Wells Fargo ...

[jeffery581]

RE:, I tend take with a huge grain of salt whenever a personal banker implies having deposit accounts will have a positive effect on a credit application.

+1

bankers say a lot of things

[sjt]

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@Andy77 wrote:

I wanted options on the following:

Wells Fargo Credit dept says they are a "whole relationship bank, meaning if I keep a lot of $$ on deposit with them, that will be taken into consideration when I go to appy for a credit product with them.  I like this concept, but I don't know if I want a big bank.

If I bank with Charlies Schwab, I am not charged any fees on any ATM's ever, but I can't build any kind of credit relationship with them because they don't offer any credit products.

Question :

In your experience with Wells Fargo, knowing they are a whole relationship bank, how much do you think they use your assets with them in granting credit. ??

For instance suppose I have had 50k on deposit with them for one yr and I want a credit card, unsecured with a 10k limit, I have no debt, but a 5 yr old bk....what are my odds of approval?

Thank you

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I do believe that having a total banking relationship will help with credit decisions, but the exceptions/overrides depend on the value of the relationship. Also, the banker also can make a difference as well. Some will go out to bat for you and others will do the minimum. YMVV.

[mongstradamus]

i had an wellsfargo checking account with them for about 5+ years, they never really offered me anything till i decided to close my account and transfer money to credit union. As soon as i did that, they called and sent me letters for pre approved credit card. Coincedence i think not 

[UFGuy2006]

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@jeffery581 wrote:

RE:, I tend take with a huge grain of salt whenever a personal banker implies having deposit accounts will have a positive effect on a credit application.

+1

bankers say a lot of things

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++1 Agreed!!