Opening Deposit Account Before CC App? Real or Rumored Benefit?

[Jazee]

Is there any benefit to having a deposit account with the bank when applying for a credit card if that account isn't being used and has less than 4 months history?  Or as long as you can avoid any fees is it a no-brainer to open a deposit account up with the primary to CC app since it has no downside?

[Windchill92]

Depends on the financial institution. Some value a prior relationship / existing funds (e.g., Elan), so there it'd probably be encouraged.
What's even better is if there's a SUB for a deposit acct (check/saving). But personally I wouldn't fire up n-deposit accounts to boost my chance of approval...imo better to garden and come back w/ a better profile than potentially ding your Chex score in the process.

If you're asking whether to open up a deposit acct after you've got been approved for a CC, that's up to you + if you value their deposit acct offerings. I wouldn't say it's a no-brainer in this case. I've got a CCC (see siggy), but have precisely zero other accounts w/ Citi. Thought about doing their 4.30% APY HYSA, but Amex has me covered there @ 4.25% APY. Hopefully I understood what you're asking.

[Jazee]

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@Windchill92 wrote:
Depends on the financial institution. Some value a prior relationship / existing funds (e.g., Elan), so there it'd probably be encouraged.
What's even better is if there's a SUB for a deposit acct (check/saving). But personally I wouldn't fire up n-deposit accounts to boost my chance of approval...imo better to garden and come back w/ a better profile than potentially ding your Chex score in the process.

If you're asking whether to open up a deposit acct after you've got been approved for a CC, that's up to you + if you value their deposit acct offerings. I wouldn't say it's a no-brainer in this case. I've got a CCC (see siggy), but have precisely zero other accounts w/ Citi. Thought about doing their 4.30% APY HYSA, but Amex has me covered there @ 4.25% APY. Hopefully I understood what you're asking.

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You understood, but doesn't the Chex system have absolutely no significance as far as getting a credit card approval?

[AndySoCal]

@Jazee  Some credit unions allow you to do a prequalify for a credit card with our being a member. In order to get the credit card if approved you must become a member. I know of one credit union that has relationship rewards. The more money in the credit union one of the perks is you receive more points when you use their credit card. The credit union is geofenced to some extent. All that said I doubt if the relationship will help with underwriting .

[Windchill92]

Correct, Chex has no bearing on a CC approval. I was just considering another case where firing up too many checking/savings might hurt your Chex if you truly wanted/needed a deposit acct somewhere else.

In regards to @AndySoCal's message above, not only must you become a member but some CUs require that you open a deposit account with them. Additionally, some CUs (read: the ones in my neck of the woods) will reduce/nuke the fees for things like cashier's checks, overdrafts, replacement cards, FTF.

[AndySoCal]

@Windchill92  The credit unions I have joined on line usually have a default savings account when you start the membership process. it is usually the first one on the list. This account usually has a very low amount of money IE $25.00  or less is needed to open. This is the only account I usually open initially. With SDFCU I applied for the credit card first and was approved. In order to complete  credit card process I completed the membership application a day or so later all was done.

[FicoMike0]

The best is where they have a sub for opening a checking, then another sub for a credit card. I'm sub crazy!