US Bank credit limit increase strategies?

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s.jessica
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US Bank credit limit increase strategies?

Postby s.jessica » Mon Dec 24, 2012 2:16 pm

I'm asking about this for a friend. He had a US Bank secured card which just unsecured with a $300 limit. I told him to hurry and get an additional deposit on the card before it unsecured, but he lost the information for how to do it, I guess you have to write them and send a check or something but he didn't do it correctly and the additional deposit was never added to the account.

Since he had a $300 limit on a secured card for a year, would he still need to wait 6 months to call in an request and increase or should he do it now? Can he expect US Bank to do automatic increases? Would it be better for him to focus on getting a card from someplace else?

I just don't see how a bank could open an account with such a small credit limit and be serious about it.


MemberSince99
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Postby MemberSince99 » Tue Dec 25, 2012 8:44 pm

If your credit is bad enough, you have to take what you can get. Beggars can't be choosers. Think about it - how willing would YOU be to loan unsecured money to someone with a history of not paying their bills?

Anyway I'm not sure what their credit limit increase policy is. In terms of personal experience with their Cash + card, they gave me an auto CLI of 2000 2 months after I got the card. So certainly in some cases they do that.

I believe if you call in to request a credit limit increase I it will be a hard pull. My Associated Card after 6 months with it I called CS (it's serviced by Elan which is part of US Bank) and asked how to go about getting a CLI on the card. I was told I could request it but it would be a hard pull. I thanked the CSR and ended the call. I figured it wasn't worth a hard pull. Oddly enough a couple of months later they gave me a 4500 auto CLI on it. That floored me.

So they do check and periodically do that, and I don't mean periodically like Cap One uses the term (meaning maybe in your lifetime).

s.jessica
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U.S. Bank, another CLI question.....

Postby s.jessica » Sat Feb 16, 2013 4:49 pm

I opened an account with U.S. Bank and got their basic Platinum starter Visa card with a $500 CL. While we are on the subject of CLI's how long does it take to get a credit limit increase from them and is it automatic?

MemberSince99
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Postby MemberSince99 » Mon Feb 18, 2013 4:42 pm

s.jessica wrote:I opened an account with U.S. Bank and got their basic Platinum starter Visa card with a $500 CL. While we are on the subject of CLI's how long does it take to get a CLI from them and is it automatic?


I had the Cash + which I'm assuming works the same way (but can't be sure of that). They gave me an auto cli of 2k after 2 months with the card (from 12k to 14k). That was with moderate usage and paid in full and they did an A/R (Account review) pull prior to the CLI.

Cash + is probably the exception as it is (or was) their top tier card. But, Elan is part of US Bank, and I have two other cards with my bank (Associated) that uses Elan's network. I also got auto CLIs on each of those cards, after 8 months on the Platinum they gave me a CLI of 4500 to 13.5k, and on the Signature they were not quite so generous with 1k from 7k to 8k after about 4 months.

So, with good use and scores, it should grow over time. There is no quick fix to big limits just use what you have well and wisely for 6 months to a year and if they haven't done you right by then, ask for CLIs.

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Postby MemberSince99 » Mon Feb 18, 2013 4:44 pm

Oh and by the way when I spoke with my bank about the card they recommended I ask for a CLI after 6 months. When I learned it would be a hard pull I said forget it. But in your case I can understand being willing to take the hard pull. So just give it 6 months and if on the next statement they do not auto CLI you, call and ask for one. (Or ask online).



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