topic Re: Bank before credit card question in Credit Cards

Bank before credit card question

disney2 — Fri, 03 May 2019 13:57:19 GMT

I'm looking for a bank to get a checking account with before applying for a card with them. I have NF, WF, Alliant, PenFed, and USAA already and am thinking of getting another one with PNC, BBVA, or a different bank all together. If you were looking to do this, what bank would you pick?

Re: Bank before credit card question

AverageJoesCredit — Fri, 03 May 2019 14:38:03 GMT

All depends on your needs. What are you looking for in another checking account that your others dont fulfill?

Re: Bank before credit card question

Remedios — Fri, 03 May 2019 14:40:55 GMT

@AverageJoesCredit wrote:
All depends on your needs. What are you looking for in another checking account that your others dont fulfill?

I dont think they are interested in checking account per se. More like a set up for card app, which may or may no work.

Re: Bank before credit card question

rbentley — Fri, 03 May 2019 16:07:58 GMT

All credit unions require you to have a savings account to secure your membership, but few financial instutions require checking also. In many, the credit and banking departments are seperate and one does not know what they other is doing. NFCU told me that they do not take banking into any consideration because those accounts flucuate and large deposits can be withdrawn. It is however beleived that you have better odds getting the WF Propel card if you bank with them. Some Chase customers get better "in branch" offers, but those two are exceptions.

Your banking accounts get shown on your ChexSystem report, even if in good standing. Having a large number of accounts may make a new instutuion leary to doing business with you. You should certainly have a back up account, but I second ALJ, only open new banking accounts if it offers something your existing accounts don't do.

Re: Bank before credit card question

disney2 — Fri, 03 May 2019 15:41:25 GMT

Thanks for the replies. Nothing wrong with my current banks. I applied with WF for a card and they said I needed to do more banking with them and I have an account with them. Go figure. I was unsure if opening an account with the others would help with getting in with them though.

Re: Bank before credit card question

mitchblue — Fri, 03 May 2019 16:03:43 GMT

That's a lot of banks doesn't that get exhausting?

Re: Bank before credit card question

Anonymous — Fri, 03 May 2019 16:06:20 GMT

@disney2 wrote:
I was unsure if opening an account with the others would help with getting in with them though.

It arguable and has been argued both ways on this forum many times. My opinion is that in your case it wouldn't matter, as any banking relationship that you'd secure would be brand new. Most of the time that people reference their banking relationship/history and it [possibly] being a positive influence on the same lender extending them a CC product we're talking someone that has had deposit accounts with that institution for at least a handful of years or longer.

Re: Bank before credit card question

Gmood1 — Fri, 03 May 2019 16:45:37 GMT

Union bank hasn't been a bad experience. You could open a savings account with them and wait for them to offer the Visa Rewards CC.

They normally give $100 on $1000 spend. But as a member they have been offering $200 plus an additional 25% if you deposit the rewards into an account you hold with them.

I turned that $100 into just over $300 by opening an account. They pay out subs faster than most.
They seem much better than Citi on the banking side in general.
I currently have over 20 bank accounts with different lenders.
Most of them come from thinking along the same lines as you.
The amount of deposits doesn't really matter. It's just having the account is what makes the difference IME.

This doesn't work for every bank or CU. But it does work for some of them.😉

DCU is another you could grab. If you qualify. They'll give you a VISA on a SP while opening the account. They have a nice APY on the savings account up to $1000.

Re: Bank before credit card question

AverageJoesCredit — Fri, 03 May 2019 16:46:03 GMT

Most banks do not require a banking relationship to have a credit card. Lol else half of us here in myFico would be cardless

Re: Bank before credit card question

Gmood1 — Fri, 03 May 2019 16:54:34 GMT

😂😂😂😂😂
Very true my friend! Although if it's a CU. That's the only way you can get a CC with them.

Re: Bank before credit card question

NRB525 — Fri, 03 May 2019 16:57:20 GMT

OP, I would consider a different line of questions.

1) What is your current list of cards?
2) What rewards or features are not available on the cards you have, and
3) Which cards fill gaps in rewards or features, cards that would be useful to you? Or....
3A) Which cards have SUB that you are interested in?

Then, from that list of relevant cards to app, is it necessary or helpful to have savings at that bank? Or not at all?

Re: Bank before credit card question

Anonymous — Fri, 03 May 2019 17:10:50 GMT

@mitchblue wrote:
That's a lot of banks doesn't that get exhausting?

There's a lot of people (some on myfico I suspect, certainly on DoctorofCredit) who go for bank SUBs just as people do here for credit cards. Bank features tend to vary a lot less than credit cards (mainly interest rates on deposits) but you can generally earn say $200+ up for opening an account and leaving money there for a fairly short term. Just as some go heavy on getting lots of cards, some will open 30+ bank accounts in a year. Just have to be careful that not all report (or look at) Chex or similar systems and decide that something wrong is happening.

Re: Bank before credit card question

CreditInspired — Fri, 03 May 2019 19:11:32 GMT

@disney2 wrote:
I'm looking for a bank to get a checking account with before applying for a card with them. I have NF, WF, Alliant, PenFed, and USAA already and am thinking of getting another one with PNC, BBVA, or a different bank all together. If you were looking to do this, what bank would you pick?

I’m just curious and obviously nosey😜, but why so many checking accounts?

EDIT:

It seems you answered—to establish relationships to get CCs. 😃

Re: Bank before credit card question

Anonymous — Sat, 04 May 2019 02:39:57 GMT

@disney2 wrote:
I'm looking for a bank to get a checking account with before applying for a card with them. I have NF, WF, Alliant, PenFed, and USAA already and am thinking of getting another one with PNC, BBVA, or a different bank all together. If you were looking to do this, what bank would you pick?

I would pick BBVA. They have good rewards and not super conservative. If you live outside the footprint it’s a backdoor to get their CC. They will only let you apply online if you live in the footprint or if you received a prequalified mailer. But you can open a bank account from anywhere. They send mailers to banking customers (as well as others).

They had a checking SUB last year and a friend got their CC that way even though she lived outside the footprint