On usbank.com under Premier Loan product, they mention that "Higher rates apply for credit score below 760... ." I talked to a rep asking the specific credit score they are referencing. All they are willing to disclose even after talking to an underwriter is that they use FICO. Does anybody here have an experience with US Bank Personal Loans and Lines and the FICO score version they use (FICO 8, FICO Bankcard Scores, etc.)? Do they run all 3 credit bureaus and use the median score? Any inisght into the process is helpful.
Not able to recall reading scores for this product. Do know they like the applicant to be a customer. They also use a "Customer Relations Score" as part of the approval process (this comes from already being a US Bank Customer). Note, I was told by the US Bank Personal Banker (I went into the bank and had them apply for me) that US Bank likes to see 9 to 12 months minimum as a customer. With that being said, I have read about people getting approved with just a few days of being a US Bank Customer so it is YMMV. In my case it was eight months and they did not think it was long enough but, approved it immediately using Equifax with a FICO Score of 767 (Score Range 300 to a high of 850 on the approval).
US Bank heavily weighs customer relationships scores, your credit score, and debt-to-income ratio. I ran into this problem last month with applying, where the underwriters used sketchy numbers to come to my debt-to-income ratio that added nearly $2000 in monthly payments that do not exist. This was due to them doubling/tripling certain payments, such as mortgage (I do not carry a mortgage, my partner does, and they assumed a payment of $1200/month -- our mortgage is $863/month with escrow, of which I pay half of), and they tripled my student loan payments.