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Valued Contributor
trumpet-205
Posts: 2,505
Registered: ‎11-11-2010
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Re: chase question

[ Edited ]

Revelate wrote:

 

Chase and BOFA are both starting to reward customer loyalty, and that includes even basic checking accounts held for a while.  Both are reaching down further in the credit strata trying to attract more customers as well.

 

I'd plead for everyone on this forum to pay attention to trends, rather than simply quoting conventional wisdom that is so last decade.

 


So far Chase and BofA only do bonus on rewards earned from credit card if you hold their checking account. Other than that checking account plays no part in credit decision. In fact credit decision is generated by computer based on your credit report solely.

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Revelate
Posts: 9,735
Registered: ‎12-30-2011
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Re: chase question

[ Edited ]

trumpet-205 wrote:

Revelate wrote:

 

Chase and BOFA are both starting to reward customer loyalty, and that includes even basic checking accounts held for a while.  Both are reaching down further in the credit strata trying to attract more customers as well.

 

I'd plead for everyone on this forum to pay attention to trends, rather than simply quoting conventional wisdom that is so last decade.

 


So far Chase and BofA only do bonus on rewards earned from credit card if you hold their checking account. Other than that checking account plays no part in credit decision. In fact credit decision is generated by computer based on your credit report solely.


Recon / manual review, and actually it's pretty easy to code in a modification for holding an account at the insitution vs. not.  As a result you can't simply make the assumption that things aren't being looked it, and judging from both personal and anecdotal eviidenced on this forum, both of these formarly holier-than-thou institutions are aggressively upselling their current customers on additional products.

 

Also I can tell you absolutely that there's more than just a credit report which you are evaluated on for both lenders (one of which everyone has heard of) that I've worked in supporting their loan origination systems.  I've seen the criteria first hand in their metadata, though I haven't seen a recent one from either of the two I tossed out as examples. 

 

Random anecdotal stuff, seeing people with Chase depository accounts getting approved for Freedom's with around a 620 score, when I'm not certain I've seen a non-Chase account applicant get in for under 650 (I could've missed posts easily) also sort of points towards customer loyalty making a difference.    As a different data point, BOFA CSR's on their credit products recently started mentioning length of my history with them (15 years through various states) and that never happened previously to me at any rate.

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trumpet-205
Posts: 2,505
Registered: ‎11-11-2010
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Re: chase question

[ Edited ]

Recon or manual review is on a case by case basis, and you cannot say for sure that having a deposit account becomes a decisive point on whether to approve credit or not. Keep in mind that lenders also have to maintain a certain ratio of borrowers. For example those who are below 660 but no lower than 620 12%, above 660 but between 720 15%, etc. This is done to keep risk in check. Checking account also does not demonstrate how you handle credit. There are numerous articles on the internet that tells you that checking account and debit card does not help you in getting a credit card. When lender starts pulling Chexsystem as part of their credit decision (which btw no lender has yet to do so), then yes checking account will influence credit decision. Till then no.

 

Lenders are now easing requirement for obtaining credit because competition among credit card is getting tough (for example Chase cardholder goes to BofA). Which is why you see credit card reward boosting and nice sign up bonus.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Valued Contributor
jamesdwi
Posts: 1,970
Registered: ‎09-16-2011
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Re: chase question


umut wrote:

i opened chase checking and savings account todat so my question is  these two accounts are gonna help me to get approved for chase credit card


its not going to help as mentioned by others, And in the end you really don't want to have them related, say you got a credit card based on having a checking account and use 50% of the availible credit, what happens if you move your checking account to another bank to get a better deal? Or even spend some or all of your savings?  what happens to your credit card then do they close it on you? CLD? Its bad enough having your credit linked to your Credit reports (derogs on your report can effect your other credit accounts), having them even more intwined it 10 to 100 times worse  bounce a check on your checking account sounds like a great way to get a CLD on your credit card thus killing your UTL up goes your credit score because you made a mistake on a personal check. 


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Senior Contributor
Open123
Posts: 4,219
Registered: ‎02-23-2011
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Re: chase question

[ Edited ]

Having a deposit account certainly won't hurt your chances.  For the overwhelming majority of people, having deposit + savings accounts can only help.

 

All things being equal, it can only help.  As with most things, there are extremes.  For instance, I'd imagine having a checking account with constant "nsfs + outlier fraud-like transactions" can only lead to adverse action.  Conversely, with deposit accounts in the millions, you'll be offered a high CL credit card by the bank with whom you have the miilions with even if your credit is non-existent or less than stellar.

 

The "democratization" of credit represented by a standardized score (such as Fico) has the most bearing for normal (non-outlier) behavior.  Regardless of credit score, a bank's super wealthy will always be offered credit products of their choice.  Likewise, regardless of credit score, the person exhibiting outlier + fraudulent like behavior will experience AA such as sudden account closure.

 

 

Established Contributor
CruzImperial
Posts: 869
Registered: ‎07-04-2012
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Re: chase question


TM82 wrote:

CruzImperial wrote:

absolutely not.  If you go to your local chase they might try to get you to apply but the accs won´t help you.

 

Last year I had little less than $3000 on my acc and they denied me for not having sufficient credit history.

 

They get money everytime they make you apply. .


That is completely false, they do not receive money if you simply apply, you have to be approved and use the card. It helps if you have a certain balance in the accounts and in certain borderline cases being an existing Chase customer with deposit accounts will help, ut it's not like if you have a 580 credit score it will help out.

When I meant "they", I was referring to the employees, acc managers to be specific. I solely base this opinion in the fact that they want me and sometimes the person I go with to apply every time the rare ocasion of me stepping in the local chase bank branch comes by.

 

I don´t have business with them anymore.

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