US Bank Secured Card Data Points when you Max out the Secured Card

[WinningEveryday]

This all started when Chase close my Credit Card with a $10,000 Limit. Apparently my the issues on my report spooked them and they close my card. Never late, never carried a balance. In todays enviroment your credit score is Everything!

I wish I had done more research for secured cards there are much better options out there - that offer a more straight forward path to graduation.  Based on how you use the card not your credit score. But I am more than half way across the lake at this point so I might as well keep going.

Accounts have been open 15 months with low utiltiazation and no lates.I have 3 Secured US Bank cards at $5000 each

Which is the problem.  More on that later.

I have seen many posts on here sayng US Bank will graduate your card with a hard pull on Transunion even with a low credit score and baddies on your report.  I want to add that is not true if you max out the card.

I have tried graduation twice. The first time I thought they would pull my best report - Exquifax because that is what they pulled when they open the accounts. I got 3 applications and 3 hard pulls.

I was wrong they pulled Transunion and they used FICO 9 which is 683 on Equifax and 660 on Transunion and 666 on Experien. If I had looked at the rejection letter I would have seen that and would have know the medical collections that were on my report did not factor into the decison because based on my understanding medical collections are ignored by FICO 9.

So I got the medical collections off and I got the same rejection letter. There is only one thing on my credit reports a 6 year 3 month charge off from Discover.

So if you have a maxed out US Bank Secured Card  $5000 - you will need a completely clean report to graduate. 

If you have a much lower credit limit $200 -$500 it will graducate with a low score and baddies on your report.I was really bummed out by this but I took a step back and looked at it from US Banks standpoint - that is $15,000 in unsecured credit. Not a $200 - $500 credit card so it is substantially more risk.

The good news is that Discover is coming off this year in 6 months - worse case scenerio  or I can get it disputed off best case. I got my second dispute going as we speak, thought about suing them but from a time stand point that is a bad ideal because it will be off my report before my case goes to court - so that is pointless at this jucture.

Also US Bank  did not do a hard pull. Both times it was a soft pull. So having $15,000 in secured cards they treat you different. I went for the max because I know your credit card limit weight heavly on your next approvals so I went hard.

So I am taking the US Bank cards out of my wallet and will sock drawer them for now. How you use them in my case is immaterial to graduation.  So next week I am going to trying early removal from Transunion - I read on here you can get it removed 6 months early. So that is the next tactic.

I got 3 unsecured Captial one cards with low limits $3000, $2500 and $750 so my plan is to use them hard and ask for a credit limit increase every month since it is a soft pull. I just got the $3000 dollar one in Oct  and I have used it heavily to the tune do $7000 - $10,000 a month of spend. Next Credit limit increase request is Feb 23

I know I am a rare case. Most people don't have $15K to drop on a secured card and banks don't make a lot of money with secured cards so there is not much data points out there about this hence why I am dropping this here.

[CH-7-Mission-Accomplished]

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@WinningEveryday wrote:

This all started when Chase close my Credit Card with a $10,000 Limit. Apparently my the issues on my report spooked them and they close my card. Never late, never carried a balance. In todays enviroment your credit score is Everything!

I wish I had done more research for secured cards there are much better options out there - that offer a more straight forward path to graduation.  Based on how you use the card not your credit score. But I am more than half way across the lake at this point so I might as well keep going.

Accounts have been open 15 months with low utiltiazation and no lates.I have 3 Secured US Bank cards at $5000 each

Which is the problem.  More on that later.

I have seen many posts on here sayng US Bank will graduate your card with a hard pull on Transunion even with a low credit score and baddies on your report.  I want to add that is not true if you max out the card.

I have tried graduation twice. The first time I thought they would pull my best report - Exquifax because that is what they pulled when they open the accounts. I got 3 applications and 3 hard pulls.

I was wrong they pulled Transunion and they used FICO 9 which is 683 on Equifax and 660 on Transunion and 666 on Experien. If I had looked at the rejection letter I would have seen that and would have know the medical collections that were on my report did not factor into the decison because based on my understanding medical collections are ignored by FICO 9.

So I got the medical collections off and I got the same rejection letter. There is only one thing on my credit reports a 6 year 3 month charge off from Discover.

So if you have a maxed out US Bank Secured Card  $5000 - you will need a completely clean report to graduate. 

If you have a much lower credit limit $200 -$500 it will graducate with a low score and baddies on your report.I was really bummed out by this but I took a step back and looked at it from US Banks standpoint - that is $15,000 in unsecured credit. Not a $200 - $500 credit card so it is substantially more risk.

The good news is that Discover is coming off this year in 6 months - worse case scenerio  or I can get it disputed off best case. I got my second dispute going as we speak, thought about suing them but from a time stand point that is a bad ideal because it will be off my report before my case goes to court - so that is pointless at this jucture.

Also US Bank  did not do a hard pull. Both times it was a soft pull. So having $15,000 in secured cards they treat you different. I went for the max because I know your credit card limit weight heavly on your next approvals so I went hard.

So I am taking the US Bank cards out of my wallet and will sock drawer them for now. How you use them in my case is immaterial to graduation.  So next week I am going to trying early removal from Transunion - I read on here you can get it removed 6 months early. So that is the next tactic.

I got 3 unsecured Captial one cards with low limits $3000, $2500 and $750 so my plan is to use them hard and ask for a credit limit increase every month since it is a soft pull. I just got the $3000 dollar one in Oct  and I have used it heavily to the tune do $7000 - $10,000 a month of spend. Next Credit limit increase request is Feb 23

I know I am a rare case. Most people don't have $15K to drop on a secured card and banks don't make a lot of money with secured cards so there is not much data points out there about this hence why I am dropping this here.

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So are you saying you have one $5000 card that has a balance around $5000, or do all three cards each have a maxed out $5000 balance on them, so a total owing US Bank of $15,000?   Can you clarify?

[WinningEveryday]

I have 3 US Bank credit cardswith $5000 limits each and no balance at the moment.

[Red1Blue]

It is good to know your experience with US Bank. Thank you very much for your post. My experience is different. I had 2 secureds with them $500 Platinum and $3000 Harley. In October I asked for them to upgrade (unsecure) and they unsecured both cards and sentme the deposit money. My scores are hardly 640 on TU which they pulled. I had several COs. In December 2021 I applied and got approved for $5k Secured Alt Go and $5k Secured Cash+. Hoping they will become unsecure in December 2022.  My scores are going up and baddies are coming off the reports. But  doubt my scores will climb above 700 by December 2022 when I am going to ask them to make unsecure. I am taking one day. For now I like the Rewards these secured cards gives and I am going to enjoy the rewards.

[WinningEveryday]

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@Red1Blue wrote:

It is good to know your experience with US Bank. Thank you very much for your post. My experience is different. I had 2 secureds with them $500 Platinum and $3000 Harley. In October I asked for them to upgrade (unsecure) and they unsecured both cards and sentme the deposit money. My scores are hardly 640 on TU which they pulled. I had several COs. In December 2021 I applied and got approved for $5k Secured Alt Go and $5k Secured Cash+. Hoping they will become unsecure in December 2022.  My scores are going up and baddies are coming off the reports. But  doubt my scores will climb above 700 by December 2022 when I am going to ask them to make unsecure. I am taking one day. For now I like the Rewards these secured cards gives and I am going to enjoy the rewards.

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Congrats on your gradution! I keep seeing post like yours getting unsecured with a low score and collections on your reports. It is frustating as hell to know I only got one bad thing on my report and it is keeping me from being unsecured!!!!

[Red1Blue]

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@WinningEveryday wrote:

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Congrats on your gradution! I keep seeing post like yours getting unsecured with a low score and collections on your reports. It is frustating as hell to know I only got one bad thing on my report and it is keeping me from being unsecured!!!!

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Have you tried asking them to unsecure one card at a time instead of all 3 cards. That might be less risk for them and a win for you.

[WinningEveryday]

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@Red1Blue wrote:

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@WinningEveryday wrote:

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Congrats on your gradution! I keep seeing post like yours getting unsecured with a low score and collections on your reports. It is frustating as hell to know I only got one bad thing on my report and it is keeping me from being unsecured!!!!

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Have you tried asking them to unsecure one card at a time instead of all 3 cards. That might be less risk for them and a win for you.

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I just thought of that and will do it Monday. I keep seeing data points on the board of them graduating cards with bad things on the credit report over and over and over 

[Anonymous]

I thought Capital One is hard pull when you try to get a CLI.  Never tried.  I do know they don't give them out very often and their decisions tend not to make sense especially if you are "bucketed" as I have read.  

[Red1Blue]

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@WinningEveryday wrote:

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I just thought of that and will do it Monday. I keep seeing data points on the board of them graduating cards with bad things on the credit report over and over and over 

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To be honest, for US Bank $15k is not lot of money. I have seen several posts here they approved lot higher limits. They also seems to stay with low limit approvals also. I do not know what criteria they look. I am not sure what secured cards you have with US Bank. I know their Cash+ and Alt Go have the best rewards for the secured cards. Keep using the secured cards you have and keep getting the rewards.

In my case when I started rebuilding in 2018 - 2019 I decided to go with the Secured Cards and I put away $38K in 7 secured cards. Now I am closing the secured cards one by one and collapse the depsits into 2 secured cards each with $20K limit. 2 X 20K is not a bad limits.  Even though they are secured cards.  My scores are going up but I have decided and not applyig for any new cards. Just happy with what I have. I am tired of watching all the card closure and clds by different bank. I love the rewards US Bank is offering  and I am going to keep getting them and enjoy debt free life.

All the best with your US Bank Secured cards. i am sure they will come around and make your cards unsecure and also increase the limits on your cards. Good luck.

[FireMedic1]

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@Anonymous wrote:

I thought Capital One is hard pull when you try to get a CLI.  Never tried.  I do know they don't give them out very often and their decisions tend not to make sense especially if you are "bucketed" as I have read.  

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Nope. Always been a SP. You can try weekly. Once you get a CLI. Then you have to wait 6 months.