topic Re: Does banking with the CCC help with CLI? in Credit Cards

Does banking with the CCC help with CLI?

Darius1976 — Thu, 21 Nov 2013 19:43:52 GMT

I have been banking with BOA for about 10 years. I also have the Rewards 321 Card with them. Does having a checking/savings account with them factor anything with making a decision towards a CLI?

Thanks!

Re: Does banking with the CCC help with CLI?

DaveSignal — Thu, 21 Nov 2013 20:00:50 GMT

I don't think it matters. I don't have any banking accounts with BoA (and am glad that I don't, because I don't think that have very good banking benefits), and I received more than 2x CLI by using the card a lot, paying my balances in full, and then asking for it after some time. Maybe if you have an extremely large amount of money in the bank with BoA, you could use that to negotiate, but I don't really think it is a top criteria. They want to see how you use your credit.

Re: Does banking with the CCC help with CLI?

FinStar — Thu, 21 Nov 2013 20:03:45 GMT

@DaveSignal wrote:
I don't think it matters. I don't have any banking accounts with BoA (and am glad that I don't, because I don't think that have very good banking benefits), and I received more than 2x CLI by using the card a lot, paying my balances in full, and then asking for it after some time. Maybe if you have an extremely large amount of money in the bank with BoA, you could use that to negotiate, but I don't really think it is a top criteria. They want to see how you use your credit.

Yes and no. Chase, BoA, WFB and Citi are amongst a few that *may* potentially consider those assets, but we're talking pretty hefty balances or a well-leveraged relationship.

Re: Does banking with the CCC help with CLI?

Anonymous — Thu, 21 Nov 2013 20:10:54 GMT

Rant mode: The POSSIBILITY of getting a CLI should drive almost no decisions, certainly not where to bank. Banking with your issuer might be the right decision, based on location, ease of having one place to contact about everything, or you really fancy a member of staff, but CLI? And at least two factors may argue against:

1) Interest rates on deposits (checking, savings MM etc) at the big credit card issuing banks tend to be very small compared to online banks and some other institutions

2) Perhaps too much information. I don't know how much sharing goes on, but it could go either way: if having a bank account helps, maybe having a decreasing balance would hurt ("Guess this person is in financial difficulties, no CLI for sure!)

Re: Does banking with the CCC help with CLI?

lg8302ch — Thu, 21 Nov 2013 20:36:02 GMT

I cannot imagine..especially if you have no assets with them...to be fair I have to admit I never tried to push my CLs with BofA...next years mission and curious to the results

Re: Does banking with the CCC help with CLI?

dodgerslv — Thu, 21 Nov 2013 21:30:53 GMT

Im my personal experience it could play a factor to a certain point. I have accounts with WF, BofA, and Chase. over 5 digits on all 3 and 6 with chase spread accross checking/savings/brokerage/CDs. I just got approved for my 3rd and 4th credit card with Chase and have over 30K in limits with BofA, i keep wondering if my banking relationship plays a factor and i have feeling it does. Just my 2 cents of course.

Re: Does banking with the CCC help with CLI?

Anonymous — Thu, 21 Nov 2013 22:00:35 GMT

@dodgerslv wrote:
Im my personal experience it could play a factor to a certain point. I have accounts with WF, BofA, and Chase. over 5 digits on all 3 and 6 with chase spread accross checking/savings/brokerage/CDs. I just got approved for my 3rd and 4th credit card with Chase and have over 30K in limits with BofA, i keep wondering if my banking relationship plays a factor and i have feeling it does. Just my 2 cents of course.

And I have over $50K CL with each of Citi and Chase and Capital One. I have never had any banking relation with Citi and Chase, and only opened a Cap One account many years after getting the cards.

Re: Does banking with the CCC help with CLI?

dodgerslv — Thu, 21 Nov 2013 22:09:34 GMT

@Anonymous wrote:
@dodgerslv wrote:
Im my personal experience it could play a factor to a certain point. I have accounts with WF, BofA, and Chase. over 5 digits on all 3 and 6 with chase spread accross checking/savings/brokerage/CDs. I just got approved for my 3rd and 4th credit card with Chase and have over 30K in limits with BofA, i keep wondering if my banking relationship plays a factor and i have feeling it does. Just my 2 cents of course.
And I have over $50K CL with each of Citi and Chase and Capital One. I have never had any banking relation with Citi and Chase, and only opened a Cap One account many years after getting the cards.

I agree, alot of times it doesnt really matter. At the end it comes down to your overall credit picture. I just feel that sometimes if you are asking for a CLI and they see your total assets in your banking relationship, they may be more leneint on granting your the request especially if you have baddies on your CR. Thats the case with me, still have Chargeoffs from years ago and one collection on my report yet i have never been turned down for a CLI with BofA. Again, just my thoughts...LOL

Re: Does banking with the CCC help with CLI?

Anonymous — Thu, 21 Nov 2013 22:39:23 GMT

@FinStar wrote:
@DaveSignal wrote:
I don't think it matters. I don't have any banking accounts with BoA (and am glad that I don't, because I don't think that have very good banking benefits), and I received more than 2x CLI by using the card a lot, paying my balances in full, and then asking for it after some time. Maybe if you have an extremely large amount of money in the bank with BoA, you could use that to negotiate, but I don't really think it is a top criteria. They want to see how you use your credit.
+1

Yes and no. Chase, BoA, WFB and Citi are amongst a few that *may* potentially consider those assets, but we're talking pretty hefty balances or a well-leveraged relationship.

+2.

Banking relationship will help only if you have a sizable amount of deposits with that bank, but it can only help so much. Banks are not going to overlook major and/or reject derogs simply because you have a sizable deposit with them either. A lot of banks will also evaluate you based on your average daily balance for the past 12 / 24 months.

Re: Does banking with the CCC help with CLI?

Anonymous — Sat, 23 Nov 2013 13:11:47 GMT

As a general rule of thumb, banks maintain their credit cards as a separate legal entity (loss prevention) and as such keep an arms length between the two. That said however, some banks have a "relationship scoring" program that they use to enhance their product portfolio with their customers. It is this relationship that may give a little extra to a customer. I know the bigger banks have done this in the past and my bank does it now.

Re: Does banking with the CCC help with CLI?

Anonymous — Sat, 23 Nov 2013 13:56:11 GMT

I think it depends on a variety of factors.

Just finished an app spree and one part of the picture was getting a CLI from BoA. We've got one with them that has a fairly high limit and another whose limit has been stuck at $2,000 for ages. As soon as we hit the submit button we got a 1 - 2 week message. Called for recon and got a "senior credit analyst" who stated "everything looks good and thank you for having your deposit accounts with us. CLI to $15,000 is approved."

Now, can't prove having deposit accounts resulted in approval. But it's a fact that they see them. And a fact that they are human. The more positive experience you have with them cannot be anything but a positive thing.

Re: Does banking with the CCC help with CLI?

Anonymous — Mon, 25 Nov 2013 16:33:35 GMT

I don't know about other banks, but I do know Chase will definitely consider your banking relationship when it comes to CC apps and CLI requests. Obviously, the higher your balances, the better. Generally, you need at least $10k on deposit for it to really matter. Once you get above $5mm, you can start to do really creative things on the credit card front (e.g. getting approved for a six figure credit card limit when you have a 600 FICO).

However, as someone else said, the possibility of CLIs should be very low on your list of criteria to choose a bank.