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Valued Contributor
red259
Posts: 1,464
Registered: ‎06-05-2013

Opening chase bank account

How much does having a chase bank account help with getting their CCs both personal and business, I have used TD Bank for years ( started with commerce before merger) and with the number of branches in my area and the longer hours and lower min account fees I have been satisfied. That being said the TD Bank CCs aren't that great. I was considering moving my personal checking and business accounts over to Chase. Would that be a major benefit in terms of obtaining cards in the future for both personal and business use? How have people found banking with them?


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
Moderator
09Lexie
Posts: 24,589
Registered: ‎09-13-2012

Re: Opening chase bank account

Chase is very big on relationships. Of course, your cr profile should be free of major recent derogs. That being said, if you are thinking about apping for a cc- it would probably be best to go inside the branch ESP if you are thinking of moving your business accts. also, the sign up bonuses have said to be better when you app in the branch.
Frequent Contributor
SSA_2013
Posts: 396
Registered: ‎05-27-2013

Re: Opening chase bank account

[ Edited ]

red259 wrote:

How much does having a chase bank account help with getting their CCs both personal and business, I have used TD Bank for years ( started with commerce before merger) and with the number of branches in my area and the longer hours and lower min account fees I have been satisfied. That being said the TD Bank CCs aren't that great. I was considering moving my personal checking and business accounts over to Chase. Would that be a major benefit in terms of obtaining cards in the future for both personal and business use? How have people found banking with them?


I think it really depends. Wells Fargo is probably a more "relationship bank." However, Having a Chase checking account will only benefit you (especially if you keep a decent amount in it) but I don't believe they will approve someone with a less than good credit report just for banking with them. I personally like dealing with Chase Checking+ Credit Cards as   a)they have treated me very well   b) convenience. I like being able to make a payment to a credit card and having it immedietly available + getting rewards is extremely easy to have deposited within days. Their website is also good as it makes everything much more organized. 

Valued Contributor
red259
Posts: 1,464
Registered: ‎06-05-2013

Re: Opening chase bank account


SSA_2013 wrote:

red259 wrote:

How much does having a chase bank account help with getting their CCs both personal and business, I have used TD Bank for years ( started with commerce before merger) and with the number of branches in my area and the longer hours and lower min account fees I have been satisfied. That being said the TD Bank CCs aren't that great. I was considering moving my personal checking and business accounts over to Chase. Would that be a major benefit in terms of obtaining cards in the future for both personal and business use? How have people found banking with them?


I think it really depends. Wells Fargo is probably a more "relationship bank." However, Having a Chase checking account will only benefit you (especially if you keep a decent amount in it) but I don't believe they will approve someone with a less than good credit report just for banking with them. I personally like dealing with Chase Checking+ Credit Cards as   a)they have treated me very well   b) convenience. I like being able to make a payment to a credit card and having it immedietly available + getting rewards is extremely easy to have deposited within days. Their website is also good as it makes everything much more organized. 


Yes, with my chase freedom its getting a bit annoying as I can't have more than one payment within 3 days of eachother and for accounting reasons I am paying from two different accounts. The instant payment being applied would be nice.


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Opening chase bank account

Moving your accounts to chase will help you establish better relationship with them, but there's only so much a banking relationship can help even if you deposit millions of dollars. Eventually it will depend mostly on your personal/business credit. You should be emphasizing on the benefits and terms each bank is providing you, rather than to move it to xxx bank just to get approved for some credit cards. And if your deposit isn't sizable, then it wouldn't even matter at all to be honest.

That being said, chase is still a good bank. However if someone else can provide you with better service and/or rates, go with that instead. Credit card approvals will happen on its own with good finance management and time. There's really no point opening a chase account just to get approved for a credit card, unless you are trying to go for the palladium or JPMorgan select, which requires you to have a minimum deposit amount with chase.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012

Re: Opening chase bank account

I like Chase bank. Look for opening bonus btw.
2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
Valued Contributor
red259
Posts: 1,464
Registered: ‎06-05-2013

Re: Opening chase bank account


enharu wrote:
Moving your accounts to chase will help you establish better relationship with them, but there's only so much a banking relationship can help even if you deposit millions of dollars. Eventually it will depend mostly on your personal/business credit. You should be emphasizing on the benefits and terms each bank is providing you, rather than to move it to xxx bank just to get approved for some credit cards. And if your deposit isn't sizable, then it wouldn't even matter at all to be honest.

That being said, chase is still a good bank. However if someone else can provide you with better service and/or rates, go with that instead. Credit card approvals will happen on its own with good finance management and time. There's really no point opening a chase account just to get approved for a credit card, unless you are trying to go for the palladium or JPMorgan select, which requires you to have a minimum deposit amount with chase.

True. I like TD Bank, but the reality is that I don't interact with them much at the moment. I have payments coming in through direct deposit, so its somewhat rare I have to go in the branch. That will probably change in the near future, but at the moment I don't feel like I have a relationship with them. They just hold my money and the mins on the accounts are easy to meet so I don't get hit with fees. I think Chase wants 10k min at all times in a business account to avoid the monthly fee vs TD requiring only 1k. Both are doable, but I never know if I will need to do a number of disbursements before my account receievables come in and I could drop below 10k temporarily. I guess I am interested in what perks I would get by banking with Chase, since with TD bank its a low hassle basic service, but they don't seem to be very good at offering additional benefits if you stay with them for a long time.


Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 730 6/27/14
Goal Score: 800 In garden until 1/2015
Moderator
Revelate
Posts: 8,463
Registered: ‎12-30-2011

Re: Opening chase bank account

[ Edited ]

SSA_2013 wrote:

red259 wrote:

How much does having a chase bank account help with getting their CCs both personal and business, I have used TD Bank for years ( started with commerce before merger) and with the number of branches in my area and the longer hours and lower min account fees I have been satisfied. That being said the TD Bank CCs aren't that great. I was considering moving my personal checking and business accounts over to Chase. Would that be a major benefit in terms of obtaining cards in the future for both personal and business use? How have people found banking with them?


I think it really depends. Wells Fargo is probably a more "relationship bank." However, Having a Chase checking account will only benefit you (especially if you keep a decent amount in it) but I don't believe they will approve someone with a less than good credit report just for banking with them. I personally like dealing with Chase Checking+ Credit Cards as   a)they have treated me very well   b) convenience. I like being able to make a payment to a credit card and having it immedietly available + getting rewards is extremely easy to have deposited within days. Their website is also good as it makes everything much more organized. 


I think that greatly depends on your definition of less than good credit.  I didn't meet the minimum barrier of any lender for mortgage qualification on my EQ Beacon 5.0 score; however, I was approved for a Freedom upon recon.  One of my two primary recon points was that Chase was my primary bank, and I have a non-trivial income direct deposited in it, and it was likely 80% of the approval decision.  

 

End of the day, banks are very well aware of American tendencies to focus on their primary bank to the exclusion of other institutions.  We see that here on this forum even with WF customers, and their cards are worth little more than tradeline farms.

 

At least out of the large call it big 4 American banks, I think Chase likely has the strongest desire for "relationship" banking, and the best understanding that it's a two-way street.  It is trivially easy to move direct deposit from one instituion to another, wouldn't even take a pay period in my case.  I doubt banks are unaware of this, or discount the value of a potentially good customer who's negotiating in good faith.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Frequent Contributor
SSA_2013
Posts: 396
Registered: ‎05-27-2013

Re: Opening chase bank account


Revelate wrote:

SSA_2013 wrote:

red259 wrote:

How much does having a chase bank account help with getting their CCs both personal and business, I have used TD Bank for years ( started with commerce before merger) and with the number of branches in my area and the longer hours and lower min account fees I have been satisfied. That being said the TD Bank CCs aren't that great. I was considering moving my personal checking and business accounts over to Chase. Would that be a major benefit in terms of obtaining cards in the future for both personal and business use? How have people found banking with them?


I think it really depends. Wells Fargo is probably a more "relationship bank." However, Having a Chase checking account will only benefit you (especially if you keep a decent amount in it) but I don't believe they will approve someone with a less than good credit report just for banking with them. I personally like dealing with Chase Checking+ Credit Cards as   a)they have treated me very well   b) convenience. I like being able to make a payment to a credit card and having it immedietly available + getting rewards is extremely easy to have deposited within days. Their website is also good as it makes everything much more organized. 


I think that greatly depends on your definition of less than good credit.  I didn't meet the minimum barrier of any lender for mortgage qualification on my EQ Beacon 5.0 score; however, I was approved for a Freedom upon recon.  One of my two primary recon points was that Chase was my primary bank, and I have a non-trivial income direct deposited in it, and it was likely 80% of the approval decision.  

 

End of the day, banks are very well aware of American tendencies to focus on their primary bank to the exclusion of other institutions.  We see that here on this forum even with WF customers, and their cards are worth little more than tradeline farms.

 

At least out of the large call it big 4 American banks, I think Chase likely has the strongest desire for "relationship" banking, and the best understanding that it's a two-way street.  It is trivially easy to move direct deposit from one instituion to another, wouldn't even take a pay period in my case.  I doubt banks are unaware of this, or discount the value of a potentially good customer who's negotiating in good faith.


When I define less than good...I mean if someone has multiple derogatives a banking relationship may help but not much. Chase (like many banks) will still want a decent credit application beyond a relationship. I use the analogy of a family member. A relative may be close to you but that doesn't mean you would loan them money if they have a history of not paying it back :smileyvery-happy: 

Member
Ailee92
Posts: 97
Registered: ‎06-09-2013

Re: Opening chase bank account

http://www.ebay.com/itm/Chase-Premier-Plus-Checking-200-Bonus-Coupon-exp-7-5-13-no-direct-deposit-/2...

 

remember to get a coupon like this, you can buy this one on ebay through the link if you can't find it. $200 free money. Try to negociate it for 20,000 UR points 


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