Best bank to have history with?

[NRB525]

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@Anonymous wrote:

So I'm currently debating between Chase and Amex, and that got me thinking, is there a bank or CC company that generally is better to have a history with?

I'm young and plan to keep this next card for a while, so it's particularly relevant to me, but I think most people could benefit from this information! 

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Really, any of the major banks or credit unions is fine as a card to have history with. As long as you pay the card bill, that's all they care about, and limiting your credit exposure. The problem people here get into: They aren't satisfied with 1 or 2 cards, then start growing their file, often rapidly, and then certain banks cut back on the available credit.

On the other hand, if you pick a card you want to keep long term, like the Freedom card, or Blue Cash Everyday, and only gradually add cards to your wallet, no worries because your credit history is growing with your ability to pay.

[TrueGeminiNC]

For what it's worth - I love BOA.  BOA has a very large footprint compared to others which I enjoy.  I also have a great relationship with Citi. However, their footprint is extremely small and it can sometimes be inconvinient when I am living in or visiting an area with no Citibank branch.  

But - I will also add that there have been many times when I have gone to BOA and utilized my overall relationship as leverage, particullary when requesting a credit line increase or lower interest rate on my BOA Rewards card.  

I would recommend chosing a bank that will grow with you.  LIke many, I also had a credit union too.  But, I outgrew that relationship.  My particular credit union didn't invest heavily in technology as well as BOA offered competitive products.  

[Anonymous]

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@takeshi74 wrote:

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@Anonymous wrote:

So I'm currently debating between Chase and Amex, and that got me thinking, is there a bank or CC company that generally is better to have a history with?

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It doesn't really matter.  Better is always highly subjecitve anyway.  Even if "history" mattered the "better" one would be the one most useful specifically to you -- not what others tell you is better.  Your credit and income are going to overrule any history, relationship or usage.

I find both very useful.  Some may not find either to be of much use.  YMMV.

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QFT.

Pick whatever is useful to you.  If they are both useful, pick them both.  If Joe's CU down the street is useful, use it.  There is no banking institution or lending institution that is so prestigious as to make or break any application. 

[Anonymous]

I agree you should diversify your credit with different lenders.

From what I've heard, if your credit file is young/thin, Chase might give you a high APR and low credit limit on your first card with them. Just wanted to say that Amex is great for SP CLIs without having to HP for a new account to transfer limits. Many people have had to app for another Chase card to increase the limit on their first Chase card because even with a HP, Chase gives around $500 CLI... But Chase tends to be generous with starting limits after building internal history.

If you can apply for both, I would say start building a relationship with each early on. 😊

[Anonymous]

Working in finance as an underwriter we see this every day. Until recenty it was Amex that offered the charge cards, and now chase has one too. With everywhere that I have worked we will look harder at an AMEX charge card and the Chase charge card. If you have a good history paying those accounts it will typically help you get approved if your credit is in the fair-good range. The reason behind this is that you have no pre-set spending limit and you are required to pay in full each month. This is usually a very good indication of how you manage your finances & your spending. These cards do not help your credit any more than any other, however, because you pay in full each month its a better reflection than looking at an account someone is paying $25.00 a month on with a $6000 balance.

[Anonymous]

For anybody who is ever open to moving out of the country, the answer would be American Express and HSBC.

Chase has a Canadian operation (only credit cards), but what does 10 years of US Chase credit history get you? Zip. Start from scratch sir.

If you had even 1 year of US Amex history, they have a Global Transfer for major markets (Canada UK Hong Kong etc) where they will use your US Amex history to qualify you for a foreign-domiciled charge/credit card. A sibling who moved to the UK jumped straight into a UK Amex credit card, building UK history right off the bat without needing to start with secured cards and all those complications.

HSBC Premier goes one step further, as they are not only able to open up a foreign-domiciled credit card, but are also able to open up checking and savings accounts too. Need a Hong Kong based checking account in HKD? No problem. You can even see every country's accounts on a single webpage. 

[Anonymous]

Chase is the largest bank in the United States and it's not even close.  I would go with a Chase checking account, they tend to offer credit cards fairly quickly if you establish a good relationship, plus the checking bonuses are usually the best around.  But I would maybe try having a savings account with Discover, Capital One or AMEX -- the online banks tend to have better rates, usually around 1%, and they also have solid credit cards.  Plus if your savings is with a different bank, it will prevent you from going into the account as often as you might be tempted to. 

[longtimelurker]

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@Anonymous wrote:

Chase is the largest bank in the United States and it's not even close.  I would go with a Chase checking account, they tend to offer credit cards fairly quickly if you establish a good relationship, plus the checking bonuses are usually the best around.  But I would maybe try having a savings account with Discover, Capital One or AMEX -- the online banks tend to have better rates, usually around 1%, and they also have solid credit cards.  Plus if your savings is with a different bank, it will prevent you from going into the account as often as you might be tempted to. 

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As I commented in another thread, unless you need to go into branches a lot, footprint really doesn't matter.  With many internet banks, you get to use ANY ATM for free, and can do check deposit via your phone.   I find the need to worry about branches hard to understand in the internet age!  (With obvious exceptions, such as those who need to deposit large amounts of cash)

[TrueGeminiNC]

For me a physical branch is a necessity.  I often require Medallion stamps, cashiers checks, the ability to withdraw cash from ATMs without fees and most importantly quick/convinient access to cash.  Also, I think it is worth metioning - the ability to build a relationship with your banker.  

[TrueGeminiNC]

Interesting read published today that goes along with this thread.

http://www.thestreet.com/story/13168197/1/why-wells-fargo-ceo-john-stumpf-dreams-of-checking-account...