topic Re: C/C's and Bank relationships in Credit Cards

C/C's and Bank relationships

Anonymous — Sat, 15 Jun 2013 03:41:42 GMT

Hello Everyone, First I would like to say I have been lurking in and out of the forums alot the last few weeks and have learned alot and look forward to utilizing alot I have learned from here.

The reason I decide to post is that I have looked around the forum and have not been able to find anything on the topic of choosing a bank to have a relationship with based upon credit card products. So I will try to keep this short but I am going to add background and everything I believe you guys request based upon what i have seen and then of couse i look forward to hearing from you all and discussing this amongst many other things in the future.

Now for the run down,

Mid 20 y/o M with about a 30k income rebuilding credit now for about 2yrs due to several teenage mistakes and lack of education on this topic, I currently last checked myFico (6/4/13) and it showed 561 CK 644 (haha) Chase Internal showed me Mid 500's (probably not relevant)

I have Cap1 secured 200 with 49 deposit

I have Best Buy MC (HSBC originally) 300

and My local CU cahsback 2k

newly added GE cards

AE 150

Old navy 200

So what Im looking to do is dump the secured card and possibly dump the best buy card with i down the road due to AF my local CU has treated me the best of course they always will and I had a car loan that is now in someone elses name and I have co-signed for ( dont worry its still under my roof, and in my control) and I also have secure a used loan in 04/2013 thru toyota financial. I have some bads(CA,CO all the oopsies, that i plan to take care of shortly obviously they need to and will be dealt with there is no more hiding or denying that or everything i do now becomes useless)

THE QUESTION

I have USAA currently and am only a partial memeber with no oppurtunity to become full member, I am also eyesballing BofA. I may move my funds there due to location for me and their card portfolio. What are your guys thoughts and expierences with the two, I am on the fence I have had BofA before when i was younger and just used their banking services never credit services.

I wanto add that chase is an option for credit cards obviously , however I do not like their banking services.

Sorry for the length , and proabably vague, again first post here just kinda looking for the feedback from the gurus and if i forgot anything im sorry ill add as brought up.

Also I plan on being in the garden until my baddies are taken care of. +3 months after completion of removal or paid of those baddies.

Thank you everyone in advance!

Re: C/C's and Bank relationships

HiLine — Sat, 15 Jun 2013 03:57:27 GMT

Bank of America is awesome. I got a cash rewards secured credit card with them with 2k limit and 20+% APR back in January 2012. In January 2013, they unsecured the card and eliminated the annual fee. Later in the month they gave me a credit limit increase to 12k without a hard inquiry. Then a couple of days ago they lowered the APR to 11.99%, the lowest in my credit card portfolio.

I also have their Travel Rewards card that awards 1.65% for banking customers, comes with concierge service, and charges no annual fee for foreign transaction fee.

Feel free to read about my experience with them here: http://hiepsfinance.com/2013/01/30/bank-of-america-is-awesome/
I review their entire BankAmericard lineup on my blog as well.

Re: C/C's and Bank relationships

SnackTrader — Sat, 15 Jun 2013 03:59:58 GMT

My personal tactic has been to treat banking and credit cards separately. I really enjoy supporting small community banks with my deposits, and I intend to get my mortgage someday through a community bank as well. The rates rarely differ significantly. Anyway - once your credit is good enough, you shouldn't need a banking relationship to obtain credit cards with many of the major lenders.

But your banking decision really should be on who is most convenient, provides you the most services for the fewest fees, and to who you feel satisfied giving your deposits. I found that with a community bank, but others may find that with larger institutions. Really a personal decision.

Re: C/C's and Bank relationships

DaniBananiie — Sat, 15 Jun 2013 11:07:45 GMT

I had both a Checking and Savings account with Chase, but I just recently dropped them for my CU. I was getting tired of earning .01% on a large amount of money, when my CH offers 1% up to $10,000.

Re: C/C's and Bank relationships

indiolatino61 — Sat, 15 Jun 2013 11:11:01 GMT

Welcome to myFICO. Enjoy your stay and good luck.