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

WinningEveryday
Valued Member

Re: US Bank has Changed its Graduation Criteria for 2022 and no it is not Good!!


@Who_wuda_thought wrote:

Your MF posts have implied that you have quite a number of new(ish) accounts, a lot of inquiries/apps, and had some closed.  With that sort of activity alone, one should not be surprised if their secured cards didn't graduate in the earliest possible time frame possible, particularly if the secured cards have high limits and there are multiple secured cards open with that same issuer.  Just something to consider.


you got me confused with someone else. I got a card in October - newest card in 2 years and when I applied to graduate that was it.  I just got the Apple Card and the Truist cards recently so that had nothing to do with it. On the rejection letter is said - delingquent account - which was the charge off Discover that is the only bad thing I have on my report.

Message 21 of 26
Red1Blue
Super Contributor

Re: US Bank has Changed its Graduation Criteria for 2022 and no it is not Good!!


@WinningEveryday wrote:

@Who_wuda_thought wrote:

Your MF posts have implied that you have quite a number of new(ish) accounts, a lot of inquiries/apps, and had some closed.  With that sort of activity alone, one should not be surprised if their secured cards didn't graduate in the earliest possible time frame possible, particularly if the secured cards have high limits and there are multiple secured cards open with that same issuer.  Just something to consider.


you got me confused with someone else. I got a card in October - newest card in 2 years and when I applied to graduate that was it.  I just got the Apple Card and the Truist cards recently so that had nothing to do with it. On the rejection letter is said - delingquent account - which was the charge off Discover that is the only bad thing I have on my report.


I am sorry. I meant that post for OP @WinningEveryday 

Message 22 of 26
RSX
Valued Contributor

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

in this case, i would actually close 2 of those Secured Cards and run with just the 1

 

use it regularly, pay it off, rinse and repeat - show them it should be Unsecured

 

i don't think having 3 Unsecured at @ a total of 15k is really needed - especially if you plan to SD them - then they won't see any use and the money is locked away for no good reason

 

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2021 EX. 734 EQ. 739 TU 746
Aug 3/2023 EX. 765 EQ. 740 TU 751
Inq. EX 2 EQ 6 TU 6 - - CC 3x24, 1x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $29.5k - PFCP - $13k - PayBoo - $13.6k - Penfed Gold - $12.5k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $8k
Message 23 of 26
RSX
Valued Contributor

Re: US Bank has Changed its Graduation Criteria for 2022 and no it is not Good!!

@WinningEveryday He might be referring to these 2 accts that you opened

 

I only got the car loan for my credit profile. I am selling that turkey in the spring which will give me a year of installment payments. I took out a self loan the other day because I know once I sell it my score will drop 25 -35 points so I am preparing for that.

 

You may just be counting the CC's that you have opened - but all new accounts matter on the report 

 

What reason did Chase give you for closing that $10k CC down?   it can't be for the Discover CO item, since that is already over 6 years old - was it just an unused card and they closed for lack of use?

 

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2021 EX. 734 EQ. 739 TU 746
Aug 3/2023 EX. 765 EQ. 740 TU 751
Inq. EX 2 EQ 6 TU 6 - - CC 3x24, 1x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $29.5k - PFCP - $13k - PayBoo - $13.6k - Penfed Gold - $12.5k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $8k
Message 24 of 26
WinningEveryday
Valued Member

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


@RSX wrote:

in this case, i would actually close 2 of those Secured Cards and run with just the 1

 

use it regularly, pay it off, rinse and repeat - show them it should be Unsecured

 

i don't think having 3 Unsecured at @ a total of 15k is really needed - especially if you plan to SD them - then they won't see any use and the money is locked away for no good reason

 

 


The plan was to graduate them and then do a product change. I had the cards for close to 18 months so I might as well go all of the way. I know what the problem is - Discover and as soon as that is gone I can move on. I got all of these credit cards that I don't use.

 

I don't think using the card has anything to do with it - it is all about the FICO Score and nothing else man!

Message 25 of 26
RSX
Valued Contributor

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

ok - sounds like you have a plan - run with it and let us know how it goes

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2021 EX. 734 EQ. 739 TU 746
Aug 3/2023 EX. 765 EQ. 740 TU 751
Inq. EX 2 EQ 6 TU 6 - - CC 3x24, 1x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $29.5k - PFCP - $13k - PayBoo - $13.6k - Penfed Gold - $12.5k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $8k
Message 26 of 26
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