US Bank Rewards Card Product Change

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macuserman
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US Bank Rewards Card Product Change

Postby macuserman » Tue Apr 12, 2016 11:28 am

I've been a US Bank customer since 2009 or so and at the time I opened my checking account they gave me a cash rewards visa card as well. I've been using it consistently since then and I don't remember the original credit limit anymore was probably 1,000 or something they have given me a few small auto increases and the total now is 1,750.

I just started paying attention to my credit and am starting to work actively towards building my credit up from good where it is now to excellent. Just opened the Chase Sapphire preferred card and immediately approved me for 5,000. I've been researching online and learned about doing product changes and I'd really like to product change my rewards card to the cash+ rewards card. However, I've called twice now and both times they have said that there were no offers available to me at this time and I should just apply for the cash+ card separately if I wanted it. However, I'd really rather convert my rewards card to the cash plus card, I don't want to lose my history on my oldest card and I don't want two US Bank cards, there are other cards I'd rather have if I open a new card.

Any ideas on how to encourage an offer to be made available to me? Do I need to request an credit increase on my rewards card first? Any ideas would be very welcome! Thanks!


kdm31091
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Re: US Bank Rewards Card Product Change

Postby kdm31091 » Tue Apr 12, 2016 11:49 am

Unfortunately, if the offer isn't there on your account to upgrade, not much you can do except either wait and keep trying or just bite the bullet and apply for the cash+. My partner had the Cash Rewards for quite awhile and eventually gave up after getting the "no offers" spiel 100 times. He ended up just applying for the cash+ and got it. So while some people have success upgrading, it can take time, and may not be worth waiting forever (you've had the card 7 years, so it's kind of crazy there's no offer).

macuserman
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Re: US Bank Rewards Card Product Change

Postby macuserman » Tue Apr 12, 2016 11:56 am

kdm31091 wrote:Unfortunately, if the offer isn't there on your account to upgrade, not much you can do except either wait and keep trying or just bite the bullet and apply for the cash+. My partner had the Cash Rewards for quite awhile and eventually gave up after getting the "no offers" spiel 100 times. He ended up just applying for the cash+ and got it. So while some people have success upgrading, it can take time, and may not be worth waiting forever (you've had the card 7 years, so it's kind of crazy there's no offer).



Ugh! That's not really what I wanted to hear, I don't want to lose the credit history on that card I'm not sure what impact it will have on my scores and I'm still building them atm (678 Eqfx, 694 Trans, 729 Exp). I just checked I've actually had the card for 9 years although I only just requested the product change this week. I figured for sure they would allow it given I have such a good history with them. :(

macuserman
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Re: US Bank Rewards Card Product Change

Postby macuserman » Tue Apr 12, 2016 12:56 pm

I guess the real question is how much of an impact will it make on my credit score if I close that card? My ultimate goal is to apply for a mortgage as soon as my credit is in line and I can save up enough for the down payment.

Tubpbs
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Re: US Bank Rewards Card Product Change

Postby Tubpbs » Tue Apr 12, 2016 2:36 pm

kdm31091 wrote:Unfortunately, if the offer isn't there on your account to upgrade, not much you can do except either wait and keep trying or just bite the bullet and apply for the cash+. My partner had the Cash Rewards for quite awhile and eventually gave up after getting the "no offers" spiel 100 times. He ended up just applying for the cash+ and got it. So while some people have success upgrading, it can take time, and may not be worth waiting forever (you've had the card 7 years, so it's kind of crazy there's no offer).


I've had a similar experience with Bank of America with my BankAmericard. The US Bank card you have at least has rewards, my card is virtually useless, though the credit limit is decent / reasonable. I have tried several times over the course of probably 5 or 6 years to change it to a card that earns rewards. They haven't budged at all. Right now I don't spend any money on the card, but most of the previous times I asked, I was spending several thousand dollars a month on the card and paying it in full.

They would rather you apply for a new product than switch you is the long and short of it. There may also be some issues with Visa Platinum vs Visa Signature going on. In my opinion, they could deal with that in two seconds if they wanted to, but it's another excuse they can use.

At the time, I also really didn't want to apply for another card either. In retrospect, it wasn't really a big deal to apply for another one, but actually I'm glad I never did because it would have been another card that I would now consider to be of limited use at best, if not completely useless. But if the Cash+ works for you, it is probably worth submitting a new application even though it's not exactly what you want. I know, big pain in the ass over nothing...

Good luck. Let us know how it goes.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
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macuserman
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Re: US Bank Rewards Card Product Change

Postby macuserman » Wed Apr 13, 2016 8:08 am

Tubpbs wrote:But if the Cash+ works for you, it is probably worth submitting a new application even though it's not exactly what you want. I know, big pain in the ass over nothing...


I'm not just crazy about the Cash+ card I'd rather have the Freedom card or something else. I just thought I might be able to convert to it and make it into a card I might actually use sometimes without getting a hard pull, and retaining my history/age of account and all that stuff.

I'm not sure why my posts are out of order perhaps there is some delay in having them approved since I'm a new member.

kdm31091
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Re: US Bank Rewards Card Product Change

Postby kdm31091 » Wed Apr 13, 2016 8:14 am

macuserman wrote:
Tubpbs wrote:But if the Cash+ works for you, it is probably worth submitting a new application even though it's not exactly what you want. I know, big pain in the ass over nothing...


I'm not just crazy about the Cash+ card I'd rather have the Freedom card or something else. I just thought I might be able to convert to it and make it into a card I might actually use sometimes without getting a hard pull, and retaining my history/age of account and all that stuff.

I'm not sure why my posts are out of order perhaps there is some delay in having them approved since I'm a new member.


I recall that when my friend had the Cash Rewards, he was told "no" about Cash+ but he was offered the Perks+ card which is 2% groceries/gas. Still nothing special, but better than a flat 1% card. Maybe ask about that?

Tubpbs
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Re: US Bank Rewards Card Product Change

Postby Tubpbs » Wed Apr 13, 2016 5:13 pm

macuserman wrote:
Tubpbs wrote:But if the Cash+ works for you, it is probably worth submitting a new application even though it's not exactly what you want. I know, big pain in the ass over nothing...


I'm not just crazy about the Cash+ card I'd rather have the Freedom card or something else. I just thought I might be able to convert to it and make it into a card I might actually use sometimes without getting a hard pull, and retaining my history/age of account and all that stuff.

I'm not sure why my posts are out of order perhaps there is some delay in having them approved since I'm a new member.



First three posts have to be read by a moderator before they show up. After that it's real time I believe.

Back to the topic, if you don't really want the cash+ I would just keep asking and if nothing happens forget it. It sucks, but that's what I did. When approximately do you think you'll be ready for the mortgage? Depending on when, it might make sense to apply for what you want now and things my age off in a similar time period / the timing might work out fine.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

macuserman
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Re: US Bank Rewards Card Product Change

Postby macuserman » Thu Apr 14, 2016 8:36 am

Tubpbs wrote:Back to the topic, if you don't really want the cash+ I would just keep asking and if nothing happens forget it. It sucks, but that's what I did. When approximately do you think you'll be ready for the mortgage? Depending on when, it might make sense to apply for what you want now and things my age off in a similar time period / the timing might work out fine.


I have kind of come to that conclusion myself at this point, I can't close it because it will hurt me so I guess I'll just keep trying from time to time and see. I read somewhere you had to have a limit of 5,000 or something to product change from the cash rewards or something like that. I can't find it anymore, but that's what I was wondering about.

Regarding the mortgage, I don't have a specific time frame other than ASAP, that being said my goal would be to be able to at least start talking to a mortgage company by early next year? I need some time to fix my credit and to save up a little for a down payment.

On that note it looks like based on my estimations as soon as I finish paying off my revolving debt my score should be fine. However, my wifes score is another matter. I'm just now realizing that she needs to have a good score for this whole mortgage thing as well and I'm not sure how to fix hers. She doesn't have any dings or anything just no history, no credit cards no nothing on her account. Well she does have one victorias secret card with a limit of $250 that she has never even seen on her account so it doesn't help in fact I think it hurts her. I'm thinking maybe I should see if she can get approved for the freedom card and we can roll the points over to my sapphire card which I've added her as an authorized user on. I'm not sure how good her score needs to be to get approved for that though. Thoughts?

takeshi
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Re: US Bank Rewards Card Product Change

Postby takeshi » Thu Apr 14, 2016 8:52 am

macuserman wrote:Any ideas on how to encourage an offer to be made available to me?

It's all going to depend on what your credit profile qualifies for. Work on improving identifying and addressing the issues on your reports and you'll get there.

macuserman wrote:I don't want to lose the credit history on that card

You don't lose it. Closed accounts in good standing typically continue to appear on reports for 10 years and will factor into AAoA as long as they are on reports.

macuserman wrote:I figured for sure they would allow it given I have such a good history with them.

It's never just about the accounts that you hold with a given creditor. Your entire credit profile matters.

macuserman wrote:I guess the real question is how much of an impact will it make on my credit score if I close that card?

The main impact from closure is due to change in revolving utilization. You can do the math to see how your revolving utilization would be impacted. It won't tell you scoring impact but no one can tell you that you'd see an impact of X points. Impact to revolving utilization is about as good as it gets.

macuserman wrote:I'm not just crazy about the Cash+ card I'd rather have the Freedom card or something else. I just thought I might be able to convert to it and make it into a card I might actually use sometimes without getting a hard pull, and retaining my history/age of account and all that stuff.

Then apply for the Freedom.

Hard pulls typically have little impact. If you're seeing bigger impact from a hard pull then it's not the hard pull that's the problem -- you have bigger issues with your credit profile that you need to address. Hard pulls have a bigger impact for those with thin profiles and/or profiles with issues. Don't just avoid hard pulls. Again, identify the issues with your credit profile and work on addressing them. Your sub 700 scores indicate that there are items that you need to work on, if possible.

macuserman wrote:I have kind of come to that conclusion myself at this point, I can't close it because it will hurt me

Based on what? Which factors would be negatively impacted?
http://www.myfico.com/crediteducation/w ... score.aspx

macuserman wrote:Regarding the mortgage, I don't have a specific time frame other than ASAP, that being said my goal would be to be able to at least start talking to a mortgage company by early next year? I need some time to fix my credit and to save up a little for a down payment.

A year should give you plenty of time to recover from the short term negative impacts if you app now.

macuserman wrote:On that note it looks like based on my estimations as soon as I finish paying off my revolving debt my score should be fine.

That said, if your revolving utilization is high you shouldn't be applying. What is your revolving utilization at?

macuserman wrote:She doesn't have any dings or anything just no history, no credit cards no nothing on her account. Well she does have one victorias secret card with a limit of $250 that she has never even seen on her account so it doesn't help in fact I think it hurts her.

She needs to establish account ASAP and that's going to be difficult if she has nothing on her reports (don't conflate account and report -- they're entirely different things) as she will need to gradually add accounts as her credit profile allows. You may need to reconsider your 1 year timeframe for a mortgage unless you can qualify on your own.



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