topic Re: Getting Bucketed By Local Bank in Credit Cards

Getting Bucketed By Local Bank

Anonymous — Tue, 12 Mar 2019 19:06:30 GMT

My first CC was through my local bank about 2.5 years ago, $1k Visa Classic, no frills 21% APR card. Highest charge: $216 immediately paid after charging $0 statement, all other months $6-$10, PIF day after statement rolled. Anyway, decided to try increasing credit, poke the CLI button... Denied with a HP on my EQ (769 on the denied paperwork). Guess they didn't like that they never earned interest off me. I get angry, drop several apps, boom boom boom, now I have 4 other cards, highest is $3.3k, they didn't seem to want my business so I'll go elsewhere. This is what caused my original app spree, and studying credit, etc.

Today, a month later... I decide to give it another shot, it's my local bank, been with them 4 years. They also offer Visa Signature cards, we have a long relationship, I have good credit, lets see if I can PC.

Bzzt, the CSR was lackluster, sighing every couple minutes, never even brought up my account, just asked my name. She said the only option was to visit a branch to see if I "qualify to apply" for a different card. No looking into recon on the CLI, no checking if PC was an option, not even offering to apply by phone. (It said 'apply by phone' above the number I called!)

Guess they have me in the bottom of the bucket.

Tsk tsk, having two checkings, a savings, and a credit card and long relationship I would think they'd appreciate my business... Guess not. Means their CC will stay SD'd for the age since it's no AF. Otherwise my checking account features are pretty bangin'. $12/mo fee (waived if total accounts >$5k checking and savings, so free for me ) nets me free checks, free cashier's checks, free ATM usage at any ATM (even out of country, tested in Canada, just charged 1% conversion fee from MC, all ATM fees get immediately refunded), tiered interest on checking (matches my savings %), 50% off safe deposit box, overdraft fee waived... And a bit more.

So I can't up and leave them entirely, I've had a pretty amazing banking experience via checking... I just wish their CC department wasn't so lack luster... Even their "best" card is their Visa Signature, 2 points for dining/gas, 1 everything else, minimum 5k points redeem, cash back as statement credit only. Nowhere on their site or their rewards site state how much the points are even worth. Mostly just disappointing, when my other cards age I'll simply close it. Their CC selection isn't worth another HP, especially after eating one for a CLI denial. I'd rather use one for a Chase Freedom or something better.

Guess sometimes a good relationship still means nothing.

Re: Getting Bucketed By Local Bank

Anonymous — Tue, 12 Mar 2019 20:04:11 GMT

Same experience with FedEx Credit Union.
I have a secured card with them. The rate on the secured card is pretty amazing (like 6.5% 😁), but customer service varies from phone call to phone call.
I'm stuck with their card but am moving my other accounts.

Re: Getting Bucketed By Local Bank

Anonymous — Tue, 12 Mar 2019 20:08:31 GMT

Worst part is my social anxiety, I can barely talk on the phone, more or less someone not wanting to be cooperative. I prefer just straight to the point professionalism, only CSRs I can stand talking to are Discovers, they hold top for me thusfar.

Re: Getting Bucketed By Local Bank

Loquat — Tue, 12 Mar 2019 20:29:51 GMT

OP,

It sucks that you're not getting what you think you deserve but in regards to a CLI but at least try to make a stronger argument for yourself. If you're only spending $6-10 a month and then paying it off...what logical business decision would it make for a lender to give you more of what you're already not using.

This forum is terrific and offers a lot of education and advice but I think we all (at least at some point) have been bitten by the "I want more just 'cause" bug. I too have shared the exact same feeling that you're having now. But when the disappointment subsides and you approach your request logically, it'll make sense (or at least I hope).

There is absolutely no reason to give 10 slices of pizza to a person who has a history of only eating one...especially when there are 9 other hungry folks in the room.

Re: Getting Bucketed By Local Bank

Anonymous — Tue, 12 Mar 2019 21:25:43 GMT

I understand that, not really what I think I "deserve" I would have been happy with 2-3k so I could use it, yet still have a reasonable uti to build credit. (Without having to immediately pay it after it posted). No room to grow. The denial letter stated "Lack of recent installment loan information" as the reason I was turned down, which.. I've never had an installment loan, so naturally there is no info on one. Don't really see how they made a credit card decision based on that, but there it is. Either way, other lenders offer more perks and seem to trust me more than the bank that has access to my finances. *Shrug* the same argument can be made about being accepted, seen several, especially for Discover of people SDing a low CL card, and they get a CLI to entice the user to use it more. If someone else is going to offer me more, what logical business decision is it for me to keep dealing with you?

Edit: The main reason I got the card was to build credit, it offers no perks, I don't "need" credit, I don't spend outside my budget. It built me a high score, they don't want to grow with me, so I gotta move on. Now I have cards that offer perks, usable limits, and can grow. Now pretty much all spending is on the cards. We'll see what they do in the future, gotta stay competitive.

Re: Getting Bucketed By Local Bank

FinStar — Tue, 12 Mar 2019 21:42:54 GMT

Echoing what @Loquat mentioned above, and depending on the institution you're dealing with, growth is relative.

Potentially if you are only using a small portion of your CL (aka loan on plastic), the lender may not have much of an incentive to increase your line. It also depends how conservative they are and the product itself). Admittedly, if this bridged the opportunity to provide a path to other products then it really hasn't done you a disservice.

UW models definitely vary across a multitude of lenders and even subproducts so potentially if this was something you were using a lot - even if 50% and PIF, perhaps there may have been some incentive to increase your line barring any other factors associated with your overall profile.

By and large, you have other options and if doesn't work for you in the end then you can just close it and call it a day. No harm no foul.

Re: Getting Bucketed By Local Bank

Loquat — Tue, 12 Mar 2019 21:45:10 GMT

@Anonymous wrote:
I understand that, not really what I think I "deserve" I would have been happy with 2-3k so I could use it, yet still have a reasonable uti to build credit. (Without having to immediately pay it after it posted). No room to grow. The denial letter stated "Lack of recent installment loan information" Stick around here long enough (and I hope you do, this place is a wealth of infomation) and you'll quickly learn that most of the reasons for listed for denials make little to no sense...but they've gotta print something as the reason I was turned down, which.. I've never had an installment loan, so naturally there is no info on one. Don't really see how they made a credit card decision based on that, but there it is. Either way, other lenders offer more perks and seem to trust me more than the bank that has access to my finances. There's no reasoning with a computer algorithm...they lack emotion and make unbiased decisions...which is probably the reason many lenders are relying completely on automated decisions due to their lack of human emotion (not to mention reducing staff and saving money). Recon'ing an app is starting to dwindle away and being able to speak to an actual underwriter/loan officer seems to be fading away as well. It's becoming a matter of if this equal that then yes...or in your situation, no. Trust me, approvals and denials are never personal...all about risk assessment and it doesn't have to make sense to us at all...it is what it is. *Shrug* the same argument can be made about being accepted, seen several, especially for Discover of people SDing a low CL card, and they get a CLI to entice the user to use it more. If someone else is going to offer me more, what logical business decision is it for me to keep dealing with you? When this happens it's time for you to make a decision. Clearly you have cards that offer better options and rewards so this card probably doesn't hold much weight to those even with an increased limit. Use the cards that you find beneficial and don't sweat those that don't. Don't take any of this stuff personal. Sure it can be frustrating but be honest with yourself...would you really start using a card that offered nothing in way of rewards even if they had granted you an increase? I'm guessing from your response below that you probably wouldn't. But hey, you gave it a try...several tries and they're clearly letting you know where you stand with them. Accept them for what they are and move your focus to other products that better suit your spending. SD this card or close it if you desire but don't let this stuff get you down, frustrate, or upset you...it just isn't worth it.

Edit: The main reason I got the card was to build credit, it offers no perks, I don't "need" credit, I don't spend outside my budget. It built me a high score, they don't want to grow with me, so I gotta move on. Now I have cards that offer perks, usable limits, and can grow. Now pretty much all spending is on the cards. We'll see what they do in the future, gotta stay competitive.

Re: Getting Bucketed By Local Bank

Anonymous — Tue, 12 Mar 2019 21:57:16 GMT

Don't really feel it as a disservice, not gonna close the card out of anger, or cut ties, just a "So long and thanks for all the fish" type of thing on credit. If they happen to do a soft pull in the future and offer me something, I'm definitely open to giving them some more love, they've treated me well otherwise. My original anger was mostly just a "but why ¿" not real anger. Not taking it really personally, just dropped it here for others to see just to get it off my chest as a "harumph" and move along. I guess next step would be looking for one of those "share secured loans" to help with that pesky installment loan reasoning.

Re: Getting Bucketed By Local Bank

GApeachy — Tue, 12 Mar 2019 23:28:24 GMT

@Anonymous wrote:
Don't really feel it as a disservice, not gonna close the card out of anger, or cut ties, just a "So long and thanks for all the fish" type of thing on credit. If they happen to do a soft pull in the future and offer me something, I'm definitely open to giving them some more love, they've treated me well otherwise. My original anger was mostly just a "but why ¿" not real anger. Not taking it really personally, just dropped it here for others to see just to get it off my chest as a "harumph" and move along. I guess next step would be looking for one of those "share secured loans" to help with that pesky installment loan reasoning.

Hey, I understand....
(Mod cut-not appropriate here)
...mm hmmmm!

Re: Getting Bucketed By Local Bank

zerofire — Tue, 12 Mar 2019 23:31:58 GMT

I do not believe you got bucketed. It seams to me that the bank you are dealing with has its priorities messed up. Now for starters you did not put a name for said bank so we cannot match your experience with our background until you do. What we can say is that banks have to list a denial reason and in this case either this bank is pulling at straws to deny you or they truly value loans more than credit cards. I also have to say that they are more likely to deny if you do not use what they offer enough. Even if the limit is a measly 1k they might think that they need to see a higher percentage before any increases.

Based on my research it is a high probability that the bank you are referring to is either Capitol Bank or First Tennessee Bank. If it truly is one of those then I can understand as their management company is heavy on loans, investments, and business banking. Credit cards are only there to fill in the gaps.

Re: Getting Bucketed By Local Bank

Anonymous — Wed, 13 Mar 2019 00:15:21 GMT

@zerofire wrote:
I do not believe you got bucketed. It seams to me that the bank you are dealing with has its priorities messed up. Now for starters you did not put a name for said bank so we cannot match your experience with our background until you do. What we can say is that banks have to list a denial reason and in this case either this bank is pulling at straws to deny you or they truly value loans more than credit cards. I also have to say that they are more likely to deny if you do not use what they offer enough. Even if the limit is a measly 1k they might think that they need to see a higher percentage before any increases.

Based on my research it is a high probability that the bank you are referring to is either Capitol Bank or First Tennessee Bank. If it truly is one of those then I can understand as their management company is heavy on loans, investments, and business banking. Credit cards are only there to fill in the gaps.

Ding. Easy enough to find the bank, I tend not to name local locations to myself... Old habit from years ago, whole anonymous thing. Remember we always said, never talk to people on the internet, and never get in cars with strangers? Now we literally summon strangers from the internet to get into their cars. (I have never and no desire to use Uber/Lyft/or even a cab)

Besides, isn't it more fun to follow the breadcrumbs like you did? I figured they were likely more of a loan type bank and/or business oriented. How else could they have good checking account offers, measly credit card offers, yet still profit? I do find it funny I can use any of their portals to log in, it's all just branding now.

EDIT: Branding vs product apparently! Capital Bank has higher savings interest rates by a long shot.

Re: Getting Bucketed By Local Bank

AverageJoesCredit — Wed, 13 Mar 2019 00:05:54 GMT

Ive been a member of my local bank for over 20 years. I dont bring them profit so they could care less about me. Thats fine, ive gotten what ive need from other banks that arent even near me lol. Like you , their cc's are blah at best. We are but numbers so i just put 2 and 2 together and i get multiple lenders

Re: Getting Bucketed By Local Bank

Anonymous — Wed, 13 Mar 2019 00:33:35 GMT

Bob Seger - Feel Like a Number

Re: Getting Bucketed By Local Bank

zerofire — Wed, 13 Mar 2019 00:37:22 GMT

You guys are lucky. My main bank (Ally) did not even have a credit card until recently. When they figured out that they could get one with the help of TD Bank and TSYS they did but the card structure is bleh. You know something is wrong when PayPal can replace it and be all around better.

Most banks do not have the membership/deposits to offer good credit cards. In fact most CU's just call up Elan, ask for a card list and for their logo to be put on it in a stock location. Even US Bank uses this but is able to negotiate due to their strength resulting in marvels like the Cash+ and Altitude Reserve.

Re: Getting Bucketed By Local Bank

Anonymous — Wed, 13 Mar 2019 00:43:18 GMT

@zerofire wrote:
You guys are lucky. My main bank (Ally) did not even have a credit card until recently. When they figured out that they could get one with the help of TD Bank and TSYS they did but the card structure is bleh. You know something is wrong when PayPal can replace it and be all around better.

Most banks do not have the membership/deposits to offer good credit cards. In fact most CU's just call up Elan, ask for a card list and for their logo to be put on it in a stock location. Even US Bank uses this but is able to negotiate due to their strength resulting in marvels like the Cash+ and Altitude Reserve.

I will have to say, the best part about the CC is payment. Since it lists with my accounts, I just tap transfer like I would for my savings account and I can pay it via checking or savings right there without worrying about the limbo. Still took 3~ business days though.

Re: Getting Bucketed By Local Bank

Anonymous — Wed, 13 Mar 2019 01:48:13 GMT

Don’t feel bad. My bank, 1stBank, might as well have laughed me off the phone when I asked them for a small cash reserve line.

The more I think about it though, the more I think I dodged a bullet. My bank participates in Zelle which means they report to EWS and I don’t want my credit getting tied up to my cash flow since I have very low income and push all but about $50 of it through CCs every month for rewards. It looks like I’m very financially stressed out when the truth is I’m doing away with fixed grocery budgets next month because I’m sick of tracking them. I have a BT I am paying down right now but I am paying way more than I need to on it and still PIF everything else despite making $500 payments towards a BT I only need to make $190 payments on to avoid interest in December. Basically, I have no problem managing my money at all and I actually have to find things to spend money on when I don’t have debt obligations to take care of (I can’t park money in the account since I’m only allowed $2K in countable assets due to Medicaid needs right now).

My bank doesnt have lucrative credit cards either. They have a 1% everything and 2% gas and grocery, 3% travel card which is their VISA Signature and a 1% everything card which is a standard VISA and both cards have an interest rate of 17.4% variable.

Then on top of that, they do credit union style cross collateralization where they will seize the funds in your other accounts to pay off your debts if you fall behind.

I may move to US Bank if they approve me for a Gold Checking and a Cash+ but I am heavily leaning towards keeping my banking separate from my credit for good.

Re: Getting Bucketed By Local Bank

Anonymous — Wed, 13 Mar 2019 02:01:28 GMT

@Anonymous wrote:
Don’t feel bad. My bank, 1stBank, might as well have laughed me off the phone when I asked them for a small cash reserve line.

The more I think about it though, the more I think I dodged a bullet. My bank participates in Zelle which means they report to EWS and I don’t want my credit getting tied up to my cash flow since I have very low income and push all but about $50 of it through CCs every month for rewards. It looks like I’m very financially stressed out when the truth is I’m doing away with fixed grocery budgets next month because I’m sick of tracking them. I have a BT I am paying down right now but I am paying way more than I need to on it and still PIF everything else despite making $500 payments towards a BT I only need to make $190 payments on to avoid interest in December. Basically, I have no problem managing my money at all and I actually have to find things to spend money on when I don’t have debt obligations to take care of (I can’t park money in the account since I’m only allowed $2K in countable assets due to Medicaid needs right now).

My bank doesnt have lucrative credit cards either. They have a 1% everything and 2% gas and grocery, 3% travel card which is their VISA Signature and a 1% everything card which is a standard VISA and both cards have an interest rate of 17.4% variable.

Then on top of that, they do credit union style cross collateralization where they will seize the funds in your other accounts to pay off your debts if you fall behind.

I may move to US Bank if they approve me for a Gold Checking and a Cash+ but I am heavily leaning towards keeping my banking separate from my credit for good.

You mentioned Zelle, I have the Cash+ and using the US Bank app, Zelle is in the "Send money" section. It naturally gives me "Access Denied" as you can only send from checking, savings, or money market accounts. So it's worth keeping in mind that US Bank also participates in Zelle. Also for the lulz, I did a quick google... apparently my bank has "partnered with Zelle but hasn't launched yet" That will likely be a section I never touch, any money I need to/from anyone is either done via paypal or google pay. Specifically, I enjoy Google pay... I have my bank account setup as default for receiving, so when someone sends me money it instantly forwards to my bank account and I USUALLY have it same day. It shows up in my checking account, and available, but is post-dated for the following business day. (which is odd, I've received money on a Friday and it show the next Monday's date).

Good luck with paying off that BT, luckily I've never dealt with any kind of actual debt to pay off... I'd rather not ever if I can help it.

Re: Getting Bucketed By Local Bank

Gmood1 — Wed, 13 Mar 2019 02:07:48 GMT

OP as AJC says, it may be time to branch out.
I stopped banking local 10 years ago. Every bank or CU I deal with now is in another state or on the internet only.

You'd be surprised how different they operate. Sometimes the size of the FI means nothing. Just kicked Citibank to the curb today!😂
My local CU sucked. Your bank reminds me of them lol

I'd research a replacement, if I were in your shoes.

Ally bank mentioned by another poster, is a terrific online bank!
There are many many more that would be glad to get your business.

Re: Getting Bucketed By Local Bank

Anonymous — Wed, 13 Mar 2019 02:18:31 GMT

@Gmood1 wrote:
OP as AJC says, it may be time to branch out.
I stopped banking local 10 years ago. Every bank or CU I deal with now is in another state or on the internet only.

You'd be surprised how different they operate. Sometimes the size of the FI means nothing. Just kicked Citibank to the curb today!😂
My local CU sucked. Your bank reminds me of them lol

I'd research a replacement, if I were in your shoes.

Ally bank mentioned by another poster, is a terrific online bank!
There are many many more that would be glad to get your business.

I'm in a bit of an old fashion predicament when it comes to local banking... My employer still pays me with paper checks that require depositing. While I can do mobile deposit, it's easy enough to run a mile up the road during lunch and deposit that sucker on the spot. The banking itself is perfectly fine, especially with the lack of fees for pretty much everything. The only fee I've ever paid was the 1% conversion fee (charged by Mastercard) using an ATM in Canada, all other charges got refunded. I'll leave my checking/savings to them and my credit elsewhere.

EDIT: Worth noting that's the only fee worldwide for ATM usage for me, so if I ever get around to traveling elsewhere, I can pick up local currency easy enough (at a verified safe location). Otherwise, Discover and Paypal cashback MC are both no FTF so I can swipe those. Any ATM in the US is completely free (since there's no conversion).

Re: Getting Bucketed By Local Bank

Anonymous — Wed, 13 Mar 2019 02:23:06 GMT

@Anonymous wrote:
@Anonymous wrote:
Don’t feel bad. My bank, 1stBank, might as well have laughed me off the phone when I asked them for a small cash reserve line.

The more I think about it though, the more I think I dodged a bullet. My bank participates in Zelle which means they report to EWS and I don’t want my credit getting tied up to my cash flow since I have very low income and push all but about $50 of it through CCs every month for rewards. It looks like I’m very financially stressed out when the truth is I’m doing away with fixed grocery budgets next month because I’m sick of tracking them. I have a BT I am paying down right now but I am paying way more than I need to on it and still PIF everything else despite making $500 payments towards a BT I only need to make $190 payments on to avoid interest in December. Basically, I have no problem managing my money at all and I actually have to find things to spend money on when I don’t have debt obligations to take care of (I can’t park money in the account since I’m only allowed $2K in countable assets due to Medicaid needs right now).

My bank doesnt have lucrative credit cards either. They have a 1% everything and 2% gas and grocery, 3% travel card which is their VISA Signature and a 1% everything card which is a standard VISA and both cards have an interest rate of 17.4% variable.

Then on top of that, they do credit union style cross collateralization where they will seize the funds in your other accounts to pay off your debts if you fall behind.

I may move to US Bank if they approve me for a Gold Checking and a Cash+ but I am heavily leaning towards keeping my banking separate from my credit for good.
You mentioned Zelle, I have the Cash+ and using the US Bank app, Zelle is in the "Send money" section. It naturally gives me "Access Denied" as you can only send from checking, savings, or money market accounts. So it's worth keeping in mind that US Bank also participates in Zelle. Also for the lulz, I did a quick google... apparently my bank has "partnered with Zelle but hasn't launched yet" That will likely be a section I never touch, any money I need to/from anyone is either done via paypal or google pay. Specifically, I enjoy Google pay... I have my bank account setup as default for receiving, so when someone sends me money it instantly forwards to my bank account and I USUALLY have it same day. It shows up in my checking account, and available, but is post-dated for the following business day. (which is odd, I've received money on a Friday and it show the next Monday's date).

Good luck with paying off that BT, luckily I've never dealt with any kind of actual debt to pay off... I'd rather not ever if I can help it.

Yeah US Bank was one of the founding members of Zelle I believe I heard.

Since thats how we pay rent, I HAVE to have Zelle otherwise I would have already switched to DCU. My bank takes too long to deposit checks (they don’t make anything available instantly to me and for those they do, it’s $200) and while I can draft an EFT from my bank to DCU for a deposit no problem, my bank doesn’t have any option to add an external account.

If I move to DCU I will get paid up to 2 days early but only if social security has put my deposit into the system as pending and I just really can’t risk my rent being late since my landlord is already accepting of the fact I don’t get paid til the 3rd.

So yeah if US Bank approves the Gold Checking plus Cash+ I may move my checking over to them since they have Zelle support but DCU is a non-starter as my primary FI unless they join Zelle at some point and seeing as how they have their own “People Pay” service, I doubt that they ever will.

But it may just be best for me to stick with 1stBank anyway because I don’t want to have to explain switching banks to Medicaid at the end of the year... those people are incompetent on a good day.

As for the debt, it’s just a BT from a personal loan I took out to help my account mix not knowing that it was a consumer finance account and actually is mildly negative on my credit. The minimum loan amount was $2500 so I took what was left over as well as my $668 charge to Disco in December to max out the Amazon 4Q and rolled it over to NFCU at 0% for 12 with no fee.

Like I said, I’m not stressing at all. I’m on track to pay off a BT that didn’t actually post to my account until January that expires in December in June so I am way ahead of it.