JPM Reserve

[Saleen099]

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@sjt wrote:

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@wasCB14 wrote:

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@Anonymous wrote:

Hi everyone,

What would be the recommended score for an Approval? Min-Avg?

I should be sitting around 730 across all three scores. 100% payment history over 8 years--and credit utilization is the only variable that moves my score the most. With my most recent payments, it should be updated to that 730 range in a about a week or two--though there's the off chance it could sit at 720 instead.

I will be applying with my Private Banker as soon as it updates.

Any feedback is appreciated.

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What, approximately, is your utilization? With 8 years of history and no lates, I would expect a much higher FICO score. Are you carrying some major purchase at 0%? Maybe your existing CCs just have low limits compared to your assets and spend? Are most of your cards very new? Do you have legal access to the JPM funds to pay off any CC balances not at 0%, or does some trustee need to approve?

Presumably through some outdated systems at JPM, I'm in their JPM Private Client Direct customer category (I think one tier below Private Bank, despite having no assets with them anymore).

Maybe things are different since you're in their higher tier and a proper customer with an actual relationship with a banker...but for me they have assigned relatively conservative CLs that reflect my comparatively modest credit report and 1040 income.

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What is the minimum for a Private Client Direct relationship?

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  10million is the minimum. 

[wasCB14]

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@Saleen099 wrote:

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@sjt wrote:

What is the minimum for a Private Client Direct relationship?

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  10million is the minimum. 

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Then what's Private Bank now? Or did they merge?

[Saleen099]

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@wasCB14 wrote:

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@Saleen099 wrote:

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@sjt wrote:

What is the minimum for a Private Client Direct relationship?

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  10million is the minimum. 

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Then what's Private Bank now? Or did they merge?

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    Everything changed in 2016 to where you have to have $10 million in assets with J.P. Morgan Chase. 

    https://www.wsj.com/articles/at-j-p-morgan-9-million-in-assets-isnt-rich-enough-1458340690

[wasCB14]

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@Saleen099 wrote:

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@wasCB14 wrote:

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@Saleen099 wrote:

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@sjt wrote:

What is the minimum for a Private Client Direct relationship?

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  10million is the minimum. 

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Then what's Private Bank now? Or did they merge?

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    Everything changed in 2016 to where you have to have $10 million in assets with J.P. Morgan Chase. 

    https://www.wsj.com/articles/at-j-p-morgan-9-million-in-assets-isnt-rich-enough-1458340690

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WSJ March 2016: "Clients who don’t meet the $10 million threshold will be moved to a less hands-on service called Private Client Direct, people familiar with the changes said."

So the March 2016 article (which predates any 2017 changes) says PB and PCD were separate things as of March 2016. $10m was the minimum for PB, but that would mean the minimum for PCD must have been less than $10m.

* https://www.theguardian.com/money/us-money-blog/2016/sep/11/millionaires-private-banking-chase-wealt...

"$500,000 in investments or $250,000 in deposits to qualify" for PCD (written Sept 2016, preceding any 2017 changes)

[Anonymous]

Approved!! : )

[Anonymous]

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@Anonymous wrote:
Approved!! : )

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Congrats!  Do you mind sharing your starting limit?  Also moving this to the approvals forums now.

[Anonymous]

15k

[Anonymous]

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@Anonymous wrote:
15k

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Thanks. Nice limit for a very nice card.  Enjoy!