US Bank Secured Visa

Picture of US Bank Secured
11 Reviews
Consumer Rating:
3.5
Lowest:
490
Average Score:
546
Highest:
605
All
5 Star
18%
4 Star
27%
3 Star
45%
2 Star
0%
1 Star
9%
1 Star 2 Star 3 Star 4 Star 5 Star
Sort By


 
Credit Score: 540 Credit Limit: 2000 Age: 35-44
Posted 01/24 2018
Overall Rating:
I have very similar experience with many folks here with this card. When I applied, I indicated that I wanted to deposit $2000 for the card. I got the 7-10 day message but 3 days later, $2000 was taken from my bank account (I have a US Bank checking account). I called them and was told I was approved. I feel they could do much better communicating this with new applicants as I can see where this can cause confusion.

Anyway, I use my card regularly and was careful to charge no more than 20% of my available credit. I also made sure that I paid it off every month. Like others, I also noticed that they report to the credit bureaus as secured. After 13 months, I went to my local branch and asked if they could graduate me to an unsecured credit card. I was asked a few questions about my job and mortgage and was approved right there at the branch. I maintained the same $2000 limit and was told the deposit will be refunded in to my checking account. My scores have also gone up from about 540 when I applied to 620. This is a TU FICO score and not creditkarma or creditsesame score.
 
Credit Score: 567 Credit Limit: 300 Age: 25-34
Posted 10/01 2017
Overall Rating:
When I applied, I decided to start with a $300 deposit. 3 months into using the card, I have to do a weekend travel and wanted to use my card for a hotel reservation and pay with it. However, the rooms are more than $300. I called US Bank to increase my limit and deposit and was told that I could only do so after six months.

So here is a warning for those thinking about applying. Put enough deposit for the amount that you intend to use. Think about any airline tickets, hotels or car rentals that you might be using, factor in the cost and choose the right amount to deposit for the card.
 
Credit Score: 605 Credit Limit: 300 Age: 25-34
Posted 07/12 2017
Overall Rating:
I just wanted to let you know of my experience with US Bank. When I applied for the secured card, I was told "denied". But 3 days later, $300 was taken out of my bank account and when I called them, they said that I was approved. Come on, they have to sort out this process and BS. This was very deceptive. They should have warned us that application is pending and if approved you will see money taken out of your bank account for deposit. It is not too difficult. They are report as secured and not as unsecured unlike some other issuers.

My last issue I have with them is that when you cancel the card, they may not give you back your deposit immediately. And if you close the account too close to the anniversary date, they will still deduct and charge you an annual fee. I closed my account just before my one year anniversary but was still charged the annual fee for the second year because rep told me that technically, account is still open for 60 days after I request to close it!
 
Credit Score: 490 Credit Limit: 500 Age: 35-44
Approved 5 months after Bankruptcy
Income On Application: $55000
Posted 02/19 2017
Overall Rating:
After emerging from my Bk13 for 5 months, I applied for the card. I decided to deposit $500 to start. Initially, I thought that I was not approved but a few days after I applied, $500 was taken out of my checking account. Then I got a mail a month later congratulating me on my approval. Then the card arrived after a week. So I will give kudos to US Bank for approving me despite my BK.

But the application process was a mess and communications not clear. After 2 years, I asked if they could graduate me to an unsecured card. They refused because of the BK on my report. In the meantime, I already have 2 unsecured credit cards from Capital One.

So while they approved me despite my BK, I am stuck with this card unless I close it. If you have a BK history, I suggest getting secured credit cards instead.
 
Credit Score: 518 Credit Limit: 300 Age: 25-34
Posted 10/08 2016
Overall Rating:
I got this card to build my credit. The experience of many folks here with the "denied", then money taken out of checking account, then being approved happened to me as well. Here's my problem with this card. You cannot increase your credit limit or deposit until after six months. They report as secured and after having this card for a year and a half and with a score now of close to 700, I still cannot graduate. If the meantime, Citi graduated me as have Cap One. I now have their unsecured cards.
 
Credit Score: 540 Credit Limit: 800 Age: 25-34
Posted 06/26 2016
Overall Rating:
I got this card after a couple of denial from other banks. Anyway, US Bank as well as Opensky approved me. Since I was rebuilding, I made sure my utilization was 20% only and PIF every month. There are some things to know about this card.

1. They allow you to increase your credit after 6 months. That means you can add more deposit and increase your credit lines. There will no pull for this.
2. They report as secured.
3. They pull Experian when I applied.

After 2 years, I graduated to an unsecured card.
 
Credit Score: 530 Credit Limit: 300 Age: 25-34
Posted 04/14 2016
Overall Rating:
I have had this card for three years. Paid on time and for the most part in full. My score is now close to 700 and I have already been approved for 3 unsecured credit cards. US Bank still says I am not eligible for graduation to unsecured card!!
 
Credit Score: 578 Credit Limit: 500 Age: 25-34
Posted 01/23 2016
Overall Rating:
My credit tanked with a job loss and an underwater property investment. This resulted in many missed payments and collections. After finding my feet again, I slowly started of payoff everything on my credit report. My scores went up from about 490 to 578. Then I applied for the US Bank secured card and was approved. I have not had this card for long and will try to report back after I have it for some time.
 
Credit Score: 546 Credit Limit: 300 Age: 35-44
Posted 09/17 2015
Overall Rating:
I applied online and was told that the application was denied. Then 2 days later (when I checked my bank account online), I found out that $300 deposit was taken from it. I called the US Bank rep and was that I was approved! Happy about but this is such a weird experience. Has anyone faced anything like this before?

Anyway, I have been using this card for a few months. My score seems to have improved by around 40 points or so. This looks like a decent card and the experience so far has been good except for the part when I was told I was not approved then found out that I was!
 
Credit Score: 529 Credit Limit: 300 Age: 35-44
Approved 8 months after Bankruptcy
Income On Application: $60000
Posted 07/19 2015
Overall Rating:
This card is definitely BK friendly. I was discharged from BK 7 for 8 months when I applied for this card. And I was approved. I got the typically 7-10 day message and by the third day, they have taken $300 from my checking account. I have also since applied and was approved for Discover it secured and capital one secured and opensky. I will be gardening for now and taking a year to build up my credit to a fair level before any other apps. Since I have these 4 cards, I will be able to find out which is my favorite after a few months of using them.
 
Credit Score: 560 Credit Limit: 500 Age: 25-34
Posted 03/12 2015
Overall Rating:
After I applied for this card, I was told that my application was in process and I should expect to receive a mail in 30 days. A few days later, I noticed that $500 (which was the deposit amount I indicated in the app) was taken from my bank account. I took that as a sign that I was approved. Just to be sure, I called US Bank and was told that I was approved and will get my card within a week. So for those of you who applied, make sure you have enough money in your checking account. I was also told that if I paid in time for 12 months, I might be considered for an upgrade to an unsecured credit card. After 2 billing cycles, I checked my credit report and found that US Bank reports this card as secured.