Opening Chase bank account increase odds?

[SkyCommander]

It was my first CC and it was done in the branch. For sure scores are used but if you have some large deposits they will see that you have money. A bank is a place that will lend you money if you can prove that you don't need it 

[Anonymous]

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@Anonymous wrote:

Tylor-

When you got those denials..I'm sure you didn't recon and have UW manually go over your Chase products???

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Actually I did. All they said was that my credit file was too thin. They totally ignore the fact that I have checking account with them for several years.

[Anonymous]

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@longtimelurker wrote:

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Your argument is that it can't hurt,  regardless of whether it actually helps.  My point is that there is some cost (however small) so you need to know if there really is a countering increase in probability of acceptance, even for small amounts.  As I don't believe there is.....

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Yet many others with first hand experience of having previous Chase accounts believe there is.  I'd trust those opinions over an outsider, personally.

[Anonymous]

Chase has an extensive internal scoring program going on. By having an account with them they are privy to information not on a credit report that an outsider's hard pull would see.

[Anonymous]

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@Anonymous wrote:
Chase has an extensive internal scoring program going on. By having an account with them they are privy to information not on a credit report that an outsider's hard pull would see.

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Which is a perfect reason why, assuming responsible use of that account, that one may possess better chances with respect to opening up a credit card with them.

[longtimelurker]

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@Anonymous wrote:

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@longtimelurker wrote:

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Your argument is that it can't hurt,  regardless of whether it actually helps.  My point is that there is some cost (however small) so you need to know if there really is a countering increase in probability of acceptance, even for small amounts.  As I don't believe there is.....

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Yet many others with first hand experience of having previous Chase accounts believe there is.  I'd trust those opinions over an outsider, personally.

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To recap: there are those who have a Chase bank account, and those that do not.  Then there are those that have successfully got Chase cards and those that didn't.  There are examples in each of the four categories.   To claim a positive impact over what I view as the opportunity cost of keeping deposits with low-paying chase, you would need to show more than expected people who otherwise wouldn't get cards did so because they have a chase account.  A few stories saying that "it helped" has no real value, compared to the large number of us with Chase cards without chase accounts.   That's all.  We don't have enough data

[Anonymous]

It's not just about approval or denial.  Approvals can come in different shapes and sizes.  Starting limits, interest rates, etc.  For someone that would be approved for a Chase card regardless, the argument is that possessing an account with them prior and upon manual review in branch for a CC one may achieve a better approval result than otherwise would be the case.  I disagree with "we don't have enough data."  There have been plenty of people not just in this thread but in multiple Chase threads over the course of the last month or two that have provided plenty of "data" even if it isn't easily quantifiable.

[joltdude]

Know this is ancedotal.. But family member when opening his BBR was a little letdown at his limits... So we called in.. and the rep asked us if we were planning on establishing a relationship with BOA...... Said yes..... went to a physical branch and opened up a 500$ savings account... got a phone call literally minutes after the account was established saying he was approved for another 1K on his BBR... walking out of the bank his cellphone rang with BOA. So some banks take this relationship thing seriously...  its about internal AND external scores

[Anonymous]

Every bank has an "internal scoring" system that they use, regardless of whether you have deposit accounts or not. Both your Fico and internal score are used.

[Revelate]

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@Anonymous wrote:
Every bank has an "internal scoring" system that they use, regardless of whether you have deposit accounts or not. Both your Fico and internal score are used.

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Absolutely; however, to suggest the internal scoring algorithms don't potentially take into account the other accounts on record with that institution, would be naive.  If there's data on customer loyalty, and I would suggest if not outright state that there is with any lender of sufficient size, it can and will be used if meaningful.

There are almost assuredly ways to game the algorithm; I haven't really pushed my luck with Chase in particular that much, but they've done right by me in the absolute sense (even if I'm just a number, I know that) but I've also wrapped my arms around Chase for anyone who glances at my credit or financial records (that said if Chase closed all my CC's I'd be fine).  Whether I'd have gotten everything that I received without that, impossible to state but I would suggest it's seriously doubtful.

Anyway I think the salient point is that if the information exists, and the lender knows it, you have to assume they will use it.  Whether that information helps or hurts, pretty much impossible to state without access to the algorithm and the ones at lenders are far less transparent than even FICO scoring which is saying a lot.