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Will opening a savings account help me get a credit card?

Regular Contributor

Will opening a savings account help me get a credit card?

I want to say the answer is no, because I've been with BofA for 15 years and they still didnt approve me for an unsecured (although they did for a secured).

 

So am I dumb in thinking that if I open an Amex Savings or PenFed savings I'll get in their good graces and later look better to get a credit card?


Starting Score(4/1/10): EQ: 631--- TU: 646
Current Score(4/1/10): EQ: 725--- TU: 686
Goal Score: EQ: 850--- TU: 850


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Message 1 of 7
6 REPLIES
Senior Contributor

Re: Will opening a savings account help me get a credit card?

Interesting Question which I have thought about.  Here are my thoughts.

 

For institutions like credit cards and most banks, I think it helps if you are a regular customer with checking & savings. 

 

I opened checking and savings with Wells Fargo last year and started using account as primary account.    I started getting online offers for secured card after a few months, then a few months ago the offer became rewards card.   I'm pulling the trigger next month and if approved, I know it will be true in this case. 

 

I used to be a regular customer of American Express (19 years, no defaults, no 30 day lates, heaviest usage of any card) and I doubt if opening a savings account with less than $10K would help me.      IMO, only large savings account would help.

 

I don't know about PenFed.

 

 

 

Are you going to take secured card from BofA?    It is one of the better secured cards.   

 

 

 

 

Message 2 of 7
Regular Contributor

Re: Will opening a savings account help me get a credit card?

I did indeed take the BofA secured, although I wish I had known it was a hard pull every time you wanted to deposit money, I would have increased my initial deposit. Now I have to wait six months, which it sounds like is a good amount of time to wait in between hard pulls from reading comments on this site.

 

I already had Cap One with credit steps for a few months, and just pulled the trigger on the Best Buy card after the BofA was approved. I must have gotten my credit report on a good day because I was approved for 1,000 Plat card. Now my pre approval says Gold instead of Plat, so I think I dodged a low limit bullet on that one.


Starting Score(4/1/10): EQ: 631--- TU: 646
Current Score(4/1/10): EQ: 725--- TU: 686
Goal Score: EQ: 850--- TU: 850


Take the FICO Fitness Challenge
Message 3 of 7
Senior Contributor

Re: Will opening a savings account help me get a credit card?

Sounds like you are doing good to me.

 

Your Penfed savings account may have merit.    You might open a new post asking the best way to get a Penfed card.

Message 4 of 7
Established Contributor

Re: Will opening a savings account help me get a credit card?

I have credit cards from BoA, Chase, Discover, Amex and RBS.  I have never had a deposit account with any of them. 

 

Why?  Because Credit Unions pay significantly higher dividends on deposit accounts than banks.


Starting Score: TU 737 EQ 721
Current Score: TU 741 EQ 741
Goal Score: TU 765 EQ 760


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Message 5 of 7
Contributor

Re: Will opening a savings account help me get a credit card?

 
FICO 733 (Discover)
Message 6 of 7
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Moderator Emerita

Re: Will opening a savings account help me get a credit card?

@vygotsky

This is an old thread. Please copy your question into a new thread so that responses can be addressed to your particular question.

Message 7 of 7