topic Re: Opening Chase bank account increase odds? in Credit Cards

Opening Chase bank account increase odds?

Anonymous — Sat, 05 Nov 2016 16:59:37 GMT

Does anybody know if opening an account at chase bank will increase odds of getting a credit card with them? I hear they like those types of relationships. If so, does it need to be for years in order to benefit? I'm an authorized user on an old account would that also contribute?

Re: Opening Chase bank account increase odds?

Anonymous — Sat, 05 Nov 2016 18:17:28 GMT

I am convinced it increases the odds of getting a credit card from all banks, not just chase.

My wife got her first credit card ever, a Chase Freedom for 4K CL when we opened a saving account, the checking had been opened 6 months, the banker ask her if she wanted a Chase Freedom card, we never applied for it, he did a credit check and she got the card on the spot. The only CR my wife had up to that point was as an AU on some of my credit cards, she and no USA records at all.

When I opened a USBank checking, they called me up and hounded me about getting their Cash+ card, I put them off by saying it's too soon, call me in 6 months. After a year, USBank started sending my wife offers also.

My wife opened an individual checking account with BOA, they sent her offers for BOA cash rewards, that was her second ever credit card, though only a 1.5 CL.

So yes, I am convinced having a checking account with direct deposit is a sure way to get offers from that same bank. I always use direct deposit because that is fairly sure way to get free checking, so I am not sure how much that helps.

Re: Opening Chase bank account increase odds?

Anonymous — Sat, 05 Nov 2016 18:20:08 GMT

I don't think so. Your creditworthiness is what it is. I don't think having a checking account with that bank changes that.

Re: Opening Chase bank account increase odds?

Anonymous — Sat, 05 Nov 2016 18:22:43 GMT

@Anonymous wrote:
I am convinced it increases the odds of getting a credit card from all banks, not just chase.

My wife got her first credit card ever, a Chase Freedom for 4K CL when we opened a saving account, the checking had been opened 6 months, the banker ask her if she wanted a Chase Freedom card, we never applied for it, he did a credit check and she got the card on the spot. The only CR my wife had up to that point was as an AU on some of my credit cards, she and no USA records at all.

When I opened a USBank checking, they called me up and hounded me about getting their Cash+ card, I put them off by saying it's too soon, call me in 6 months. After a year, USBank started sending my wife offers also.

My wife opened an individual checking account with BOA, they sent her offers for BOA cash rewards, that was her second ever credit card, though only a 1.5 CL.

So yes, I am convinced having a checking account with direct deposit is a sure way to get offers from that same bank. I always use direct deposit because that is fairly sure way to get free checking, so I am not sure how much that helps.

Yes, that was very helpful..Thank you. I have a couple grand I could deposit, but no direct deposit unfortunately. Thanks again for sharing your experiences!!

Re: Opening Chase bank account increase odds?

Anonymous — Sat, 05 Nov 2016 19:18:07 GMT

I believe it does...when you speak with a UW it seems they can see your relationship across all jpMorgan products.

Place sidebar here--------≥ Also jpMorgan memory goes back to the stone age... LOL

Re: Opening Chase bank account increase odds?

Anonymous — Sat, 05 Nov 2016 21:20:20 GMT

I am a banker and have worked at a few different banks. The answer is kinda.... they do take in consideration your deposit relationship which can hurt or help you depending on if regularly overdraw your account. Someone who is borderline on an approval could possibly be approved when they have been a customer for several years with a good relationship. The reason why you see mailers after opening an account is that your bank regularly soft pulls your credit. Hope this helps.

Re: Opening Chase bank account increase odds?

Anonymous — Sat, 05 Nov 2016 23:02:18 GMT

Some will say it helps, some will say it doesn't, but NO ONE will say it hurts... assuming you treat the bank account responsibly.

Re: Opening Chase bank account increase odds?

Anonymous — Sat, 05 Nov 2016 23:11:32 GMT

@Anonymous wrote:
Some will say it helps, some will say it doesn't, but NO ONE will say it hurts... assuming you treat the bank account responsibly.

Right, but asLynraquel says (and some Chase insiders have said here before) it's at best a small impact, mainly on borderline cases, and you might need more significant quantities to even make that difference. In the past people have said at least $10K for Chase, but hasn't that whole process of bankers submitting special consideration forms stopped there anyway?

And it's not "free", deposits with Chase will earn a lot less interest than available at some other places, so to make an informed decision, you would need to know what the card is worth to you, and, the very hard to know, how much the deposit would help.

And, for Chase more than many other banks, "bad" things in the banking department will often cause closure of all your Chase credit cards.

Re: Opening Chase bank account increase odds?

SkyCommander — Sat, 05 Nov 2016 23:25:03 GMT

I think it helped me years ago when I first opened a savings and checking account with Chase. After about 2 years I got interested in the credit card game and asked in branch if I had any offers. Banker said I was preapproved for the United card I said go for it and got my first credit card.

Re: Opening Chase bank account increase odds?

Anonymous — Sat, 05 Nov 2016 23:51:38 GMT

@SkyCommander wrote:
I think it helped me years ago when I first opened a savings and checking account with Chase. After about 2 years I got interested in the credit card game and asked in branch if I had any offers. Banker said I was preapproved for the United card I said go for it and got my first credit card.

Right, but there are also lots of us who have no Chase bank accounts but have Chase credit cards. So very hard to tell anything from this kind of case.

Re: Opening Chase bank account increase odds?

NRB525 — Sun, 06 Nov 2016 14:25:20 GMT

@Anonymous wrote:
@SkyCommander wrote:
I think it helped me years ago when I first opened a savings and checking account with Chase. After about 2 years I got interested in the credit card game and asked in branch if I had any offers. Banker said I was preapproved for the United card I said go for it and got my first credit card.
Right, but there are also lots of us who have no Chase bank accounts but have Chase credit cards. So very hard to tell anything from this kind of case.

True, but in reply to OP's original question, this situation where having a checking or savings account, and using that excuse to get in front of a banker, might lead to some sort of offer. No guarantees, to be sure, but that relationship and personal contact can help.

Re: Opening Chase bank account increase odds?

wasCB14 — Sun, 06 Nov 2016 17:04:27 GMT

@NRB525 wrote:
@Anonymous wrote:
@SkyCommander wrote:
I think it helped me years ago when I first opened a savings and checking account with Chase. After about 2 years I got interested in the credit card game and asked in branch if I had any offers. Banker said I was preapproved for the United card I said go for it and got my first credit card.
Right, but there are also lots of us who have no Chase bank accounts but have Chase credit cards. So very hard to tell anything from this kind of case.
True, but in reply to OP's original question, this situation where having a checking or savings account, and using that excuse to get in front of a banker, might lead to some sort of offer. No guarantees, to be sure, but that relationship and personal contact can help.

I think the point is that if you have little or no credit history, a checking/savings relationship with Chase can be the difference between a low CL and an outright denial.

Re: Opening Chase bank account increase odds?

Anonymous — Mon, 07 Nov 2016 01:49:57 GMT

Again, it can't hurt.

People can argue until the cows come home as to whether or not it helps... some will say no, others will swear that it has helped them. Regardless, one has nothing to lose by having a Chase account (again assuming responsible use) prior to apping for a credit card through them, but there is a potential gain.

Re: Opening Chase bank account increase odds?

Anonymous — Mon, 07 Nov 2016 02:06:01 GMT

@Anonymous wrote:
Again, it can't hurt.

People can argue until the cows come home as to whether or not it helps... some will say no, others will swear that it has helped them. Regardless, one has nothing to lose by having a Chase account (again assuming responsible use) prior to apping for a credit card through them, but there is a potential gain.

And again, there is some potential financial loss. It's small if the deposit amount is small, but small accounts are likely to be of little use.

Re: Opening Chase bank account increase odds?

Anonymous — Mon, 07 Nov 2016 02:38:58 GMT

About OP's question, I wonder....

I myself have Chase checking account for at least 6 years (I'm international student) since 2009. I have tried to applied for their credit cards (as I have SSN by 2013) every 3-4 months from 2013 till 2016 with instant disapproval.

I applied for BoA secured card and Discover IT secured card in Jan 2015, building my credit history a bit. I then applied for Chase Freedom and Chase Freedom Unlimited in May 2016. Insta approved. $1k CL.

So, when it comes to having a checking account with them, I don't think it will help, as in my experience I was denied for at least 12 times before getting them approved my application when my credit history was a bit thicker.

Re: Opening Chase bank account increase odds?

Anonymous — Mon, 07 Nov 2016 03:19:20 GMT

@Anonymous wrote:
@Anonymous wrote:
Again, it can't hurt.

People can argue until the cows come home as to whether or not it helps... some will say no, others will swear that it has helped them. Regardless, one has nothing to lose by having a Chase account (again assuming responsible use) prior to apping for a credit card through them, but there is a potential gain.
And again, there is some potential financial loss. It's small if the deposit amount is small, but small accounts are likely to be of little use.

None of the people that have stated that they felt possessing a Chase account prior to applying for a credit card with them helped them in some way have suggested that their deposit amounts were sizable; they simply stated that they felt the established relationship prior was a benefit.

Any "loss" when it comes to bank accounts IMO is so small it isn't even worth bringing up. You'd have to be talking some serious dollars these days for it to really matter IMO.

Re: Opening Chase bank account increase odds?

wasCB14 — Mon, 07 Nov 2016 03:35:53 GMT

FWIW, I had $10k between Chase checking and savings at the time I got a $600 Freedom with no credit history.

Re: Opening Chase bank account increase odds?

bourgogne — Mon, 07 Nov 2016 03:42:13 GMT

@Anonymous wrote:
I don't think so. Your creditworthiness is what it is. I don't think having a checking account with that bank changes that.

^^^ this - when one applies online the system is not polling what bank and checking accounts you have

Re: Opening Chase bank account increase odds?

Anonymous — Mon, 07 Nov 2016 12:41:32 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Again, it can't hurt.

People can argue until the cows come home as to whether or not it helps... some will say no, others will swear that it has helped them. Regardless, one has nothing to lose by having a Chase account (again assuming responsible use) prior to apping for a credit card through them, but there is a potential gain.
And again, there is some potential financial loss. It's small if the deposit amount is small, but small accounts are likely to be of little use.
None of the people that have stated that they felt possessing a Chase account prior to applying for a credit card with them helped them in some way have suggested that their deposit amounts were sizable; they simply stated that they felt the established relationship prior was a benefit.

Any "loss" when it comes to bank accounts IMO is so small it isn't even worth bringing up. You'd have to be talking some serious dollars these days for it to really matter IMO.

Your argument is that it can't hurt, regardless of whether it actually helps. My point is that there is some cost (however small) so you need to know if there really is a countering increase in probability of acceptance, even for small amounts. As I don't believe there is.....

Re: Opening Chase bank account increase odds?

Anonymous — Mon, 07 Nov 2016 16:27:00 GMT

Tylor-

When you got those denials..I'm sure you didn't recon and have UW manually go over your Chase products???