B of a or chase

[Anonymous]

Hello all. I currently have a "second chance acct. w/ wells started off with they're secured card that graduated two yrs ago and CL still sitting at 2.2k. I'm fed up and moving my savings to another bank in hopes of getting in good with a premium rewards card. Can't close my wells card bcuz it's my oldest trade line. AAOA 1.8 yrs. TU bankcard8 700. Any recommendation of a new bank to deal with?

[Anonymous]

I bank with Wells Fargo and they started me out with a secured card at $300 that unsecured at 11 months and cli to $600.

It has been two years and declined for every increase since. I don't bank with BofA and they gave me a cc with a $10,100

limit. I'm not sure if that info helps but it does show that WF is very conservative. Thinking about changing banks myself.

[Anonymous]

I don't have any experience with BOA, but I heartily recommend Chase. I switched my checking and savings accounts to them in February of this year, and I think that really helped me get both the Freedom and the CSP in May. The Freedom was a low $600 limit, but within a week prequals for all three Chase cards showed up, and I got the CSP at $5000. (Granted, it's the minimum for the CSP, but my highest limit then was $2000.)

Chase has also been great with their customer service (a secure message almost always gets the job done), both with the banking side of things and the CC's.

[12njoy]

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@Anonymous wrote:
Hello all. I currently have a "second chance acct. w/ wells started off with they're secured card that graduated two yrs ago and CL still sitting at 2.2k. I'm fed up and moving my savings to another bank in hopes of getting in good with a premium rewards card. Can't close my wells card bcuz it's my oldest trade line. AAOA 1.8 yrs. TU bankcard8 700. Any recommendation of a new bank to deal with?

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WF has been great to me, but certainly understand your frustration with.  I have credit cards with chase and BofA.  7 cards with chase which were at a total of $71,000 before a credit limit decrease on all down to $28,800.  I have 2 cards with BofA which total $63,000.  My money would be with BofA.  I only have cards with both and no other biz.

[CatOfSpades]

If you want all of your banking under one roof, I would go with Chase over Bank of America. Chase has much better products. Of course, there are other good options as well, like credit unions and banks that are a little less giant. My personal experience with Chase has been largely positive. My experience with BofA has been hit or miss. They are great at some things, and they are horrible at some things.

Of course, no bank is perfect. I hear people say they hate Chase for one reason or another, and I can't understand it because I love them. And I hear people say that BofA is the worst ever, and I have never run into anything just too terrible with them, either. If I were you, I'd pick a slightly smaller bank, but if you're just thinking of BofA or Chase, go with Chase. BofA's technology is top notch, but you can find a better everything else at another bank. Good luck with your decision!

[Anonymous]

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@Anonymous wrote:
Hello all. I currently have a "second chance acct. w/ wells started off with they're secured card that graduated two yrs ago and CL still sitting at 2.2k. I'm fed up and moving my savings to another bank in hopes of getting in good with a premium rewards card. Can't close my wells card bcuz it's my oldest trade line. AAOA 1.8 yrs. TU bankcard8 700. Any recommendation of a new bank to deal with?

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You don't need to bank with another bank to get their credit cards. I started off with Wells Fargo and applied for all the reward cards that interested me this year. No prior history with any other bank and WF was my only card. I had the WF card for many years (6+) before discovering the benefits of other credit cards.

You can close your Wells Fargo credit card, but since it's your ONLY card, I wouldn't recommend it.

I believe closed accounts stay on your credit report for 10 years and won't affect AAoA, except it'll stop aging and remain at the closed age.

As far as where to put your savings, Ally has a 1% savings account.

Most brick and mortar banks only offer 0.01%, which is 100 times less.

[Anonymous]

I bank with both. However I prefer BoA credit products over Chase. What are you looking for in a financial institution?

Neither Chase or BoA have a good savings account for the average person. Most banks offer free checking if you direct deposit your payroll. Like someone else said you don't need to have a financial relationship with a bank in order to obtain one of their credit cards.

I suggest researching banks online. Best of luck!

[RonM21]

I have both also. Hard for me to determine which is better right now. I would have said Chase months ago. But recently I'm not as sure. This is my personal experience though. So, I think either one would not be a bad decision.