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@Anonymous wrote:Yea I dont hear great things about Chase. I have used them as a bank a little bit and they have always been great. When it comes to credit card apps, recon lines, etc they dont seem too interested in helping. At least thats the experience I have had so far.
It's the same with almost all the major banks. Ive been told by Citi's executive office that relationships don't matter to them, that we're all just numbers, and our credit is what will determine what happens to our accounts. And those were the words used. Chase uses their own proprietary credit scoring model along with FICO and VantageScore to make their decisions. Even if you're fine when it comes to FICO and VS, if you fail theirs, you'll still be declined. However, the Freedom Unlimited and Slate are geared for average credit, and will extend down to fair. You can be approved with a mid-600 FICO and a thin profile.
A bank like Wells Fargo will look at relationships. I'm pretty sure my mortgage there played a part in me getting one of their cards while I was building. But others like Pen Fed don't consider it. My cousin put $5 in a savings account at Pen Fed just to join. He applied for a card and got $12K just because his profile supported it.
I can add a couple of data points here... my last denial with BoA stated lack of deposit/investment accounts with them as one of the reasons for the denial.
I also agree that Wells Fargo seems to take deposit accounts into consideration as well; my own Propel Amex approval was quite generous for someone with my income, and I'm quite certain that linked deposit accounts helped out.
@UncleB wrote:I can add a couple of data points here... my last denial with BoA stated lack of deposit/investment accounts with them as one of the reasons for the denial.
I also agree that Wells Fargo seems to take deposit accounts into consideration as well; my own Propel Amex approval was quite generous for someone with my income, and I'm quite certain that linked deposit accounts helped out.
Think i may have mentioned a family member that got an extra 2k on opening of his BBR for having a savings account with 200$ in it...
Actually he was considering throwing in that amount as a rainy day fund .. The CSR on the recon call sort of hinted to having a relationship with BOA.. and he said to the rep, Was considering opening a small savings for a rainy day..... Did not approve it on the phone.....
Went to a BOA branch the next day and opened a savings account with 200$... As he walked out of the branch he got a cell call from BOA.... We can approve you for the CLI you requested the other day.... for an additional 2K......
Yes some banks do value relationships... though its not a universal thing, and its still about score first.... as a previous poster said, for some banks it can tip the scale in your favor, or out of it if your close already...