Re: how do big banks view credit union CCs
04-09-2012 06:56 AM
As some people have mentions, banks are more willing to issue larger CLs on a CC if they see that you already have a large CL on a single card. A lot of banks will match a CL of an existing card.
It's no secret that credit unions are more generous and lenient with CLs for people with average credit. And I'm sure big banks also know this. So when someone that has a big CL with a credit union applies for a CC with a big bank, will the big bank likely to view that CL the same as if it was issued by their competitor?
Reason I'm asking is because I was denied for a Chase Sapphire Preferred because I have "no similar" credit line(it starts at $5000 CL). Some have suggested I join a credit union because they are more generous with CL, then apply for CSP again. I'm not sure it will help because it's from a credit union.
Thanks in advance.
I think it definitely helps. I was denied for a CSP for the same reason. I then apped for a CU card and was approved with a 5 digit CL. I then went back to CSP a month later and was approved . I don't believe that big banks see CUs as inferior at all. If anything, they may see them as big competition.