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U.S. Bank PLOC...

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Anonymous
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U.S. Bank PLOC...

I applied yesterday about 4pm. I called the 800 number this morning and was told it was a denial and to wait for a letter in the mail. Being impatient, I called the bank I normally deal with and asked for the personal banker I’ve opened accounts in the past with. He told me that the online system is basically set up to deny everyone. They doubled my mortgage payment and my student loan payments, placing debt to income ridiculously high. He removed most of the debt payments and sent it back for underwriting for manual review. 

 

$55k income, 751 FICO TransUnion, customer for 2 years with 5 bank accounts, reserve line of credit, and a credit card with them.

 

Fingers crossed I hear something positive tomorrow!

Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: U.S. Bank PLOC...

I still have not heard anything. I'll give the personal banker a call tomorrow morning to see where things are. Does anyone have any experience with US Bank Premier Line of Credit?

Message 2 of 6
mattmyFIC0
Established Contributor

Re: U.S. Bank PLOC...

In my experience they pull your mortgage EQ score for the LOC products. My banker told me it's a minimum 690 (maybe 680?) to snag the PLOC.

 

It drives me crazy that they use the mortgage score since it's my lowest EQ score. I'm still waiting for it to go up enough to apply.

 

Also I have read a few threads on here where people said they pulled their TU for the PLOC.

 

Good luck with your app!

Scores 01/04/2017: EQ 719, TU 750, EX 716
Goal scores: 740 across the board
Message 3 of 6
Anonymous
Not applicable

Re: U.S. Bank PLOC...

Yeah, I got an alert that they pulled my TU, but not sure what the score was until I get the letter/ or the banker lets me know. When my partner and I shopped around for a mortgage back in October my mortgage score was a 709 when US Bank pulled my report. I am hoping that the underwriters are just a bit behind.

 

I had read that the PLOC is part of the credit card division, but when I called the backdoor UW phone number yesterday afternoon they told me a personal banker would be the best way to get ahold of UW for the PLOC, as they do not have access to it on the credit card UW number.

Message 4 of 6
Anonymous
Not applicable

Re: U.S. Bank PLOC...


@Anonymous wrote:

Yeah, I got an alert that they pulled my TU, but not sure what the score was until I get the letter/ or the banker lets me know. When my partner and I shopped around for a mortgage back in October my mortgage score was a 709 when US Bank pulled my report. I am hoping that the underwriters are just a bit behind.

 

I had read that the PLOC is part of the credit card division, but when I called the backdoor UW phone number yesterday afternoon they told me a personal banker would be the best way to get ahold of UW for the PLOC, as they do not have access to it on the credit card UW number.


The US Bank PLOC is part of the credit card operation. Now the US Bank Reserve Line is part of the banking operations. Also, for the US Bank PLOC they look at your "Customer Relations Score" which is where the US Bank Relationship is a plus and that can assist in obtaining many of their products.

Message 5 of 6
Anonymous
Not applicable

Re: U.S. Bank PLOC...

I talked to the banker again today. The underwriter came back and denied based on a mortgage payment $700 more than I pay, and a credit card with a 0% balance that I’m an authorized user on, plus another card I have a 0% purchase for 60 months on...

 

Banker responded to those items to correct and sent it back to the underwriter saying they need to re-evaluate. We will see what happens. He said hopefully they can get it approved for $10k, but they may be more likely to approve at $5k if they don’t budge on one of those credit items.

Message 6 of 6
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