I want to switch from US Bank to a my credit union.

[Anonymous]

I have been a US Bank customer for over 10 years.  I have to admit that my creditworthiness has fluctuated during the entire time.  I have never been able to get a US Bank credit card.  I do have a Reserve LOC for $750 that should soon bump up to $1,250.  I've been getting almost $7k per month DD'ed into the account, so I guess I wish they would show me a little more love...perhaphs giving me a cc and having the due date line up with one of my payroll dates and requiring auto pay for the minimum due or something like that.  Anyways, I've got a few cards now and I just made the 9th payment on my SL rehabilitation.  I also have a Cap 1 auto loan that was opened in October with a 19% interest rate (scores in the very low 500's).  My scores have risen about 80-100 points since October.  Once my SL rehab is complete I want to refinance the auto loan.  I don't think I even want to try to get it through US Bank since they won't even give me a cc.  Is there any benefit to staying with US Bank as my primary bank?  Would I be better off moving everything over to the CU?  My guess is that it will easier to get the auto loan refinanced through the CU if they can see that I'm getting a significant amount of money DD'ed into my account.  I just don't want to miss out on something from US Bank.

[Anonymous]

US bank is very conservative (tight). Your scores would generally be low for credit card approvals. Also, the US Bank credit cards are run through a separate part of the bank from checking, savings, cds and Reserve Lines. In digging around it seems US Bank cc's have higher rates of approval in the mid to upper 600's.

[Anonymous]

---

@Spider15 wrote:

US bank is very conservative (tight). Your scores would generally be low for credit card approvals. Also, the US Bank credit cards are run through a separate part of the bank from checking, savings, cds and Reserve Lines. In digging around it seems US Bank cc's have higher rates of approval in the mid to upper 600's.

---

+1

[Anonymous]

US Bank is very conservative.  Higher rates than competition.  You do not want their CC bc annual fee. USB uses an internal score which does not take into consideration what you DD.  

Switch to CU for personal.  Good business products.

ex-usb employee 

[sjt]

---

@Anonymous wrote:

I have been a US Bank customer for over 10 years.  I have to admit that my creditworthiness has fluctuated during the entire time.  I have never been able to get a US Bank credit card.  I do have a Reserve LOC for $750 that should soon bump up to $1,250.  I've been getting almost $7k per month DD'ed into the account, so I guess I wish they would show me a little more love...perhaphs giving me a cc and having the due date line up with one of my payroll dates and requiring auto pay for the minimum due or something like that.  Anyways, I've got a few cards now and I just made the 9th payment on my SL rehabilitation.  I also have a Cap 1 auto loan that was opened in October with a 19% interest rate (scores in the very low 500's).  My scores have risen about 80-100 points since October.  Once my SL rehab is complete I want to refinance the auto loan.  I don't think I even want to try to get it through US Bank since they won't even give me a cc.  Is there any benefit to staying with US Bank as my primary bank?  Would I be better off moving everything over to the CU?  My guess is that it will easier to get the auto loan refinanced through the CU if they can see that I'm getting a significant amount of money DD'ed into my account.  I just don't want to miss out on something from US Bank.

---

Like the other posters have mentioned, US Bank is a conservative lender. They are considered a "judgemental lender" like alot of credit unions. This means they look at more then a FICO score. They are going to look at your credit, debt to income ratio, and if you had credit issues in the past then they would look at how old it is, etc. Also, banking realationships do count.

Food for thought:

1. Have you thought about getting their Secured Visa Card?
2. Have you spoken to a banker to recommend a credit card to their underwriters
3. Even though you have large monthly DD to your account, what is your average balance in your account. Do you have other acounts with US Bank.
4. US Bank and many credit unions focus on debt to income ratio. So even if you have a large income it wont help if you have expenses that exceed their comfort level.

That being said, I do think credit unions in general a much better. They have little or no fees, competitive interest rates, and are more pragmatic in their lending decisions. Credit Unions are still not a guaranty for credit though.

I think once you get your SL rehabed, it will make a huge difference in your credit profile.

[thom02099]

---

@Anonymous wrote:

I have been a US Bank customer for over 10 years.  I have to admit that my creditworthiness has fluctuated during the entire time.  I have never been able to get a US Bank credit card.  I do have a Reserve LOC for $750 that should soon bump up to $1,250.  I've been getting almost $7k per month DD'ed into the account, so I guess I wish they would show me a little more love...perhaphs giving me a cc and having the due date line up with one of my payroll dates and requiring auto pay for the minimum due or something like that.  Anyways, I've got a few cards now and I just made the 9th payment on my SL rehabilitation.  I also have a Cap 1 auto loan that was opened in October with a 19% interest rate (scores in the very low 500's).  My scores have risen about 80-100 points since October.  Once my SL rehab is complete I want to refinance the auto loan.  I don't think I even want to try to get it through US Bank since they won't even give me a cc.  Is there any benefit to staying with US Bank as my primary bank?   Apparently not.   Would I be better off moving everything over to the CU? Probably so.   My guess is that it will easier to get the auto loan refinanced through the CU if they can see that I'm getting a significant amount of money DD'ed into my account.  I just don't want to miss out on something from US Bank.

---

As previously pointed out, US Bank is very conservative.  That sometimes means not very flexible.  If they aren't meeting your needs, then there is really no reason to stay with them.  It's not a matter of loyalty -- that's a 2-way street. 

A Credit Union, by virtue of you being a member shareholder, rather than just a customer, gives you benefits that a bank can't/won't give.  My son did pretty much the same thing you're considering.  He wasn't moving as much money through his US Bank account as you are, but he's been with them a long time, and they weren't willing to give him a car loan or a credit card.  He moved to the same credit union that I use, and was surprised that they mentioned to come in when he's ready to do a car loan, they'll be glad to work with him.  They also mentioned their new MasterCard available, for which he's considering it.  Credit Unions are frequently  much more flexiible then banks.