topic Re: Cap1 Checking increase odds for CC? in Credit Cards

Cap1 Checking increase odds for CC?

TyRacing — Wed, 27 Mar 2019 06:10:39 GMT

Does anyone know if having a cap1 360 checking account increase odds of approval for cap1 credit card? Like the Savor cc?

Thank you for sharing

Re: Cap1 Checking increase odds for CC?

FinStar — Wed, 27 Mar 2019 06:42:49 GMT

Unfortunately, no.

Re: Cap1 Checking increase odds for CC?

Anonymous — Wed, 27 Mar 2019 12:41:33 GMT

@FinStar wrote:
Unfortunately, no.

Do you know that to be a fact and if so, how?

Re: Cap1 Checking increase odds for CC?

FinStar — Wed, 27 Mar 2019 16:03:29 GMT

Yes, it is a fact. Exceptions exist for judgemental UW in some specific instances. The depository side is walled from the lending side of the business. Cross-selling opportunities exist for product [household] expansion and market penetration strategies, but not to the extent that the depository side would directly influence a CC lending decision.

I'm familiar with a variety of their internal processes since I know a few of the executive leadership team members, much no different than your prior "connection/intel" with Blispay (albeit we know how that turned out in the end).

So, that's how I know.

Re: Cap1 Checking increase odds for CC?

Anonymous — Wed, 27 Mar 2019 19:09:26 GMT

So you're speaking with respect to only Capital One here?

Re: Cap1 Checking increase odds for CC?

shadanat — Wed, 27 Mar 2019 19:50:03 GMT

I had my 360 account for about two years and the refinanced my car with them and a month later was approved for a credit card. I think my car loan had more weight getting the credit card then the 360 account.

Re: Cap1 Checking increase odds for CC?

FinStar — Wed, 27 Mar 2019 20:12:41 GMT

@Anonymous wrote:
So you're speaking with respect to only Capital One here?

The topic and premise of my response was addressing the Capital One depository "relationship" influence with regard to their CC products. Therefore, my response focused specifically on Capital One, which is what the OP asked about.

Re: Cap1 Checking increase odds for CC?

Anonymous — Thu, 28 Mar 2019 00:48:59 GMT

Sounds like a weak business decision on the part of CO if what you said above is indeed true. More data is always better when making lending decisions. To have additional data at their fingertips and opt to not look at it (whether it would impact their decision or not) just seems silly.

Re: Cap1 Checking increase odds for CC?

FinStar — Thu, 28 Mar 2019 02:37:20 GMT

To gain more perspective it would behoove you to read their annual report. I think the numbers speak for themselves.

Re: Cap1 Checking increase odds for CC?

Anonymous — Thu, 28 Mar 2019 04:34:22 GMT

If you have a link to it, fire away.

Regardless of what any annual report says, I still maintain that more data is better than less data. That doesn't mean that the data is always going to "aid" or "hinder" a lending decision (it may not be used at all), but I don't see how knowing more is better than knowing less.

Re: Cap1 Checking increase odds for CC?

FinStar — Thu, 28 Mar 2019 04:54:17 GMT

Freely available to the masses via Google or the Capital One's Investor Relations site. Let your fingers/mouse do the digging.

Regardless of what you maintain, it's really irrelevant given how their business model currently operates and their LOB strategy.

And, not to further hijack the OP's thread, back on topic to what has already been addressed to the OP's initial question.

Re: Cap1 Checking increase odds for CC?

Anonymous — Thu, 28 Mar 2019 15:26:06 GMT

Not 100% sure on capitol one as i do not have a checking accout with them. But i have had my chase bank account for 8 years and savings never burned them and even with my credit getting better and having all my credit cards in good standing, I would of thought that being in there good graces for so long I stood a chance at a chase credit card. But in fact i actually talked to the bank about my denial a few months back and i brought up that exact question. They told me that your deposited money and the investors money are 2 completly diffrent things. Not sure if this helps or adds some confusion or not.

Re: Cap1 Checking increase odds for CC?

Anonymous — Sat, 30 Mar 2019 14:18:26 GMT

@Anonymous wrote:

I know Chase underwriters see your banking relationship when you recon a CC decision. More than once they've told me, "I see you bank with us, also. That's appreciated. I can approve your application and your credit limit will be ... ".

That said, it doesn't prove the approval was because I'm their banking customer. But I wonder.