*WOW!* I GOT A CREDIT LIMIT INCREASE (and CANCELLED the WORST credit card ever!?)
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- Опубліковано 28 вер 2024
- Find out what happened with my credit limit increase request on a U.S. Bank business credit card! A LOT of learnings came out of all this :D Click “Show More” to see Ad Disclosure.
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I applied for a new business credit card about a week ago - it was the U.S. Bank Business Leverage Visa Signature Card. I was really excited about the approval, but not as much about the $3,000 credit limit.
Naturally, I wanted to get a credit limit increase, especially since I have some larger business expenses coming up.
So, I called U.S. Bank to see what could be done.
And this video is what happened!
Here’s a summary of some of the key takeaways and what I learned about credit limit increases with a U.S. Bank business credit card.
- U.S. Bank DOES allow reallocating credit limits within the same card product (e.g. primary card to employee cards)
- U.S. Bank DOES NOT allow reallocating credit limits from one card product to a different card product - at least not for business cards.
- I requested a $5,000 decrease on my Business Select Card and an increase on my new Business Leverage Card (unspecified amount).
- This resulted in a hard pull on my credit report (TransUnion) & a waiting period (est. 7-10 days)
- I also CANCELLED my Business Select Card entirely to (potentially?) increase my chances of an approval for the CLI request on the new Business Leverage Card.
Here’s why I did that…
Since I already had an $18,000 credit limit on my older U.S. Bank Business Select Card (now discontinued), and then got the new Business Leverage Card with a much smaller $3,000 credit line, that got me thinking…
There’s a good chance that I’m close to the maximum amount of credit that U.S. Bank will extend to me based on my current income and business revenue.
So, I initially requested a $5,000 credit line DECREASE on my Business Select Card and an (unspecified) credit line INCREASE on the new Business Leverage Card.
Then, I decided to cancel the U.S. Bank Business Select Card entirely to part ways with that $18K line.
That way, I lowered the total limit to my name with U.S. Bank.
The goal, of course, is to INCREASE my chances of getting an approval for my new Business Leverage Card.
By parting ways with the $18K I already had, I should make a lot more room to get a more generous credit line increase.
(Plus, the rewards on the Business Select were among the worst I had ever seen: 1 point was worth 0.67¢ each ... the card only earned 2X points at most ... and that 2X category was chosen during the application process - plus frustrating to change on the phone!)
In the end, IT WORKED!
I went from a $3,000 credit limit to a $10,000 credit limit on the new Business Leverage Card!
Hopefully you won’t have to go through all these hoops for your next credit limit increase.
They key principles here are as follows:
1. Consider asking for a credit limit increase directly. The only reason why I wanted to reallocate a preexisting line was because I thought I was nearing the total limit I could get across all cards from U.S. Bank.
2. If denied, call back and see if you can move credit from an older card to the new one.
3. Also ask if there will be a credit check / inquiry required to perform a credit line increase or reallocation. That way you can make an informed decision.
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#creditcards #businesscredit #usbank
Congratulations 👏🏾👏🏾
Thank you! 🙌
Well...that was quite a journey! 😄✌️💳
Wow dude that's was taxing
Yes it was 😆
jajaaja muy bien tu video felicidades por tu nueva tarjeta
Gracias Edvin! ¡Estaba emocionado de ser aprobado!
great video - i have the cash+ card - requested a CLI a few days ago - it was a hard pull on Transunion - Im in NJ - Got 2k and got my APR decreased
Congrats on getting approved for an additional $2K! 🙌
Very interesting. Congrats
Thanks! 💯
What should my second credit card be as a college student? I currently have the discover and looking to add a new one with high bonus, since I will pay my tuition with it.
Awesome Axel! A couple questions for ya: (1) How long have you had your Discover card? (2) What's your current credit score?
@@MarkReese 1 year, 760
@@josec8896 - Fantastic 💯 And what do you spend most on each month?
@@MarkReese like.300, thanks for the help
Hi Mark fun video I was looking at the Harley Davidson card from them.
Gonna get it? 😎🏍
@@MarkReese I believe so I'm waiting for a couple inquiries to drop off any day now I went a little card crazy last 2 yrs 😆
@@jamess4101 - Haha the crazy phase is quite exhilarating 😁👊
@@MarkReese 20 cards in 24mos id say crazy is a understatement but it was exciting getting approved and getting new cards in the mail 😀
@@jamess4101 - I bet! How much total credit did you acquire from those cards? 😃
Now that was very interesting..
Sure was 😁👍
Didn’t you lose the 17,000 limit when you closed the account. So basically you ended up -$10,000 of available credit and added a hard pull to your credit? Please explain the positive.
Correct. I lost the $18,000 limit when I closed the U.S. Bank Business Select Card account. I then ended up with a $10,000 limit on the new U.S. Bank Business Leverage Card. So the net loss was $8,000 👍
what kind of watch are you wearing? great video!
Thanks Ronald! It's the Invicta Men's 8926OB Pro Diver ⌚️
Thanks for sharing. A lesson on checking the value of points that can vary by issuer and product.
Yep 👍
Bro, please add subtitles if you can 😁, Thanks. 💪🏼
Hey there! There should be an option to turn them on. Do you see it anywhere, perhaps under the video or in the menu?
@@MarkReese yeah, it says "No captions available for this video".
@@BennekZero - Ah bummer. I’ll have to play around with it 👍
Lol. Mark, u r too adorbz
Credit cards put a smile on my face!
Mark,
Congrats on the credit limit increase. Yeah I tried that with my cap one quicksilver one card to the quicksilver I asked them if they could move my entire limit over to the QS card and I wanted to cancel the QSO card for the annual fee well they wouldn't not sure why?
Hmm not sure either 🤔 They didn't provide a reason why it couldn't be done?
yeah they wont do reallocations anymore or combine cards :( wack
I know somebody with the Quicksilver One. I told them to get rid of it because the $39 annual fee cancels out tons of cash back at 1.5%.
@@BlakeDaniels - Definitely wack 😁
@@reubenmorris487 - Did they get a different card instead?
Should i pay the credit bureaus so i can monitor my credit report and score?
Definitely not 😁👍 Just use Credit Karma instead. It's totally free and gives some great insights into your credit report.
Have you gotten any automatic credit limit increases with US Bank? If so, how long did take to get one?
Not that I remember. I rarely get auto CLIs anymore.
😊😊😊
😁
So am I getting that there isn’t a “infinite” total credit increase? Everyone has a certain total limit they can reach based on income and possibly other factors?
Correct.
@@MarkReese does it apply to even cards in different “families” such as if I have a discover, chase, and say citi. Do they all count towards one total?
@@Mingodough - Ah perhaps we were viewing the same question differently. Each bank will typically give you a certain total amount of credit based on credit score, debts, income, etc. However, if you have already maxed out with 1 issuer, that does not stop you from getting more credit from other issuers. So perhaps there is an "infinite" amount of credit you can get across a wide variety of issuers.
@@MarkReese Ahhh that's what I was wondering, thank you so much for the information!
Hey Mark, hope all is well! I was curious to know if when someone has multiple chase cards and they want to move credit from chase card to another if it results in a hard pull or soft pull. I was wondering because I have that the CFU since Sept 2019 and got the CSP 2 months ago but never had a credit limit increase on the CFU. I was thinking after sometime has gone that I would be interested in a CFU credit limit increase to 5K to make it a Visa Signature like my CSP and CF. Right now my CL on my CFU is 3,100. Maybe if I had requested a CLI on the CFU rather than opening the CSP may have helped but before I had opened the CSP I never asked for a CLI on the CFU. I am interested however in all my chase cards being Visa Signatures or with CL at 5K or above, I know the CF is now the Chase Freedom Flex and that's a Mastercard. Thanks as always for responses and great content!
When moving credit from one Chase card to another, there should not be a hard pull. Be sure to have the customer service representative confirm that before proceeding. When I've done this in the past, it was always a soft pull.
Is us bank a very easy cc company to get accepted for? For personal cards. Or are they really strict. I know it’s a vague question but I’m wondering if they are fairly easy to apply for or just a nightmare like chase can be lol maybe compare that to bofa. They both have good cards I’d consider
I'd say in general U.S. Bank is more difficult than Chase 👍 To put yourself in the best situation possible, I recommend having 0-1 new inquires in the past 6 months ... and 0-1 new accounts opened in the past 6 months. Also, a banking relationship _may help_ with an approval 💯
I had 6 new cards & a car loan in a 24 month period and they still approved me for the Altitude Reserve & the Flexperks Gold about 6 months later.... Having said that, I've had a checking account with them for decades. So maybe they value the relationship pretty highly.
@@dugroz - Definitely could be the case! Awesome that you got those approvals 🏆😃
My credit history will be 1 year when I apply. Do u think that is to early for them ?
@@AverageReviewsYT - Not necessarily. I'd feel good about having a full year built up before applying with U.S. Bank 👍
The low $3K is blatant disrespect by US Bank.
Haha - got the remedy though 😎👊
Did you buy a bag of chips with the Business select and forgot about it? 😂.
Lmao - not quite 😂👍
I have over $150,000 in available credit on credit cards and I applied for the Citi Diamond and they gave me a $500.00 starting limit lol. What a joke.
😂
I have approved Shopper Cash rewards credit card with 500 $ credit limit
Congrats on the approval, Anilkumar!
The ineligibility codes on this card's rewards are hilarious! 😂
Sometimes legal writers gotta have some fun 😁👊
Yeah I guess having had bad/fair credit until recently has made me see getting points and bonuses as just a luxury. Truth is I would love to just have a $17,000 limit. Without knowing how you make your income it appears that you are spoiled! Haha.. Enjoy every moment of it :-)
Life become a lot easier once you get your money right first 👊
I want to open a checking with US bank but there literally none in Va/dc area -_-
Would be great to see them expand their footprint! 💯
Please do one for BoA. Had the card 6 month,Been paying on time. Hating this 1k limit
Perhaps in the future! I don't have any BoA credit cards at the moment 😁✌️
Can’t wait to start getting approved for credit cards like you do funny thing is it denied for a citi secured card but it’s cause I have to many hard inquires
Ah bummer about the denial due to those inquiries. Have you already gotten another card to start your credit journey?
1:02 that’s what she said.
Wait a minute..... why was mail mailed within another mail? (package) I tried...
#AintGonnaFit 😁✌️
Backstory: Card arrived in a regular envelope, opened it accidentally thinking it was something else...which ruined my ‘unboxing intro.’ So I requested a replacement via rush delivery 😂👊
@@MarkReese ohhh, but they still put an envelope in another envelope..... lol but what’s the app of the left? 8:26
@@eyeyamjstn628 - Yep. Since I requested expedited delivery, the standard envelope goes thru UPS instead. The app on the left is the Experian app, which I used to show my credit factors + inquiry.
@@MarkReese oh, thank you
Mark, I had to come on here and make a comment! I was just approved for the US Bank Leverage Card. Now this card is for purchases for my property management company (One rental Property). I know what you're thinking - yes, $3K. I called and told them $3K may not be enough to buy a new roof or a furnace or install a new AC unit. They told me to pound sand. Ha! $3K!!!!
Welcome aboard & congrats on the approval 🎉 Consider making an early payment when the card has a $0 balance. For instance, pay $3,000 early, then you'll have a balance of _negative_ $3,000 for a total of $6K spending power. Use the card for awhile, then consider a CLI 😃👊
Very educational Reese ✅
🎓😃👍
I should be jealous but why am I elated instead?
😄✌️
So you gave up over $22,000 in credit limit on 2 cards to get a $7,000 credit limit increase on 1 card . . .
Sure. At this point my goal is not to accumulate more credit.
@@MarkReese
Sure, but not only did you not accumulate credit, you lost $15,000 in credit. They could have at least maintained the same level of credit, and given you a $25,000 credit line on your new card.
Instead of cancelling your other card and losing credit history on that, you could have just asked them to transfer $15,000 of it over to your new card.
@@RedRider1600 - Yep. Didn't care about the history either 🤙 All good.
Why not see if you can go for a chase ink card ?
I'm sure he's over 5/24 for one...
Because I'm currently at 7/24, so it would be an automatic denial from Chase 😁
@@koreypaul6698 - Exactly right 😄✌️
@@MarkReese Haha! But congrats! That was cool to see this process 👏🏾
@@koreypaul6698 - Thank you! 💯🎬
US Bank issues low credit limits
It may vary from one person to another based on a variety of factors. U.S. Bank gave me one of my highest limits.
What a journey! 😅
Sure was 😂✌️
Ya their ba
😁✌️
US Bank pretty strict 😲
They definitely can be! 😁
Just subscribe, great content!
Thanks Luis!
Just found your channel today every video I watch I’ll make sure to like already subscribed you have great videos need to see more videos of you applying to credit cards 😂
Thanks for the support, JT! 😃🥇
Does the US bank business card appear on your personal credit profile? Great video as always!
It does not! 😃👊
@@MarkReese thanks!! 👊
@@cameratalk3057 😎👍
SO ALL YOU DID WAS LOWER YOUR CREDIT SCORE WITH THE CREDIT BUREAUS!
1. CREDIT AGE ON THE BUSINESS SELECT CREDIT CARD, BY CLOSING THAT ACCOUNT. LOWER YOUR.CREDIT SCORE
2. NEW HARD PULL INQUIRY FOR THE BUSINESS LEVERAGE CREDIT CARD, LOWER YOUR CREDIT SCORE
3. YOUR UTILIZATION WENT FROM 20,000 TO 10,000, LOWER YOUR CREDIT SCORE
3. IS IT JUST ME OR SOMEONE MAKE SENSE OF THIS PLEASE.
4. YOU JUST LOWER YOUR 813 CREDIT SCORE TO ABOUT A 791 TURN YOUR 800 CREDIT SCORE CLUB CARD IN (ASAP)
5. IF YOUR GOAL WAS TO GET A HIGHER LIMIT ON THE BUSINESS LEVERAGE CARD, I GUESS YOU REACH YOUR GOAL. (SMH)
Hey Derrick! The original *Business Select* card never appeared on my personal credit report. So closing it had: *(a)* no effect on my AAoA - and therefore no effect on my score and *(b)* no effect on my utilization - and therefore no effect on my score. Also ... the new *Business Leverage* also does not appear on my personal credit report, so it will not lower my AAoA, meaning the new account also had no effect on my score. All things considered, the only score drop I experienced was due to the 2 inquiries, both of which are temporary and something I don't mind. The goal is not to increase my score right now; it's high enough. The goal was simply to get approved for the U.S. Bank Business Leverage Card with a good limit. That was accomplished, so it was a success (for me) 😃👊
Hi, when you checked your credit report to see if us bank did hard pull or soft pull, does it also go as a soft pull everytime you check your report?
Viewing your own credit report is a soft pull 👍
Is there any rule of thumb to follow for a CLI. How soon can you ask for one? Would it depend on the relationship with the bank? I.e. if your already there or if your new to that banks
With most banks, you can usually request a credit limit increase after you've had the card for 6 months 😃👍
Congratulations on getting most of what you wanted, good sir! :) Honestly? I was "scared" that where the closure wouldn't post to your credit profile if the reviewer didn't look at your accounts with them entirely & perhaps pull the recording of the call; you could be denied and still maintain lower limit. Which would also be, "Not Cool" ;) haha but hey I'm glad it worked out in your favor, Mark. Best to you and all your upcoming expenditures! I really loved the "Not cool" parts both the emoji and your face there when you said it. :) Take care, sir.
Haha glad ya enjoyed the emotional roller coaster 😄🎢
3:49
"Thanks for calling credit services my name is Sylvia how may I help you?"
"Hey Olivia, I like your name."
Sylvia: 🤔
I just focus on the 💵
I would of kept that limit because reducing that $5000 would increase your credit utilization amount , then add on the hard pulls . That in total could hurt your chances of getting approved as well .
Good points 👍 However, at my stage in the credit card game, I no longer worry about utilization or inquiries. Once you've got credit lines large enough to absorb the expenses you put on them while still being at a low utilization, then you won't need to concern yourself with it much.