us bank mortgage loan reviews

Always review the U.S. Bank Correspondent Seller and HFA Division Lending Guides for the most current policy. Guidelines are updated with the. home mortgage loan, U.S. Bank National Association (“U.S. Bank”), improperly against U.S. Bank alleging, in a third amended complaint. We were told by US Bank that there would be ZERO repercussions if we went on the My complaint is that I recently tried to do a home equity loan and have.

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What credit score is needed for a U.S. Bank Card?

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U.S. Bank offers many different types of credit cards ranging from a secured credit card to a premium travel rewards credit card. If you want to apply for one of these U.S. Bank credit cards, you may be interested in your likelihood of being approved.

Although U.S. Bank will likely consider many aspects of your creditworthiness when deciding whether to approve your application, one important factor is usually your credit score. So, let’s take a closer look at what it takes to be approved for a U.S. Bank credit card.

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What credit score do you need for U.S. Bank cards?

U.S. Bank offers many different types of credit cards. Although U.S. Bank does not publicly state what type of credit score is needed for each of its cards, each card is designed with a different target consumer in mind.

Some U.S. Bank credit cards, such as the U.S. Bank Secured Visa Card, are designed for consumers who are looking to build or repair their credit. So, you may be able to get approved for the U.S. Bank Secured Visa Card even if you have fair or poor credit. However, note that this card is a secured credit card, so opening the card will require a security deposit.

Likewise, other U.S. Bank credit cards are exclusive to current U.S. Bank customers. One such card is the U.S. Bank Altitude Reserve Visa Infinite® Card, which is U.S. Bank’s premium travel rewards credit card. So, you’ll likely need to be a U.S. Bank customer with a good or excellent credit score to be approved for this card.

Related reading: The best U.S. Bank credit cards

How to check your credit score

Someone checking their credit score on a smart phone

First off, it’s important to realize that you don’t have just one credit score. Instead, there are multiple calculation methods such as FICO and VantageScore, as well as multiple credit reporting agencies such as Experian, Equifax and TransUnion. So your credit score depends on both the calculation method as well as the credit reporting agency that is used.

Luckily, it’s relatively easy to check your credit score for free with each credit reporting agency. For more information, check out our guide on how to check your credit score for absolutely free.

Related reading: 6 things to do to improve your credit

How to improve your credit score

If your credit score is lower than you’d like, you may be wondering how to improve it. Although the actual method used to calculate credit scores using FICO Score us bank mortgage loan reviews VantageScore methods isn’t publicly available, FICO does state that the following components are considered in set proportions:

  • Payment history (35%): Whether you’ve paid past credit accounts on time
  • Amounts owed (30%): How much of your available credit you’re using. Generally, you want to keep your credit utilization ratio below 30%
  • Length of credit history (15%): How long your credit accounts have been established, how long specific credit accounts have been established and how long it has been since you used certain accounts
  • New credit (10%): How many other credit accounts have you opened recently
  • Credit mix (10%): Your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans

So, if you want to improve your credit score, working on these components should help.

Related reading: Increase your credit score instantly: A guide to Experian Boost

Which U.S. Bank credit card is the most difficult to get?

U.S. Bank’s premium travel rewards card, the U.S. Bank Altitude Reserve Visa Infinite Card, is likely the most difficult U.S. Bank credit card to get. First, you need to be a U.S. Bank customer, www walmart money card customer service is defined as having one of the following products:

Checking or savings account, certificate of deposit, mortgage, home equity loan, home equity line of credit, auto/boat/RV loan, personal and small business loans and lines, commercial loan & lease, premier lines, private banking account or U.S. Bank credit card

But, even if you have an eligible relationship with U.S. Bank, you may us bank mortgage loan reviews be approved for the U.S. Bank Altitude Reserve Visa Infinite Card. After all, the Altitude Reserve is a premium travel rewards card, so you’ll likely need good or excellent credit to be approved.

Related reading: The best credit cards for excellent credit

Which U.S. Bank credit card is the best?

The best U.S. Bank credit card for you depends entirely on what you’re looking for in a card as well as your creditworthiness. However, our guide to the best U.S. Bank credit cards identified the following superlatives:

  • U.S. Bank Cash+™ Visa Signature® Card*: Best for cash-back rewards
  • U.S. Bank Altitude Reserve Visa Infinite® Card*: Best for frequent travelers
  • U.S. Bank FlexPerks® Gold American Express® Card*: Best for beginner travelers
  • U.S. Bank Visa® Platinum Card: Best for a competitive introductory us bank mortgage loan reviews. Bank Secured Visa® Card*: Best for a secured credit card
  • U.S. Bank Business Cash Rewards World Elite™ Mastercard®: Best for business cash-back rewards
  • U.S. Bank Ameri ichinose jav Leverage® Visa Signature® Card*: Best for businesses that spend a lot in a few categories
  • U.S. Bank Business Platinum*: Best for businesses looking for a competitive introductory rate

* The information for these cards has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

U.S. Bank also offers some cobranded credit cards, including LATAM and Korean Air cards as well as the REI Co-op World Elite Mastercard. These cards may be useful if you fly with either of these airlines or if you want to use your annual dividend toward an REI adventure trip.

Which U.S. Bank credit card is the easiest to get?

The U.S. Bank Secured Visa Card is the easiest U.S. Bank credit card to get since it is a secured credit card. This means that you’ll need to fund your account with $300-$5,000, which will be held as a security deposit in a separate U.S. Bank secured savings account. The amount of your security deposit becomes your credit limit, but you still must pay your credit card bill each month just as you would with great western supply davenport iowa traditional credit card. By using your card responsibly, you can build credit and improve your credit score.

Does U.S. Bank provide credit scores?

You go fish the card game online for free get access to your VantageScore from TransUnion at no cost when you enroll in online banking with U.S. Bank. You can even opt-in to receive email alerts when there are big changes to your credit report. Your score is updated once a month, but you can use the score simulator to estimate what your score might be if you made certain changes.

Related reading: Your FICO score and which credit cards offer it for free

Does U.S. Bank give instant approval?

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You can apply for most U.S. Bank credit cards online. According to U.S. Bank, you’ll receive an instant decision within three minutes for most cards.

Related reading: Credit cards that offer instant card numbers upon approval

Bottom line

U.S. Bank offers a wide variety of credit cards. So, there are U.S. Bank credit cards for consumers who are rebuilding their credit as well as for consumers who are looking for a travel rewards credit card.

Before applying, it’s best to determine whether the card is right for you as well as whether you’re likely to be approved for the card. Some issuers provide pre-qualified credit card offers that allow you to determine whether you’re likely to be approved without getting a hard credit pull — and may even provide access to higher welcome bonuses targeted specifically to you.

Featured image by Eric Helgas/The Points Guy.

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us bank mortgage loan reviews U.S. Bank Mortgage Review: Wide Variety, Low Rates, Great Service

Top perks 


U.S. Bank scores well above average in the J.D. Power 2020 U.S. Primary Mortgage Servicer Satisfaction Study, with 802 points versus the industry average of 781. This indicates customers tend to have a good experience when U.S. Bank services a loan. U.S. Bank scores a little below average in J.D. Power's mortgage origination study (848 points versus the industry average of 856). We don't consider that a big drawback, because it's still a great score and the competition is stiffer when it comes to making new loans. 

Customer discount 

U.S. Bank offers a relationship bonus to its current customers. If you hold a U.S. Bank Personal Checking Package or have an existing U.S. Bank mortgage, you may be eligible for a discount on closing costs. The discount is 0.25% of the new loan amount, up to a maximum of $1,000. For example, if your loan is for $200,000, you can save $500.

5-minute prequalification 

You can enter your personal information on U.S. Bank's website and get a basic loan estimate. It takes about five minutes, and the response is instant. This isn't a full application and won't affect your credit score. It's also not a commitment to lend, but it can let you know where you stand. 

Loan variety

U.S. Bank offers most popular mortgage loans, as well as some that can be harder to find:

What could be improved 

Transparent lending information

U.S. Bank doesn't publish details about what it looks for in an applicant on its website. Also, U.S. Bank says it works with various agencies to help borrowers get down payment assistance, but there's no specific information. For example, a borrower will have to speak to a loan officer to find out how to qualify and what the minimum down payment might be. Not everyone wants to start their mortgage loan research with a call from a loan officer (and their name on a marketing list). Admittedly, U.S. Bank is not unusual in this.

Published rates won't apply to most borrowers

All lenders keep their best rates for the most qualified applicants, and in general, consumers with excellent credit scores will get the lowest mortgage rates. Each lender sets its own cutoff between "good" and "excellent." U.S. Bank says that 740 is an excellent credit score. 

As such, you'll likely need a credit score of at least 720, perhaps even 740, to land in that low rate sweet spot. Since the average credit score in the U.S. is 706, the published rates on U.S. Bank's website won't apply to most people.


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U.S. Bank Personal Loans Review

Pros of U.S. Bank Loans

  • No prepayment or origination fees: You won’t incur any application or origination fees when applying for or receiving your personal loan through U.S. Bank. There aren’t any penalties for paying off your loan early, either. You can pay any amount extra toward your balance at any time.
  • Small minimum loan amount: While some lenders like SoFi or Peerform require you to take out at least $4,000-5,000, U.S. Bank allows you to borrow as little as $100 through its Simple Loan, and as little as $1,000 with its traditional personal loan.
  • Generous AutoPay discount available: You may be able to save up to 0.5% on your loan when you set up autopay through your U.S. Bank or external personal checking or savings account.
  • Competitive APRs: U.S. Bank’s high APR of 18.49% is better than what a lot of lenders on the market offer, and its low APR is among the top third of lenders The Balance has ranked. This accounts for the higher scoring due to the weight given to average APR in the scoring model The Balance uses.

Cons of U.S. Bank Loans

  • Lower loan limit in two states: U.S. Bank’s standard loan limit is $50,000, but for those in California and Nevada, it is only $25,000.
  • Some borrowers will need to visit a branch in person: While many borrowers will be able to complete the process entirely online, others may need to go into a local U.S. Bank branch to close their loan.
  • No prequalifications: While some banks will allow you to prequalify for a loan with a soft credit inquiry before proceeding with your official application, this isn’t an option at U.S. Bank. You’ll have to apply and trigger a hard credit check to see whether you qualify.
  • Late fee: U.S. Bank charges a late fee for loans paid five days late or more, whereas several online-only lenders don’t charge late fees at all.

U.S. Bank Personal Loan Rates & Terms

What can you expect when you borrow from U.S. Bank?

  • Interest rates: From 5.99% to 18.49% APR, depending on creditworthiness
  • Repayment term: 12 to 60 months
  • Fixed-rate: All U.S. Bank loans have fixed rates, so you don’t have to worry about changing rates, and your payment remains consistent

The lowest APR is only available on loans of $10,000 or more with repayment terms of 12 to 36 months.

In addition to more traditional personal loans, U.S. Bank also offers what it calls Simple Loans. Whereas the bank’s traditional personal loans have longer repayment terms and a fixed interest rate, Simple Loans have a three-month repayment term and a flat fee for every $100 you borrow.

You’ll pay $6 per $100. Loan amounts range from $100 to $1,000. You repay your loan in three equal installments, which you can pay manually each month or set up as an auto-draft from your existing U.S. Bank consumer checking account. For example, if you take out a $400 Simple Loan, you’ll pay back a total of $424 ($400 plus $24 in fees) over three months with three payments of $141.33.

While the $6 fee may seem manageable, its APR equivalent is just over 36.65%, which is considerably higher than U.S. Bank’s traditional personal loan option

How Much Can You Borrow With U.S. Bank?

Borrowers can apply for between $1,000 and $50,000 in personal loan funding through U.S. Bank. Although, note that the maximum loan amount in California and Nevada is $25,000. Funds may be available as soon as one business day after the loan closes. For U.S. Bank Simple Loans, loan amounts range from $100 to 5th third bank customer service phone number. You can choose your loan amount in $100 increments.

U.S. Bank Personal Loan Fees

  • Late payment fee: $29 when you're five days late or more
  • Prepayment penalty and fees: None
  • Origination fees: None for the traditional personal loan, but a Simple Loan charges $6 for every $100.

How to Get a Personal Loan From U.S. Bank

The personal loan application is offered online, and the bank usually us bank mortgage loan reviews a first commonwealth credit union decision in less than a minute. However, to finalize the loan, some borrowers will need to make an in-person visit us bank mortgage loan reviews a local U.S. Bank branch.

If you want to open a U.S. Bank account, student checking is the only free option. The U.S. Bank Easy Checking Account has a $6.95 monthly fee that can be waived, and though it does charge overdraft fees, they offer Overdraft Protection. If you aren’t a student or don’t need another checking account, you can open a savings account and waive the monthly fee by keeping an average daily balance of at least $300.

U.S. Bank typically makes your loan available within one business day of closing the loan.

Simple Loans have slightly different eligibility rules but equally fast funding. Only customers of six months or longer can get them, and you need at least three months of recurring direct deposits.

Final Verdict

U.S. Bank personal loan interest rates are competitive with no application or prepayment penalties, and a loan decision is usually provided within minutes. The 0.5% trustco mortgage discount is a nice perk, too, making the traditional personal loan a good option for those who can qualify.

If you’re looking to take out a smaller loan, with easy-to-calculate interest rates and repayment options, the U.S. Bank Simple Loan might be the answer. With no late or prepayment fees, quick decisions on loans up to $1,000, and a flat $6 fee per $100 borrowed, you know exactly what you’re getting from the start.

Also, while the bank doesn’t specify which customers may have to close their loan in person, this could be a drawback if you don’t have a U.S. Bank in your us bank mortgage loan reviews or locations are limited. Finally, the bank reserves its best interest rates for certain loans, so it may not be best if you have excellent credit and want to borrow less than $10,000.


We look at 40 data points from dozens of financial institutions to evaluate lenders for our personal loan reviews. Because a loan’s APR can dramatically impact the total cost you pay, we weight that feature the heaviest. But since a great APR usually requires at least a good credit score, we also give points to lenders who may have a higher potential APR but offer loans to people with less-than-perfect credit scores. 

Along those lines, we favor lenders who allow you to see if you prequalify before applying for a loan, so you won’t harm your credit score us bank mortgage loan reviews by applying. Origination, prepayment, and late fees all get counted in our assessment. And lastly, we deduct points from the ratings of lenders with restricted access—for instance, those who require you to first have another type of account with them or to join a nonprofit organization. 

The Balance requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy .

  1. U.S. Bank. "Personal Loan." Accessed October 20, 2021.

  2. U.S. Bank. "Simple Loan." Accessed October 20, 2021.


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