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Previous banking relationship prior to apping?

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Frequent Contributor

Re: Previous banking relationship prior to apping?


@disney2 wrote:

Wells Fargo would be an odd one.  I have an account with them but don't keep a lot in it.  I actually got the account to get the bonus cash.  I applied for their card and was told I needed to have more in the checking account.  When I get a chance to go to a branch, I'm closing it.

 

I have Wells Fargo as well and I talked to the credit rep that stated banking realtionship does help with them, I have more going into that account just knowing how they are, I will be applying for business and personal credit products


 

EQ 812 / TU 802 / EX 818 (Before the credit sprees will update soon)
Message 11 of 17
Regular Contributor

Re: Previous banking relationship prior to apping?

I don’t know how true it is anymore, but BoA likes an account of some sort like checking or investment with Merrill Lynch. It makes sense because BoA incentivizes higher rewards on their cards with larger amounts in a BoA account.

I left Fifth Third a year ago and they keep sending me Pre-Approvals for their cards. I never had any offers before when I did. (Granted, my credit is better than it was then) The TRIO is tempting for decent CB but it’s nothing special.
Message 12 of 17
Valued Contributor

Re: Previous banking relationship prior to apping?

BOA... I got approved for 10K and have grown it to 65K w/o having any additional accounts with them.

 

WF... same deal.. 7500 apporoval a couple of months ago w/ no account w/ them

500K+ TCL / 800+ FCOs
Message 13 of 17
Valued Contributor

Re: Previous banking relationship prior to apping?


@ZackAttack wrote:

@Hasselfree wrote:

Local CU's are big on banking relationships. 


I don't know about that. My CU account was opened up when I was youth age. Now having control and applied for my CU Visa on Jan 2019, the card's lowest SL is $500. When they asked me the SL would be, I asked for $1500. After 2 hours of waiting, I got a call from my CU saying that they are approving me for $1,000.

 

I not really sure that banking relationships did have any effect on that. It's also possible that they just made it based on the CR they did.


Well, you have not had total control as an adult very long so this statement seems to back up the relationship factor Smiley Wink

Message 14 of 17
Senior Contributor

Re: Previous banking relationship prior to apping?


@aglarry wrote:

@Hasselfree wrote:

Local CU's are big on banking relationships. 


My local CUs are a no go for me. Mostly all my local CUs require a HP to apply to open a bank account with them. Some will even judge you on your score and if it's low enough they will assign you a "rebuilder bank account" with a $10 monthly fee (no possibility to waive fee). Once your score improves they can upgrade you to their regular more affordable banking account. I can also see the opposite happening once they open a bank account with you. So let's say you experience hardship and your score plummets, will they downgrade you from their regular bank account to their rebuilder bank account? I think they would do that if they already care enough about your FICO to open a bank account.

 

I know a lot of people on this forum would have an issue with this model of business. I certainly do. If they are going to charge you a $10 monthly fee why not just take your business to a bigger bank with more assets and more branches (who will waive the $10 monthly fee if you meet one of their monthly requirements) with no HP. 

 


@Obscure-Expert wrote:

Do you have anyone specific in mind?

 

I've gotten cards with all of the makor banks w/ NO prior relationship.  I've had some BS CLI denials though based on lack of relationship that tend to go away with time and then they approve the CLI.  Mostly the denials have been for lack of time in the interval in which they were requested.


I have Citi in mind. I'm in a bit of a quandary. I really want their Citi secured card (I know it takes 18 months to graduate but that's OK with me). I am looking for a long term relationship with Citi. However, I'm afraid if I apply right now without a prior banking relationship I would have wasted a HP. I don't mind establishing a relationship with them and apping for the secured card in a couple of months when my scores improve. I have read some people have gotten approved with low scores without prior banking relationship, but as they say, YMMV. And if I were to be denied, I can then recon and point out my banking relationship with them and how I plan to use them long term. I think that would be better than apping right now and having nothing to recon on.


I have been Repeatedly turned down for BofA Cash Rewards CLI, They Cited "No Banking Relationship"

so I opened a Savings Account with 3k Some Deposits and Withdraws. I waited a while (6 Months), Hit The SP Inncrease button again,

This time they Cited some other Non-Sense. so another "CLI DECLINE" ... to the sock drawer you go!

 

"I Heard" US Bank likes Relationship, A Top Tier Rep and a Branch Manager Both Told Me This.

They said with Accounts, UW is less stringent. but opinions vary. from myFICO posters.

 

Citibank, I cold APP'ed No Prior Banking or Cards, Approved for (2) within 7 days.

CLI's are always SP's, Not Super Generous on Those as BBS can attest to.

They have Never once "Hinted" at a banking Relationship. although after about a year or so,

I started getting "Open A Checking Bonus Offer" . (Last thing I need is another bank account.)

 

Chase:  well if you want to bypass the 5/24 most definately. Make sure it's in branch approval as

@

oldman87Highly stresses to do.!

 

sorry for all my typo errors, not much sleep. and i probably do not make a lot of sense right now.

Message 15 of 17
New Member

Re: Previous banking relationship prior to apping?

US Bank is absolutely a relationship bank.  Most applications go to review for underwriting.  I applied for the Altitude card the day applications were open.  At the time I had three other US Bank cards with oldest being Flex Perks Visa (10 years old)(originally NW Airlines)and a checking account.  It went to manual review and approved the next day for my highest limit with them.  The kicker, I had 19 inquiries at the time.  Others were reporting being turned down for too many inquiries (4&5).  My personal banker said relationship allowed underwriting to overlook many things that would usually trigger a denial.

 

fyi, this may be coincidence but I have 5cards with them now,  Flex Perks Visa, AMEX, Cash +, Altitude and Fidelity.  Each approval was for a higher CL upon approval.  10k, then 15k, then 17.5k, $25k and 27.5k.

 

also, CSR will never connect you to an underwriter.  They will pass along message then call you back with their reply.  Really old fashion.  Probably still use fax machines. 

Message 16 of 17
New Visitor

Re: Previous banking relationship prior to apping?

BBVA must take into account your bank relationship.  

 

My score is mid 600's and they just gave me a $8900 starting limit on their rewards card.

 

I have banked there for 4 years both personal and business.

Message 17 of 17
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