Large bank balance in Credit union influence credit card limit

[Kayngwa]

Does having a large bank balance(20K plus) in a credit union influence the credit card limit you may receive on a new credit card application?

I ask because my utilization is kinda high not because i have maxed out credit cards, but rather because i pulled on my heloc to do a kitchen renovation. Helocs count towards utilization. All my cards have $0 balances.

Would depositing a large sum of money influence the approval of a large credit limit?

[Snook_on_the_Line]

It would depend on the credit union

if they do there own credit card underwriting in house they would probably take it into consideration 

but if they outsource it to someone else then they probably wouldn't be able to see your deposit account balances.  

did you have a specific credit union in mind?

[Kayngwa]

I am targeting NIH FCU, consumers federal credit union, CAFCU and PSECU

[Kayngwa]

And DCU

[Janneman]

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@Kayngwa wrote:

Does having a large bank balance(20K plus) in a credit union influence the credit card limit you may receive on a new credit card application?

I ask because my utilization is kinda high not because i have maxed out credit cards, but rather because i pulled on my heloc to do a kitchen renovation. Helocs count towards utilization. All my cards have $0 balances.

Would depositing a large sum of money influence the approval of a large credit limit?

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No. Large bank balance will NOT influence the credit limit on a credit card unless one has a high kinda customer such as Merril Lynch customer with Bank of America or some big investor....Otherwise, credit limit is based on your entire credit report. One would not get high credit limit, most of the time, if one has recently obtained a few credit cards or owe lots of money....

[FicoMike0]

I agree with @Snook_on_the_Line , it depends on who. Some credit unions and banks are big on relationships. I've heard that navy and wells let your banking relationship influence credit card apps. 

[Snook_on_the_Line]

If it's just a big limit for utilization padding you're looking for then check out Jovia Financial FCU

The rewards are meh at best, but they've been handing out $25k starting limits like candy. 

[titancylinder]

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@FicoMike0 wrote:

I agree with @Snook_on_the_Line , it depends on who. Some credit unions and banks are big on relationships. I've heard that navy and wells let your banking relationship influence credit card apps. 

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Wells does not factor relationship balances into their UWing criteria. Not sure where you heard they do. But there's several instances of people reporting on the forums that Wells specifically told them they do not factor account balances into their underwriting. 

NFCU does not factor relationship balances on their cards either. 

[fullstackdev]

It's not just your utilization but your entire profile. Since you already have high utilization, the other factors that will probably come into play are your DTI and recent credit-seeking behavior (new accounts and inquiries). If you only recently pulled from your HELOC, maybe wait several months until your credit report reflects a pattern of paying down the balance over time.

I believe some credit unions, especially smaller ones, will take your deposit relationship into account. But the ones you've chosen are kind of big/popular. If I were you, I'd go ultra-local on this one and look for a geo-restricted credit union in my area with local underwriting. And one where the application lets you specify the Credit Limit you are seeking. And I'd apply in person at a branch.

I've had some very specific credit needs recently and found local credit unions to be the most flexible. 

[Kayngwa]

I think the rest of my credit profile is ok. DTI is low(under 35%) and all three credit scores are in the mid 700s. I havent sought credit since February when i got my heloc. I used the heloc over the summer for home renovation stuff and that has jacked up my utilization.