US Bank PLOC - Approved

[Anonymous]

I'm sorry this could be a little long but I believe it is relevant to others in the future seeking this product.  It was hard for me to find very recent data.

I applied for the Cash+ in June 2018 with no existing relationship.  I was approved for 5k but ended up calling UW and talked them into 10k.  Not long after, I opened the gold checking since it would be free at that point.  I did switch my direct deposits to US Bank at that time so I have been actively using my checking.  They have better locations, better products, and my former bank did not offer any kind of LOC.  I knew I would eventually be applying for this as it is just 1 more tool in the arsenal.

Not long after establishing myself there, I got a call from a local branch welcoming me to US Bank and do I have any questions.  At that time I asked "How long do I need to be a customer before I can apply for the PLOC.  I got an immediate answer of 4 months and the lady told me that I would be eligible to apply on October 20, 2018.  Oh....I certainly marked my calendar for that one.  

Just after reaching the 4 month mark, I made an online appointment through the website.  I arrived there prepared to apply.  Both the personal banker AND the branch manager came out and apologized to me.  They said it was not the 4 months that I was quoted.  The manager said it was 6 months minimum to apply.  They said I was now eligible to apply on December 20, 2018.  I was very polite about it even though it was a waste of time but really no big deal I guess.

I did get that call on 12/20 on my voicemail that I was eligible to apply.  I just didn't bother to apply yet until I got a call last night from the bank.  "Hey did you still want to apply for the PLOC?  We haven't forgotten about you."  Ugh....although my scores are good, I was nowhere near optimized.  I have 4 revolving statement balances reporting....I have  recent new accounts and recent inquiries.  I gave in and said let's do it.  I told her I would unlock the freezes immediately for the next few days since she wasn't going to put the app through until the morning.  She said "How much are you looking to apply for?"  I told her to ask them for 10k.  I figured they might see that my highest balance reported on my Cash+ was only 1k.  I thought they may try to say "Well, you really aren't using nowhere near your CL so we can move some available credit to open the PLOC."

She submitted my app today and before they can proceed, I had to respond to an email that I had to read the disclosures and esign the documents.  I literally just clicked on the send documents button and there goes all of the alerts that they pulled TU.  Ugh again!  I have read that they can pull EQ for LOC products and that was my hope.  Nope.  I got a call from my banker in less than 10 minutes.  She said "Congratulations, you're approved for the requested amount."  I asked about my Cash+  CL.  She chuckled and said "You're good there too."  She did say it would take a few days to show up in my account though.  I'll post a pic once it is there.

Finally for the DP:

I heard they are using FICO 9 now and my TU was 831 as I frantically pulled my scores last night.  If they used the former TU 4, it would be my lowest score across the board at 776.  I forgot to ask as I was thrilled with the approval.  Dead on 8 months to the day of having a US Bank relationship.  It's Miller time!

5 TU inquiries(all less than 1 year)

4/12, 5/24 at the time of app but now I will be 5/12 and 6/24.

AAoA - 7.9 years

AoOA - 19 years

AoYA - 4 months

UTI 4%  

[AverageJoesCredit]

Very nice. Im sorry you had to sweat an approval with only 800+ TU Were it me i would have just called it a day. But seriously, thats a nice ploc. Ive come to the point where a hp is just a hp , if someone is going to approve me they will, if not.....

[CreditCuriosity]

Strong profile you had nothing to worry about.  Congrats on your approval

[Anonymous]

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@AverageJoesCredit wrote:
Very nice. Im sorry you had to sweat an approval with only 800+ TU Were it me i would have just called it a day. But seriously, thats a nice ploc. Ive come to the point where a hp is just a hp , if someone is going to approve me they will, if not.....

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Lol.  We all know scores are only part of the equation.  The call just caught me off guard and I wasn't planning on trying until at least June.  4/12 is not a whole lot in my eyes and certainly common in these forums but it all comes down to what UW thinks.  US Bank is certainly on the conservative side IMO.  

[Anonymous]

Overmedicated... grats on sliding in the door with USB on their PLOC at $10K! Will add your FICO Scores are great ... you have done well As a follow on USB relationships, USB uses a "Customer Relationship" Internal Score that can help bridge those moments when a person could use a little extra. The PLOC is one credit tool they like a good score as well as length of time with the bank (speak with experience as they told me I didn't have enough time with USB but the CRS pushed me over the edge).

[noobody]

Congratulations on your PLOC approval.
I was recently been approved their PLOC for almost 20k also.
Applied on 2/7 when all my ducks were in the row, no response, check status every day for a week, "no pending application on file", finally called, turned out they never received my application,
Sent application again, instant approved for almost 20K, my EX/TU fico8 was 850, but they show me a TU fico score of 809 (309-839). Anyone know what version fico is that?
I love US bank, they love me too

[bigpoppa09]

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@noobody wrote:
Congratulations on your PLOC approval.
I was recently been approved their PLOC for almost 20k also.
Applied on 2/7 when all my ducks were in the row, no response, check status every day for a week, "no pending application on file", finally called, turned out they never received my application,
Sent application again, instant approved for almost 20K, my EX fico8 was 850, but they show me a TU fico score of 809 (309-839). Anyone know what version fico is that?
I love US bank, they love me too

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It was said a while back by someone that that was affilated with US Bank that they had switched to Fico 09 but if they provided u this score with a score range of (309-839) they must still be using TU Fico 04  AKA Mortgage score that what this is.

[pizza1]

Congratulations on the approval!! I waited two weeks to find out that I was denied just recently. They pulled TU04 at 710, which is what my Price you pay for credit letter said. I have yet to get my denial letter with reasons. Im sure it will be the usual and obvious

[Anonymous]

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@pizza1 wrote:
Congratulations on the approval!! I waited two weeks to find out that I was denied just recently. They pulled TU04 at 710, which is what my Price you pay for credit letter said. I have yet to get my denial letter with reasons. Im sure it will be the usual and obvious

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Sorry to hear about that Pizza   I know in that US Bank thread the "former rep" that has never returned said they switched to F9 but the DP are showing otherwise.  Quite honestly I don't believe they ever switched at all and they have been continuously using this model.  I think we were given bad info.

[pizza1]

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@Anonymous wrote:

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@pizza1 wrote:
Congratulations on the approval!! I waited two weeks to find out that I was denied just recently. They pulled TU04 at 710, which is what my Price you pay for credit letter said. I have yet to get my denial letter with reasons. Im sure it will be the usual and obvious

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Sorry to hear about that Pizza   I know in that US Bank thread the "former rep" that has never returned said they switched to F9 but the DP are showing otherwise.  Quite honestly I don't believe they ever switched at all and they have been continuously using this model.  I think we were given bad info.

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@Anonymous , for my CLI denial letter, they did use TUfico 09. They had me at 757 for that. I think they pull different scores for different products sometimes.