topic Re: CSP or Ritz with Limited history in Credit Cards

Chase Banking Relationship affecting CC approval

Anonymous — Mon, 10 Nov 2014 17:18:01 GMT

Hi all,

I'm looking to app with Chase for a Ritz-Carlton and CSP in the next 6 months. My question is would opening a bank account with them and running some money through it help the odds? Are they fond of relationships? Thank you

Re: Chase Banking Relationship affecting CC approval

Anonymous — Mon, 10 Nov 2014 17:59:19 GMT

The popular opinion on these forums and others is that Chase is a relationship bank. I don't have personal experience with this because I have Chase cards, but no Chase bank account. If you are a borderline candidate for a card, having an account with money will probably help. I don't think you will find a definite answer to your question, but many people think that having a Chase banking account helps with CC approvals.

Re: Chase Banking Relationship affecting CC approval

Anonymous — Mon, 10 Nov 2014 18:28:44 GMT

@Anonymous wrote:
Hi all,
I'm looking to app with Chase for a Ritz-Carlton and CSP in the next 6 months. My question is would opening a bank account with them and running some money through it help the odds? Are they fond of relationships? Thank you

while i don't know the exact answer to your question, let me share this story...

my brother in law had a few rough years of getting behind on payments (due to rough times with his business)... he has rebounded now and was getting denied from everyone for credit. He switched banks to chase and started depostiing major cash (from small biz) and so on, and has been approved for 3 cards (2 personal and 1 business) over the last 6 months.

Whether that means it helps, I am not sure. But if there is one thing I can say for certain (Based on personal experience) it is what the last post said. Chase values a relationship and is more inclined to help one of their own.

Can't hurt. Besides, chase is a better bank IMHO.

Re: Chase Banking Relationship affecting CC approval

gercredit — Mon, 10 Nov 2014 18:32:02 GMT

I would say yes, my credit is not stellar (no baddies but short history) and I got now the Amazon Visa, CSP and Freedom with them with about one year Checking History.

Re: Chase Banking Relationship affecting CC approval

BeeH11 — Tue, 11 Nov 2014 02:06:26 GMT

I have 2 Visa Signature cards with Chase, that's it. No bank accounts or anything else. I got my first card was an instant approval. 1.5 years after that, I got the 2nd card w/ a 7-10 day message (but was ultimately approved). I've never been late, no baddies, did carry balances.

Re: Chase Banking Relationship affecting CC approval

OHWWCB — Tue, 11 Nov 2014 02:16:19 GMT

I very much believe that my long banking relationship with Chase was what allowed them to approve me for my highest credit limits at the time and finally get an elite card in CSP. When I applied for CSP my highest limit card at the time was $1000 and I was shocked to be approved. On the same day I also applied for Chase Freedom and a week later I applied for Marriott Premiere Rewards...all approved. I've since pulled my savings out of Chase but they still just gave me an auto CLI of $2500 on my 4th statement the other day. So...I'm happy with Chase! They've been great to me!

Re: Chase Banking Relationship affecting CC approval

Anonymous — Tue, 11 Nov 2014 02:20:08 GMT

@OHWWCB wrote:
I very much believe that my long banking relationship with Chase was what allowed them to approve me for my highest credit limits at the time and finally get an elite card in CSP. When I applied for CSP my highest limit card at the time was $1000 and I was shocked to be approved. On the same day I also applied for Chase Freedom and a week later I applied for Marriott Premiere Rewards...all approved. I've since pulled my savings out of Chase but they still just gave me an auto CLI of $2500 on my 4th statement the other day. So...I'm happy with Chase! They've been great to me!

Congrats on that CLI.

I've said it before and i'll say it again. Chase from all points of view appears to be a relationship bank even with as big as they are.

Re: Chase Banking Relationship affecting CC approval

wacdenney — Tue, 11 Nov 2014 02:44:00 GMT

I agree that Chase values relationships. I no longer have a checking account with them and likely never will. It's a long story but I was quite upset when my wonderful WAMU free checking suddenly became a Chase account. I do have 4 of their cards, however and I completely believe that each subsequent approval was made easier by the last.

Re: Chase Banking Relationship affecting CC approval

Anonymous — Tue, 11 Nov 2014 02:50:51 GMT

in my experience, chase couldn't give 2 "beep* if you have accounts with them, if your credit reports got some dirt on'em. I had checking/savings account with them since WaMu (r.i.p) got changed to chase, and yet when I applied for their credit cards, I only got no, no, and no.

Re: Chase Banking Relationship affecting CC approval

Anonymous — Tue, 11 Nov 2014 02:54:40 GMT

@Anonymous wrote:
in my experience, chase couldn't give 2 "beep* if you have accounts with them, if your credit reports got some dirt on'em. I had checking/savings account with them since WaMu (r.i.p) got changed to chase, and yet when I applied for their credit cards, I only got no, no, and no.

There is still an ex-Wamu Chase branch directly across the street from an original Chase branch just down the road from home.

I wonder how that even works..

Re: Chase Banking Relationship affecting CC approval

Anonymous — Tue, 11 Nov 2014 02:58:10 GMT

@Anonymous wrote:
@Anonymous wrote:
in my experience, chase couldn't give 2 "beep* if you have accounts with them, if your credit reports got some dirt on'em. I had checking/savings account with them since WaMu (r.i.p) got changed to chase, and yet when I applied for their credit cards, I only got no, no, and no.
There is still an ex-Wamu Chase branch directly across the street from an original Chase branch just down the road from home.

I wonder how that even works..

well... the former wamu employees didn't get fired, so i guess that was good thing.

Re: Chase Banking Relationship affecting CC approval

Anonymous — Tue, 11 Nov 2014 03:03:49 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
in my experience, chase couldn't give 2 "beep* if you have accounts with them, if your credit reports got some dirt on'em. I had checking/savings account with them since WaMu (r.i.p) got changed to chase, and yet when I applied for their credit cards, I only got no, no, and no.
There is still an ex-Wamu Chase branch directly across the street from an original Chase branch just down the road from home.

I wonder how that even works..
well... the former wamu employees didn't get fired, so i guess that was good thing.

I'll ask my CPC buddy tomorrow. I think they may actually be in different "districts", which is why something like that would be allowed to carry on.

Don't get me wrong though. In DFW there is a Chase bank practically on every city block.

Re: Chase Banking Relationship affecting CC approval

sjt — Tue, 11 Nov 2014 05:37:57 GMT

Chase has a special reconsideration for credit card applications, but you have to have 10k to get the special consideration.

Re: Chase Banking Relationship affecting CC approval

chalupaman — Tue, 11 Nov 2014 05:51:34 GMT

I think the relationship aspect of Chase really kicks in once you've gotten in with them and have established a really good track record of payments on their cards. I opened up a checking account with Chase last year and it didn't really make that much of a difference in whether I'd be approved or denied for their cards though I think when my SW card was still pending, I really made it clear to the recon person I spoke to that I really wanted to establish much more of a relationship with Chase and just said what I wanted to use the card for and everything. I also didn't really start using my checking account with them regularly until after I got my SW card.

Re: Chase Banking Relationship affecting CC approval

FinStar — Tue, 11 Nov 2014 06:54:51 GMT

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
in my experience, chase couldn't give 2 "beep* if you have accounts with them, if your credit reports got some dirt on'em. I had checking/savings account with them since WaMu (r.i.p) got changed to chase, and yet when I applied for their credit cards, I only got no, no, and no.
There is still an ex-Wamu Chase branch directly across the street from an original Chase branch just down the road from home.

I wonder how that even works..
well... the former wamu employees didn't get fired, so i guess that was good thing.
I'll ask my CPC buddy tomorrow. I think they may actually be in different "districts", which is why something like that would be allowed to carry on.

Don't get me wrong though. In DFW there is a Chase bank practically on every city block.

The current Chase presence in TX, specifically in the DFW market, would explain the "dominance" of market share in the area due to the Bank One merger (large footprint) about 10 years ago and the WaMu acquisitions during 2008. Some branches in certain areas were kept due to CRA requirements.

Re: Chase Banking Relationship affecting CC approval

Anonymous — Tue, 11 Nov 2014 06:58:58 GMT

@Anonymous wrote:
Hi all,
I'm looking to app with Chase for a Ritz-Carlton and CSP in the next 6 months. My question is would opening a bank account with them and running some money through it help the odds? Are they fond of relationships? Thank you

Chas has a process called specials reconsiderations.

If you have >10k daily average balance, your banker can put in an application for you via that route. It will be for a basic tier card, which is a Freedom in most cases. If you have more in the bank account, you can try to push for the banker / branch manager to get you a better card. I have a friend who got the CSP as her first credit card in the US that way. This helps people with limited or no credit history, but it does nothing for people with bad credit history.

If your balances are less than 10k, you MAY still be able to get a banker to help. Whether they are willing to do so, and whether lending services will play ball, will depend on how "nice" your banker is, and also how "generous" that analyst is as well. In most cases however, it won't work.

That being said, having a large deposit balance in Chase isn't going to keep the credit cards open if lending services decides to shut it down. The credit division doesn't care about what's going on in the retail division. Just look on FT for plenty of examples. I've experienced it myself. If for any reason there are suspicious activity on your checking / savings account, such as lots of money order deposits or other money laundering accounts, Chase may still very well shut down all your accounts, credit cards included.

So in summary, a relationship with Chase can both help and harm you, depending on what you do.

Re: Chase Banking Relationship affecting CC approval

bk510 — Tue, 11 Nov 2014 07:00:20 GMT

@Anonymous wrote:
Hi all,
I'm looking to app with Chase for a Ritz-Carlton and CSP in the next 6 months. My question is would opening a bank account with them and running some money through it help the odds? Are they fond of relationships? Thank you

Oh it's very simple.......YMMV

Re: Chase Banking Relationship affecting CC approval

bk510 — Tue, 11 Nov 2014 07:04:21 GMT

@wacdenney wrote:
I agree that Chase values relationships. I no longer have a checking account with them and likely never will. It's a long story but I was quite upset when my wonderful WAMU free checking suddenly became a Chase account. I do have 4 of their cards, however and I completely believe that each subsequent approval was made easier by the last.

I agree, but its still a shot in the dark.

Chase valuing relationships is overblown and that goes with any lender.

Re: Chase Banking Relationship affecting CC approval

bk510 — Tue, 11 Nov 2014 07:04:49 GMT

@Anonymous wrote:
in my experience, chase couldn't give 2 "beep* if you have accounts with them, if your credit reports got some dirt on'em. I had checking/savings account with them since WaMu (r.i.p) got changed to chase, and yet when I applied for their credit cards, I only got no, no, and no.

Re: Chase Banking Relationship affecting CC approval

awp317 — Tue, 11 Nov 2014 07:08:45 GMT

I dont bank with chase for my pocket accounts, but use their chase private banker for investments, 401k etc, I maintain this with citi and edward jones as well just to not keep all my eggs in one basket. Citi is very conservitive lending to me and chase is very liberal, they did the mortage, then still granted me more credit and my banker wants me to apply for the palladium or ritz on top of what I currently have as apprently they have eased up on the requirements for both, and both are very tempting but I want my credit to age for 2 years before adding a thing. But I would say its safe to say they like keeping a close eye on your assets.