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Valued Contributor
bribro
Posts: 1,367
Registered: ‎04-20-2012

Re: Opening chase bank account

A JPMC checking/savings relationship of greater than $10k can help you get approved for a credit card. If you have less than $10k, it's almost the same as having no relationship at all though. A sizable relationship is helpful in getting approved when you're borderline, or during recon when you're applying for multiple cards and get initial rejections for reasons unrelated to your credit score. Parking $10k in a checking account won't help much if you filed for bankruptcy recently though.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
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HiLine
Posts: 2,836
Registered: ‎10-19-2012

Re: Opening chase bank account


bribro wrote:

A JPMC checking/savings relationship of greater than $10k can help you get approved for a credit card. If you have less than $10k, it's almost the same as having no relationship at all though. A sizable relationship is helpful in getting approved when you're borderline, or during recon when you're applying for multiple cards and get initial rejections for reasons unrelated to your credit score. Parking $10k in a checking account won't help much if you filed for bankruptcy recently though.


+1. $10k is about the cutoff for Chase, and you also have to maintain this amount for a certain period of time, at least several months so they know you're committed. :smileyhappy:

Valued Contributor
red259
Posts: 1,446
Registered: ‎06-05-2013

Re: Opening chase bank account


bribro wrote:

A JPMC checking/savings relationship of greater than $10k can help you get approved for a credit card. If you have less than $10k, it's almost the same as having no relationship at all though. A sizable relationship is helpful in getting approved when you're borderline, or during recon when you're applying for multiple cards and get initial rejections for reasons unrelated to your credit score. Parking $10k in a checking account won't help much if you filed for bankruptcy recently though.


Is it at least 10k in one account or can that be spread across two accounts?


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
Frequent Contributor
sghosh5
Posts: 455
Registered: ‎02-28-2013

Re: Opening chase bank account

I just got approved for CHASE Freedom today for $500. The limit is low, but thats because i have lower scores and 1/2 collections (paid in full) and even a CHASE charged off account from 2006. Also I was 120 days delinquent on auto loan in 2011. When applied online, was given a message 'application needs to be reviewed'. I called the recon number and the nice lady on phone first said I am denied. I asked her can it be reconsidered. She said wait for few minutes and came back and asked me about the reasons of my past delinquency. Why I was so late on my auto loan payment. I am on time since 2011. Also why i had applied so much past few months.

 

After 15-20 mins phone conversation, she said she is going to issue a card for $500 to me. 

 

Now the main reason of my approval is I have been a CHASE checking & Savings account holder from May 2011. Since I started working with a new job I have been direc deposit my whole pay check to CHASE. Last year my account balance was throughout near about $10K and I still keep maintaining that amount around checking and savings.

 

So as a matter in fact CHASE does value being a account holde for long and having healthy account balance. Thats what she mentione which favored my approval.

 

 


Starting Score: EQ: 499 (02/2013)
Current Score: EX: 694, EQ: 668, TU: 706
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Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Opening chase bank account

@red, I believe it's 10k in a personal account. Most businesses have no difficulty putting in 10k in a business account.

I have a friend who was approved for CSP as her first card. She had no prior revolving credit history. Her only credit history was an auto loan for 5 years that she paid off early. That auto loan helped somewhat, but what helped her most was probably her average daily balance of >100k for the past year helped in a big way.

The way I see it is that relationship can help for thin files, but certainly not bad files. There's only so much it can help. The analyst isn't going to overlook the excessive number of inquiries, or a recent collection / charge-off / BK regardless of how much you deposit.

And more importantly, it really isn't that hard to get approved for a credit card, so you dont have to try this hard and go out of way to get it. I used to think the CSP was really hard to get, and now that I have gotten it, it seems that almost everyone else has it too. Even the valet guy in my building has a CSP. Not discrimating against him, but what I'm trying to say is that all it takes is time and good finance management skills.
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
red259
Posts: 1,446
Registered: ‎06-05-2013

Re: Opening chase bank account


enharu wrote:
@red, I believe it's 10k in a personal account. Most businesses have no difficulty putting in 10k in a business account.

I have a friend who was approved for CSP as her first card. She had no prior revolving credit history. Her only credit history was an auto loan for 5 years that she paid off early. That auto loan helped somewhat, but what helped her most was probably her average daily balance of >100k for the past year helped in a big way.

The way I see it is that relationship can help for thin files, but certainly not bad files. There's only so much it can help. The analyst isn't going to overlook the excessive number of inquiries, or a recent collection / charge-off / BK regardless of how much you deposit.

And more importantly, it really isn't that hard to get approved for a credit card, so you dont have to try this hard and go out of way to get it. I used to think the CSP was really hard to get, and now that I have gotten it, it seems that almost everyone else has it too. Even the valet guy in my building has a CSP. Not discrimating against him, but what I'm trying to say is that all it takes is time and good finance management skills.

Yea, I rarely keep 10k in my personal account, since I run my own business. I tend to leave all the money in my operating account and then move it over to the personal account as needed when I am going to pay personal expenses etc.


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
Established Contributor
scenery_guy
Posts: 951
Registered: ‎07-24-2012

Re: Opening chase bank account


enharu wrote:
@red, I believe it's 10k in a personal account. Most businesses have no difficulty putting in 10k in a business account.

I have a friend who was approved for CSP as her first card. She had no prior revolving credit history. Her only credit history was an auto loan for 5 years that she paid off early. That auto loan helped somewhat, but what helped her most was probably her average daily balance of >100k for the past year helped in a big way.

The way I see it is that relationship can help for thin files, but certainly not bad files. There's only so much it can help. The analyst isn't going to overlook the excessive number of inquiries, or a recent collection / charge-off / BK regardless of how much you deposit.

And more importantly, it really isn't that hard to get approved for a credit card, so you dont have to try this hard and go out of way to get it. I used to think the CSP was really hard to get, and now that I have gotten it, it seems that almost everyone else has it too. Even the valet guy in my building has a CSP. Not discrimating against him, but what I'm trying to say is that all it takes is time and good finance management skills.

I would have to disagree with the highlighted line (but agree with the rest of your post). I'm an excessive INQ person but I have $100K + in deposit accounts with Chase most of the time plus investments. I pretty much get instant approval on Chase cards and have never had to barter limit from other Chase cards to get new ones. I'm sure there is a ceiling I will hit with them but they can quickly see I have the cash IN THEIR BANK to back up more than the combined lines from Chase cards. I'm sure they take that into consideration at application time as well as during SP. I know my banker thanks me for my business when I go in branch, of course they thank everyone...

 

Excessive INQ can be explained if you recon, or might not need to be explained if you have shown them the money for a few years. Stable deposit history and a stable credit score equates to a financially stable customer. That's an ideal customer to most banks I would assume. 

Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Opening chase bank account

[ Edited ]
@scenery, were your inquiries recent at that time and were they all due to credit card apps?

I should have made it clearer. If they were due to a mortgage or auto loan, explaining that would have been a lot easier if an explanation was even necessary.

I used to think 10 inquiries on a bureau as excessive, but after spending time on this forums, what I consider as excessive is having 20+ inquiries on a bureau due to credit apps solely.
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).
Established Contributor
scenery_guy
Posts: 951
Registered: ‎07-24-2012

Re: Opening chase bank account


enharu wrote:
@scenery, were your inquiries recent at that time and were they all due to credit card apps?

I should have made it clearer. If they were due to a mortgage or auto loan, explaining that would have been a lot easier if an explanation was even necessary.

I used to think 10 inquiries on a bureau as excessive, but after spending time on this forums, what I consider as excessive is having 20+ inquiries on a bureau due to credit apps solely.

I typically have applied for 3 cards every 91 days for past year, some of the cards are double pulls so 4-5 HP x 4 quarters = 18-20 just in credit cards. Add a few for auto loan one year ago. So a steady flow of INQ hitting every 3 months or so. When old ones drop off new ones are added as I apply for a new set of cards. 

Valued Contributor
red259
Posts: 1,446
Registered: ‎06-05-2013

Re: Opening chase bank account


scenery_guy wrote:

enharu wrote:
@scenery, were your inquiries recent at that time and were they all due to credit card apps?

I should have made it clearer. If they were due to a mortgage or auto loan, explaining that would have been a lot easier if an explanation was even necessary.

I used to think 10 inquiries on a bureau as excessive, but after spending time on this forums, what I consider as excessive is having 20+ inquiries on a bureau due to credit apps solely.

I typically have applied for 3 cards every 91 days for past year, some of the cards are double pulls so 4-5 HP x 4 quarters = 18-20 just in credit cards. Add a few for auto loan one year ago. So a steady flow of INQ hitting every 3 months or so. When old ones drop off new ones are added as I apply for a new set of cards. 


How many cards do you have?


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

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