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TJtheDJ
Posts: 12
Registered: ‎08-08-2012
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The Benefits of Banking With Your Creditor

[ Edited ]

Hey guys, 

I wanted to see if anyone has taken advantage of having a sizable savings/checking account with their respective banks.

 

I have about 75k in a savings account with Chase. At the time establishment, my personal banker mentioned that with the plus savings account, I'd most likely be approved for any credit card issued by JP Morgan (Besides Palladium, of course).

 

I tried my luck at this with the freedom last October, and was declined due to too many inquiries (8 within the last 12 months) and an average FICO score of 690. When I called in and mentioned my savings account, they offered an immediate recon and then approved me for a CL of $5,000, and then recently a CLI to $15k. This was also true with the Sapphire preferred for which was I approved at a $15,000 CL.

 

Would this be the  case with most banks? I'm sorry if I seem a bit naive but I'd figure that they'd stick their guns even considering the obvious collateral.

 

Anyone have the same experience?

hr>Starting Score: 600
Current Score: Transunion: 715 (pulled 3/2013)
Goal Score: 800


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Commandolam
Posts: 74
Registered: ‎03-07-2013
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Re: The Benefits of Banking With Your Creditor

Well I'm no Chase personal banker, but someone else on here who is said Chase is very big on relationships (having a good amount of cash with them) and those who have a nice relationship with them are in their good graces.  I'd imagine the same would apply to most lenders since it only makes sense.  If I was a creditor and I already had $75k of your money deposited with me, I'd be okay with lending you 15k.

Age: 20 | AAoA: 1.1 Years | TU Fico: 725 | EX Fico: 719 | EQ Fico: 693
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Established Contributor
scenery_guy
Posts: 936
Registered: ‎07-24-2012
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Re: The Benefits of Banking With Your Creditor

Yes, same here. Two Chase personal cards (CSP and Priority Club) and two business (Ink Cash and Bold) pretty much nice limits and no issues getting them. Have an auto loan as well. Balances between several accounts averaged a little above $100,000 last year with a few really big spikes for business deposits. My banker says it does help quite a bit. 

Valued Contributor
Swapmeet
Posts: 1,569
Registered: ‎11-10-2012
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Re: The Benefits of Banking With Your Creditor

Chase would have probably approved you on a recon anyway. They are very good with recons.



My Wallet:
WalMart: ||15k|| USAA Platinum MC: ||26k|| BCE: ||9k|| Chase Freedom Siggy: ||10k|| Discover it: ||6.5k|| SG Visa: ||11k||
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Senior Contributor
youngandcreditwrthy
Posts: 6,242
Registered: ‎08-16-2012
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Re: The Benefits of Banking With Your Creditor

I'd have more money with Chase if they paid a competitive rate like Amex on Personal Savings!
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Established Contributor
VirtualCuriosity
Posts: 731
Registered: ‎09-10-2010
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Re: The Benefits of Banking With Your Creditor

Hmmm, I never thought about that.  Oh well, when I think of Comerica, I definitely don't think about rewards CCs.  I'll just stick to banking with them.


TU98 700 , TU08 700 , EQ 726 , EX 694 (As of 10/2014) - Personal Goal = 760

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