How hard is to get the US Bank Cash+?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
9 posts
lexrj
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How hard is to get the US Bank Cash+?

Postby lexrj » Fri Jan 25, 2013 6:58 pm

I only have 2yrs of credit history (No negatives), my current credit and limits are:

Amex BCP - $6k - 1yr
Cap.One - $750 - 2yrs
Car Loan - $20k - 1.5yr

Avg utilization - 10%
Income - $88k

Scores
Exp - 718
TU - 708
Eq - 718

What do you guys think?
---------------------------------------
Current in my Wallet
Amex BCP - 25K (02/12)
Barclay Arrival WMC - 15K (10/13)

Future
US Bank Cash +

Socks drawer
Crap One Quicksilver - 1.7K (04/11)
CSP - 15K (03/13)

Scores
FICO EX 772 / TU 765 / EQ 762 - (09/14)
AAoA 2.1


FutureBillionaire
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Postby FutureBillionaire » Fri Jan 25, 2013 7:16 pm

I think you have a solid shot. Make sure that your utilization is low on all of the cards, and not just overall. Also, they don't like to see too many cards with balances. Make sure that you have only one of the cards at most reporting a balance.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

CC Deville
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Postby CC Deville » Fri Jan 25, 2013 7:24 pm

The Cash + is a Visa Signature and requires a minimum $5K limit. Thanks to your AMEX you have a solid shot as banks usually like to see another creditor with a higher limit.

On the other hand, you have only two years of credit and your only other card has a $750 limit. I have read about others (with similar scores and longer credit histories) that have applied for the Cash + and were downsold to a plain-Jane 1% Visa Platinum cash back card.

Be sure you read about the upcoming changes to the Cash + card before you decide to apply or not. It sounds like even with the changes it will still be a good card but not nearly the gravy train it currently is.

This really could go either way. If you are not planning on buying a home or car anytime soon, you might as well go for it. It will only cost you an inquiry if declined.


RewardHop
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Postby RewardHop » Fri Jan 25, 2013 10:25 pm

CC Deville wrote:This really could go either way. If you are not planning on buying a home or car anytime soon, you might as well go for it. It will only cost you an inquiry if declined.


Actually if you dont qualify for the Cash+, they will give you a worse card, I believe the US Bank Cash Rewards card.
[size=60]
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]

CC Deville
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Postby CC Deville » Sat Jan 26, 2013 7:01 am

RewardHop wrote:Actually if you dont qualify for the Cash+, they will give you a worse card, I believe the US Bank Cash Rewards card.


Right...as I stated in my post "On the other hand, you have only two years of credit and your only other card has a $750 limit. I have read about others (with similar scores and longer credit histories) that have applied for the Cash + and were downsold to a plain-Jane 1% Visa Platinum cash back card."

MemberSince99
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Location: WI

Postby MemberSince99 » Sat Jan 26, 2013 8:33 am

Actually with what they've done to Cash +, the Flex Perks is probably overall a better card.

You should check out the changes they've made to the rewards, and then ask yourself if you really want this card. It's hard to get. And does it really fit into your portfolio? It's pretty much now a niche rewards card even more than before with rewards that generally aren't anything to write home about, unless your cellphone bill is a grand a month or you spent a lot of money entertaining clients.

So to sum up - yes it's hard to get, and please be sure you want what they are changing this card to before you waste an inquiry on it.

FutureBillionaire
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Postby FutureBillionaire » Sat Jan 26, 2013 10:20 am

The flexperks card doesn't seem half bad, actually. I'm still going to stick with the Cash + for now because of the cell phone category. I'm really not sure what else I will use it for yet. If you don't have a Citi forward, you can get restaurants or fast food.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape


Bksuper
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Postby Bksuper » Sat Jan 26, 2013 11:39 pm

The Cash+ is still a better card than the FlexPerks, but since it has had its rewards curtailed maybe they've also relaxed approval standards. From the sounds of it, the approval standards were and maybe still are very high. I don't know how hard it is firsthand, because I applied jointly with my mom, and she would qualify for pretty much every CC save for Centurion, Palladium, etc.
Sole Ownership Cards:
1st Financial Bank Platinum Student Visa, $500 CL, Open Since 3/2012
Citi Forward Student Visa, $6k CL, Open Since 10/2012
Costco TrueEarnings Amex, $6k CL, Backdates to 1/2012
SallieMae Rewards Barclay Mastercard, $2.5k CL, Open Since 4/2013
Jointly Owned Cards (co-owner with mom, not AU, used and paid only by me):
Chase Amazon Rewards Visa Signature, $2k CL, Open Since 8/2012
US Bank Cash+ Visa Signature, $13.5k CL, Open Since 10/2012
Authorized User (Parents Pay/Use)
Costco TrueEarnings Amex $29.4k CL, AU since 11/2012

MemberSince99
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Postby MemberSince99 » Mon Jan 28, 2013 12:21 pm

Hey Bksuper, I just wanted to say, that in the rewards thread, I appreciate your comments there, and please don't take anything I said there as directed at you. (Or anyone else). Or in any personal way. I was upset about the changes to this card (Cash +). Not about anything you said. I just wanted you to know, and your comments are insightful and appreciated.



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