Getting "in" with the Big 4 a good strategy?

Anonymous · ‎10-07-2016

I'm sure this really comes down to personal opinion, so I guess I'm soliciting a bunch of opinions here which I'm sure could differ greatly.

I have a desire for whatever reason to get "in" with the Big 4. Not sure why really, other that just wanting to establish positive relationships with them. It is just mentally pleasing to me to know that several years down the line if I'm looking for a mortgage or loan that I've already established solid favorable relationships with the biggest banks which can only be a good thing.

I already have positive accounts on my credit reports with Bank of America and Wells Fargo, but I have never had an account with either Citi or Chase which are two of the biggest discussed banks on these forums, moreso in terms of credit cards I would say. Is it a bad idea to scoop up a credit card with Citi and Chase just to establish a positive relationship with them? I know people say not to get a credit card unless you need it and I certainly wouldn't "need" one from either bank. There are other people that chase sign on bonuses, which I know at least with Chase is a reason to justify apping. I don't have a lot of credit cards (5 total) and my aggregate utilization never exceeds 1-2% so I'm not worried about the risk of taking on another card or two. My profile recovers in about 2-3 cycles from new accounts since I app extremely rarely.

I'm just looking for opinions here on whether or not people feel establishing relationships with the big banks is a good thing, sort of as a means to lay ground work for a possible future with that lender should the need arise.

darwin_wins · ‎10-07-2016

If you want to apply for Chase, apply as long as you are under 5/24. Chase has good cards but most of them are geared towards using UR program. If you travel that is the best way to the value out of their points. Apply for Freedom / Freedom Unlimited & CSP (if you dont want to apply for CSR). Apply for either United (again if you use United and travel) or some hotel card.

Personally Citi cards are not appealing to me at this point. If I want something like DC I am just going to go with Fidelity card which will dump my points in my account and invest it. I am glad to have more money in long time while I get usage out of other cards now

Anonymous · ‎10-07-2016

I honestly don't travel much, once a year maybe twice at most. I've always liked the Chase Freedom for the 5% categories, although outside of those categories I don't think I'd use it much. I'm pretty content with the cards I have now as far as CB goes; a Citi DC wouldn't do anything for me as I use Blispay as my general spend 2% card. I'm not really in it for the rewards so much as just getting a positive account going on my reports with Chase and Citi. Will they ever be needed? Who knows. It would only be the expense of an inquiry and new account just to get "in" with them; I'm fairly confident in approval. I wouldn't mind a $150 bonus from Chase for getting on board, but I'm not sure if Citi offers any sign on bonuses. If I did pull the trigger on either/both it would be in March when I have several inquiries falling off.

CreditDunce · ‎10-07-2016

I am not sure I would count WF as one of the big CCCs. My guess is Cap1 and US Bank are both bigger players. WF is one of the big mortgage players. On the other hand, I would look at PenFed, NFCU, etc for a mortgage first.

If you are interested in a BoA mortgage, it might make sense to look at their PR program. It can give a small APR discount and lowers your closing costs. The PR program is based on deposit assets, not having a CC card with BoA. Chase, US Bank and WF all seem to prefer having a relationship with their customers. Maybe you could think about opening savings/checking accounts. I hear about cash bonuses from Chase and US Banks all of the time. I am sure WF has similar bonuses for opening a checking, etc accounts.

IMO it isn't worth trying to get in with the big banks just to get in. I doubt it does much good. If you don't qualify for a mortgage, you don't qualify. Having a CC with the bank isn't going to make a difference. Actually, having lots of CCs is probably a net negative for most conservative banks.

805orbust · ‎10-08-2016

I've heard several times on these forums that Chase is more favorable to their existing customers. I have seen this in my experience. It probably comes down to whether or not you believe in "good old business". After researching here I decided a while ago to establish a relationship with PenFed. Gonna use them for car loans (avoid the 55 inquiries at the dealer) and our next mortgage. Haven't even apped for a CC with them yet, just tossing $1500 every month at them while our target dates approach. I do plan to app for a rewards card and possibly a PLOC in the spring after my reports relax In the garden. IMHO, it's worked if you've got credit products AND deposits. YMMV tho as these banks are so illogical at times.

805orbust · ‎10-08-2016

Isn't CapONE the largest issuer of CC's in the nation? I thought I heard that a while back, although all of the hullabaloo definitely goes in the direction of Chase these days.

*EDIT* Boy was I off. Just looked at an article on card hub, turns out by purchase volume its:

1. AMEX

2. Chase

3. BOA

4. Citi

5. CapONE

Surprised me. However Chase moves to #1 when balance carried is factored in since AMEX has so many charge cards.

Anonymous · ‎10-08-2016

Here's a site with all sorts of breakdowns on banks...

http://www.relbanks.com/top-us-banks/assets

Anonymous · ‎10-08-2016

@CreditDunce wrote:
I am not sure I would count WF as one of the big CCCs. My guess is Cap1 and US Bank are both bigger players. WF is one of the big mortgage players. On the other hand, I would look at PenFed, NFCU, etc for a mortgage first.

If you are interested in a BoA mortgage, it might make sense to look at their PR program. It can give a small APR discount and lowers your closing costs. The PR program is based on deposit assets, not having a CC card with BoA. Chase, US Bank and WF all seem to prefer having a relationship with their customers. Maybe you could think about opening savings/checking accounts. I hear about cash bonuses from Chase and US Banks all of the time. I am sure WF has similar bonuses for opening a checking, etc accounts.

IMO it isn't worth trying to get in with the big banks just to get in. I doubt it does much good. If you don't qualify for a mortgage, you don't qualify. Having a CC with the bank isn't going to make a difference. Actually, having lots of CCs is probably a net negative for most conservative banks.

I just stated the biggest banks, not the biggest CCCs. IMO an account is an account with a company, regardless of the type. I've had an auto loan through Wells Fargo and a mortgage through Bank of America already. Those 2 positive accounts IMO have established positive relationships between those lenders and I.

When I think Chase and Citi, I think more along the lines of credit cards which is why I was thinking of going down that route to establish a relationship with them as well.

Anonymous · ‎10-08-2016

@805orbust wrote:
I've heard several times on these forums that Chase is more favorable to their existing customers. I have seen this in my experience.

See that's sort of what I was thinking and getting at when I started this thread. I don't know which banks sort of follow this mentality and which don't care... but I'm fairly certain that already having established positive account history with a bank that you are looking to for additional credit won't hurt your chances. It's good to hear the different personal opinions and experiences though for sure.

youdontkillmoney · ‎10-08-2016

If you want to go BIG game hunting in the world of credit, try and bag a Simmons First Credit card and Iberia Bank credit card. Those are the elusive ones to get. I got both, plus Amex platinum and Citi prestige rounds out the "Big" 4 CC's I have.