In general, the higher your credit score, the better your approval chances are.
Consumers searching for a 0% introductory APR offer will love the U.S. Bank Visa® Platinum Card. It offers an industry-leading, no-interest promotion on both purchases and balance transfers for the first 20 billing cycles after account opening (15.99% to 25.99% variable APR thereafter). The card also includes additional perks that make it valuable after the promotional period expires.
In this article, we’ll share the benefits of the U.S. Bank Visa Platinum Card, explain credit score requirements, what to do if your application is denied and how to improve your credit score for future applications.
Benefits of the U.S. Bank Visa Platinum Card
Although the U.S. Bank Visa Platinum Card doesn’t earn rewards, it does offer several benefits that make it attractive for the right cardholder. These benefits include:
- 0% introductory APR offer. You’ll enjoy a 0% intro APR on both purchases and balance transfers for the first 20 billing cycles after opening your card (15.99% to 25.99% variable APR thereafter). This interest-free financing gives you close to two years to pay off your purchases and balance transfers.
- Cell phone insurance. When you pay your cell phone bill with this card, it covers up to $600 for damage, theft or the accidental loss of your phone. You can file up to two claims per year with a $25 deductible per incident.
- Free credit score. As a U.S. Bank customer, you’ll receive free access to your Transunion credit score through the bank’s website or mobile app.
- No annual fee. There is no annual fee for this card.
What credit score do you need for the U.S. Bank Visa Platinum?
As with most banks, U.S. Bank does not publish the specific credit scores required to get approved for its credit cards. However, based on our experience, you should have good to excellent credit in order to get approved for the U.S. Bank Visa Platinum Card. This means that you’ll need a FICO score of 680 to 850 in order to qualify.
In general, the higher your credit score, the better your approval chances. However, the bank also considers other factors, such as income, monthly obligations and the number of recent inquiries. Before applying for any credit, it’s wise to pay down your revolving credit balances as low as possible to reduce your debt-to-income ratio and lower your credit utilization.
What can I do if my application is declined?
If your application is declined, take the following steps to improve your credit situation and possibly get approved for the U.S. Bank Platinum Card in the future.
- Determine the reasons for denial. Federal law requires all banks to send an explanation letter when your application is denied for credit. The explanation may be vague, but it should provide clues regarding why you were denied.
- Request a copy of your credit report. Whenever you are denied credit, the credit bureaus are required to provide a free copy of your credit report. Review the report for inaccuracies and other trouble areas.
- Dispute incorrect information. A study by the FTC found that one in four consumers had an error on their credit report that might affect their credit scores. You can dispute errors with the credit bureaus online or by mail. They have 30 days to investigate and correct any incorrect or unverified information.
- Call the reconsideration department. Contact the bank to discuss your application and ask if you can answer any questions about your application. It may have been denied because of an error or an unanswered question. A human review may catch something that an automated decision may have missed.
How can I improve my score to get this card?
When your application for credit has been denied, there are concrete steps you can take to improve your score. While your application may still be denied for the U.S. Bank Visa Platinum Card, these steps will improve your chances for any future credit applications.
- Pay down your debts. Many credit applications are denied because the consumer has too much debt. By paying down your credit card balances, you can reduce your debt-to-income ratio and your credit utilization. Both of these actions improve your chances of approval in the future.
- Limit your credit inquiries. Banks see red flags when people have multiple credit applications in a short period of time. Even if you manage your credit responsibly, they see this as a sign of financial trouble. The bank may decline your application even if you meet all of the other criteria.
- Make all payments on time. Your payment history is the largest component of your credit score, and one missed payment can jeopardize your credit score for up to seven years. To avoid these issues, consider signing up for automatic payments.
- Consider a secured card or credit-builder loan. If you have a thin credit file because you’re just starting out with your credit, you may need help building your credit history. Responsible use of a secured credit card or using a credit-builder loan can create a positive payment history that may qualify you for cards like this in the future.
- Turn on Experian Boost. Many of the normal bills that people pay, like utility and cell phone bills, don’t improve your traditional credit score. Experian Boost uses your on-time payment history for these monthly bills to build a positive payment history to improve your score. With Experian Boost, 63% of consumers with a fair credit score saw an increase in their scores.
- Add rent payments to your credit history. Most landlords only report your rent payments to the credit bureaus if you’ve missed a payment or are evicted. However, for those with a positive rent history, there are ways to boost your score by reporting monthly payments. Several services enable landlords or renters to report on-time rent payments to the credit bureaus to improve credit scores.
This U.S. Bank credit card offers one of the longest low-interest promotions in the industry. Additionally, cardholders don’t have to pay an annual fee and can enjoy cell phone protection when paying their bill with this card. You must have at least good credit to qualify, but there are steps that you can take to build your credit if your application is denied.