a US Bank solution supervisor dropped a ton of secrets about underwriting policies approvals and credit limits they talked about how US Bank uses a hidden customer relationship score to make decisions and offers how one set of cards you probably never heard of gets better customer service than you and the minimum credit score you need for automatic credit limit increases let's start with a couple of personal questions and let me tell you one of their answers really made me laugh so they asked do you have any US bank cards and they said I actually do hold the Cash Plus Visa signature card and then they asked any crazy stories that stand out of dealing with people as a customer service rep and they said too many stories to count one comes to mind where this lady was unaware she was being charged late payment fees and interest she was under the impression she only had to pay the minimum to avoid interest I was feeling extra kind that day so I weigh $500 plus Dollar in fees and interest she said that's kind of you but I really need to to think over whether or not I'll pursue business with US Bank or go elsewhere and so I charged all the fees back without her knowledge for being an unappreciative yeah that made me laugh moving on to approvals and credit limits I really didn't expect to learn so many exact details about approval requirements the first question is how do existing banking relationships affect card applications and credit limits what's the minimum criteria for Cash Plus card too they said I wouldn't recommend a US bank card if you don't have an existing account with them them I've seen 820 FICO scores approved with a starting limit of $500 solely because they didn't have any existing relationships with us and US Bank previously had a downsell what we would approve you for if you didn't qualify for the signature product and that was the Cash Plus Visa platinum card but that has since been discontinued I don't know the exact qualifications but I would recommend at least a 600 FICO score I've seen a 580 be approved but with extensive credit history and very few inquiries US Bank won't touch you if you have several you will need that 700 00 FICO for a promotional APR for 6 months or so and in most cases limit increases sadly the system is used to automatically declining a credit limit increase if you're under a 700 FICO and yes Representatives readily have access to your FICO score or if you've submitted a request within a 6-month duration moving on are online pre-approvals reliable and they said I definitely wouldn't rely on the information provided in the pre-qualification tool I wouldn't use that tool as a means to indicate whether you'll be approved it's just not a good tool to use whatsoever next I was one of those to get approved with a high FICO and initial starting limit of $500 close the account immediately ain't nobody got time for that and here's their response you're always more than welcome to speak with underwriting and a rep will manually review a higher credit limit option upon your request next how does a $300 parked savings account affect approvals and limits and they said I honestly believe that's why my Cash Plus came back with a $5,500 limit instead of a starting limit of $500 due to having that $300 part marked in a savings account before I applied I would say having it there longer than I did 2 weeks would be more helpful as well next what profile is recommended for unsecured a card here's where they said I would recommend having the secur card open for at least a year with an ontime payment history before requesting an unsecured product if you do end up requesting an unsecured product I would recommend a minimum of 680 FICO score next what's the needed for the altitude Reserve approval I'm not sure of the exact requirements but I would recommend you be at least over a 720 score on your TransUnion report basing this solely on the fact that I've yet to see someone with this product under a 720 score US Bank also doesn't take kindly to multiple inquiries in a short period of time moving on how does US Bank decide on credit card approvals and limits here's where they said most decisions for approvals are automated if you get a 7 to 10day notice I recommend calling under writing and having representative manually review it I've seen higher starting limits with the VISA Platinum than I've seen with the cash plus car so yes aprs and starting limits do vary depending on the product you select again if your main bank is US Bank you more than likely be approved for a credit card through the bank as well next what's the maximum credit line for US Bank cards they answer by saying US Bank offers two types of credit card products a no preset spending limit and a normal credit limit product these no preset spending limits have revolved limits that act as credit limits but US Bank is a little more lenient with letting you go over that limit than they would with a normal credit card I believe for normal US Bank products the cap is $50,000 that was the highest credit limit that I've seen but with these no preset limits the system would occasionally allow you to go over that limit depending on your payment history income on file Etc I've seen accounts go over by $20,000 if there are no preset spending limit product for altitude cards unfortunately I handled very few of these I did work the escalation line for these customers but they were a rare account to come across I believe the cap for those is $100,000 but it's also a no preset spending card so the same rule before still applies next when requesting a credit limit increase should you aim high or low and here's what they said a couple things I want to bring to your attention here you'll never be approved for more than you actually request any request over $4,500 will automatically be reviewed if the system usbank uses recognizes you're under a 700 it will automatically need to be reviewed if you're over 700 but not approved for the requested amount usbank will most likely have a counter offer for you at the time of request and that's going to be automatically generated by the system now how long should you wait before applying for another card like the altitude reserve and they said a 720 is the minimum I would recommend for a decent success rate approval yes there are cases where people are approved with a high 600 but that's going to be with proof of high income and high credit lines Etc A good rule of thumb I always recommend is at least a 6-month time frame for anything regarding US Bank you know getting approved for premium credit cards and business business credit cards is like pulling teeth when you have a low FICO score under 700 but you can still get business funding if you have at least a 620 FICO score with a free Novo business checking account getting access to higher credit limits is especially important when you operate a small business and you're trying to run payroll for your employees and buy supplies and equipment for that next job Nova offers business funding up to $75,000 for small businesses and get this there's no hard pull there's no tax returns required so you do need to find years of tax returns in years past there's no PG so you're not personally responsible for repaying the debt just your business is on the hook for that debt and since it comes with a free business checking account when you get approved for the funds it goes directly into your Novo business checking account and with that cash money you can use however you want so hit the link below to sign up with Novo and get up to $75,000 in no PG funding plus a free business checking account now let's talk about credit scoring and Reporting they said Is it true that US Bank reports the current balance on the last business day of the month and they said US Bank reports the current balance owed every 30 days generally updates occur between the 30th and the 5th of every month occasionally in months such as February reporting will happen on the 27th or 28th and then they came with a follow-up question they said so US Bank reports the current balance from the 27th through the 5th each month should I change my payment due date accordingly and how can I do that and they answer by saying the current balance owed is always what's reported yes it would make sense to adjust your due date to later in the month or at least pay the balance down before reporting due dates most definitely can be adjusted but it takes one full billing cycle to kick into effect call the number located on the back of your card and they'll be able to get that change for you any customer service rep can take care of that for you next did usbank switch from using mortgage scores to FICO 9 for credit decisions on new credit card accounts and they said my old training manager reached out she said she spoke with the current Solutions rep who stated they do in fact use the FICO 9 score model now next do your business CS report to any of the business credit reporting agencies like Experian Equifax small business are done in Brad street here's what they said we pull information from dun in Brad street we don't report any of the business accounts you know the thing is US Bank is very well known for their 0% interest business credit cards that go up to 18 months and I made a list of 10 different 0% interest business cards that never report to your personal credit with sign up bonuses going up to $750 right now I'll leave a link to that now let's talk about banking policies I learn US Bank does have an internal score but they call it something different and I learned exactly how long you cannot use their cars before they will close your account so the question was asked how to convert Flex perks Visa Travel rewards to Cash Plus they said contacting cart Member Service would be your best bet when a representative accesses your account they'll be able to tell you immediately if you're eligible for a product change considering you've already been approved for a flex perks travel Visa signature ature you're most likely eligible for a product conversion and the next question is for a Korean Air security card added as a joint account holder does bankruptcy affect the unsecured of the card and they answer by saying US Bank will pull information for the primary account holder at the time you request an upgrade next does US Bank wave annual fees for active duty military and they said another department handles military accounts but I'm 99% positive Annual fees were not waved for active duty now can my fiance be removed from our joint altitud reserve account to avoid the $75 additional car fee or is there a way to wave this fee and they said I can tell you now that they won't remove her from the account your best bet is to close the account and reapply the next day you should be approved without an issue and as you know there's a dedicated line for altitude customers after all that's the high-end product usbank offers and you're very valuable to the company because you're expected to be a high spender that being said reps are a little more lenient with your account than they would be with others I would call the altitude reserve line and explain your situation but immediately ask to speak with Solutions in some rare cases they'll remove a co- applicant in 99% of other cases they won't remove an applicant or co- applicant from an account without a divorce decree specifying one of you is no longer liable for the account next does settling an account for less than the balance owing result in being blacklisted by US Bank US Bank has an internal credit recovery department you can mail or fax a request to dispute information on your report but it's likely that that dispute is going to go through if the information is accurate Collections and fraud departments can also change reporting history next how does US Bank's customer relationship scoring word and here's where they said there's definitely a customer relationship score underneath your FICO score in our system will be listed a behavior score for that account specifically unfortunately Frontline reps are not trained in how this is calculated now how long can an account go without utilization before US bank closes it and they said generally a year to a year and a half usbank uses Behavior scores based on the individual account not your entire relationship with the bank utilizing only one card does not protect the other accounts from being closed they'll most likely first automatically decrease the limit and afterward close the account completely you can request to reopen the account within 60 days but it still may result in a hard credit pull now do all US Bank policies and rules apply to Elon Financial cards and they said yes Elon accounts are held to a different standard than US Bank products in fact we actually priority ize Elon cars in the call Que and if you guys don't know Elon is basically a separate company that US Bank operates what they do is act as a thirdparty contractor for small Community Banks and credit unions and some Regional Banks as well and what they do is handle the credit card programs for those Banks and that's going to include the underwriting process as well now moving on we got to talk about hard inquiries and how there's one thing you can do to avoid a hard credit pull when requesting a credit limit increase from US Bank so then they asked will requesting a hard credit limit increase with US Bank always involve a hard credit poll and they said most of the procedures US Bank has in place are systematic when going through a normal rep in customer service they will never have eligible offers for a credit limit increase on their end when submitting a request they're required to tell you it may result in a hard inquiry to the credit bureaus but they'll have no idea whether it's approved or not until they gather all information verbally and submit the request in the system generally if the system recognizes you're above a 700 FICO you haven't requested a line increase in the last 6 months and your request isn't more than $4,500 you'll be approved at the time of the request or the system will generate a counter offer for the rep to give you to summarize if you're under a 700 FICO expect a hard pull if you're over you'll most likely be approved unless your income is too low next what is considered multiple inquiries in a short period of time and how does it affect your credit card applications and they said there is no exact number multiple inquiries are just taken into consider consideration if you plan on applying for a US bank card I would just make sure it's the first card you apply for within a six-month time frame I've seen high scores declin simply because of too many requests for credit and another person asked how was I approve for a Cash Plus card with a decent limit despite having many recent inquiries in a new US Bank savings account and they said it could also be the time you apply for the card there was a period where we were approving almost everyone for that Cash Plus product your application may have been manually reviewed and excelled in other areas of your report and cause them to overlook your inquiries I understand your account was only open for 2 weeks but US Bank is very lenient when you already have an existing account with the bank you know large credit card companies like US Bank have so many internal rules about how they judge new applications that's why it was so interesting when three credit card company employees from different large Banks gave advice on approvals limit increases disputes and late fees they answered over 90 questions too including three persuasive lines you can use with customer service to convince them to increase your credit limit and the eight criteria they look for when deciding to approve your application or not you can find all the details in the next video and thank you for watching
