitude card and to use the checking account for bonus and cash back to be deposited into.  I did learn a new trick when opening and applying for a U.S. bank creditcard is do not accepted or turn down credit line just stop or close the browser then call underwriting then they can review account for high credit linit with out another credit limit increase. Once a credit limit is granted and the credit account is approved then to get high credit limit then another hard pull is needed. About relationships my fried in new york city got another call Yesterday from vp on brokerage side of house and said bring over 250K assets and in year I will see if we can get your Altitude go visa card bump up to 20K with a hard pull, they are trying to get his business.

[randomguy1]

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@ChazzieT wrote:

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@Anonymous wrote:

Hello! I am planning on applying for a US Bank credit card in the future and wanted to start building a relationship...

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Somebody mentioned the Brokerage account possibly qualifying you for the AR. I don't know if this is the case or not, but your brokerage account is with US Bancorp and your checking/savings is with US Bank. They are seperate entities like BofA and Merril Lynch. Although there is some crossover (Gold checking gets you 100 free trades in Brokerage) I would not assume that brokerage account qualifies you for AR. It might, but I would verify before setting up the account.

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I have seen more than a handful of DPs on Reddit that indicate a brokerage account qualifies you for the AR.

On the BofA\Merrill note, I have seen DPs that Merrill establishes a BofA relationship for their business cards as well. I can't speak to either, just reporting on what I have seen.