Bank/CC Relationship Question

Anonymous · ‎12-29-2017

Was looking around online and was wondering if its a great idea to open a savings account with a Bank or Credit Union in advance of applying for a credit line/card through them.

I am in the garden for a min while I lower my Utl but had read an article online talking about how opening a savings account leaving it open for say 6+ months then applying for a credit card could give you an advantage. Thoughts? Has anyone done this and seen success in being approved?

Anonymous · ‎12-29-2017

I think that it can't hurt to have a good banking relationship with credit card issuing banks or credit unions. I have savings accounts with Capital One, US Bank and Bank of America... all of which have been pretty good to me with extending credit. I also have one of my properties mortgaged with Wells Fargo, and they have been good with credit products.

If you're looking for the best return on interest check out Capital One's 360 saving products. I have business and personal savings, both have no minimums and they just increased my APY to 1.0% on my personal savings account after I got approved for their Venture card. Not sure if it's coincidence or related, I give them money to loan and they give me nice limits on credit products since I cleaned up my profile.

I'm no financial advisor, but hopefully this helps!

Anonymous · ‎12-29-2017

@Anonymous wrote:
I think that it can't hurt to have a good banking relationship with credit card issuing banks or credit unions. I have savings accounts with Capital One, US Bank and Bank of America... all of which have been pretty good to me with extending credit. I also have one of my properties mortgaged with Wells Fargo, and they have been good with credit products.

If you're looking for the best return on interest check out Capital One's 360 saving products. I have business and personal savings, both have no minimums and they just increased my APY to 1.0% on my personal savings account after I got approved for their Venture card. Not sure if it's coincidence or related, I give them money to loan and they give me nice limits on credit products since I cleaned up my profile.

I'm no financial advisor, but hopefully this helps!

1% for savings is now low for internet banks. Lots of places listed today with rates from 1.35 to 1.55%

Anonymous · ‎12-29-2017

There is no such thing as a relationship any more. You are a series of numbers. If your numbers are right they will treat you well. If not they will treat you like a baby treats a diaper. No human anywhere has a say in anything any more. The computers evaluate you for profitability and make all the decisions. Humans are only there to get annoyed at you for asking. Check your humanity at the door and polish up your numbers if you want anything from these cold, heartless automatons.

Anonymous · ‎12-29-2017

@Anonymous wrote:
@Anonymous wrote:
I think that it can't hurt to have a good banking relationship with credit card issuing banks or credit unions. I have savings accounts with Capital One, US Bank and Bank of America... all of which have been pretty good to me with extending credit. I also have one of my properties mortgaged with Wells Fargo, and they have been good with credit products.

If you're looking for the best return on interest check out Capital One's 360 saving products. I have business and personal savings, both have no minimums and they just increased my APY to 1.0% on my personal savings account after I got approved for their Venture card. Not sure if it's coincidence or related, I give them money to loan and they give me nice limits on credit products since I cleaned up my profile.

I'm no financial advisor, but hopefully this helps!
1% for savings is now low for internet banks. Lots of places listed today with rates from 1.35 to 1.55%

I like that Capital One has higher rates than my standard brick and mortar banks, but still has a physical presence here in Chicago with their two Capital One Cafes. You can speak to bankers and attend workshops, they also serve Peet's coffee.

I have been mulling over moving some money to Discover, since I have a relationship with them, as they are offering 1.35%.

EAJuggalo · ‎12-30-2017

With thin profiles I think it makes a difference. I was told that the only reason I got my auto loan was my existing relationship with the CU. At that time the only thing on my credit report was a 14 year old auto loan from Chase. I also think that this is the only reason the first card in my rebuild was a Chase Freedom after being denied for Discover and a couple others. I don't think it matters nearly as much with thicker profiles.

EX700 TU 704 EQ 694 4/03/22
Cap1 QS-$4,500 Chase Freedom Flex- $800 Chase Freedom Unlimited- $1,000 Victoria's Secret- $1,200 Citi DC- $800 Amazon Store Card- $3,500 AMEX Hilton Honors-$1,000 Discover It-$1,000 Wal-Mart MC $290 Chase Sapphire Preferred-$5,000 NFCU Flagship $13,800 AMEX BCE-$1,000 AMEX Gold-$5,000 AMEX Delta Blue $1,000 Lowe's $5,000 Navy Platinum $17,000 AMEX BBP $2,000

steelers1 · ‎12-30-2017

@BigDerpa wrote:
Was looking around online and was wondering if its a great idea to open a savings account with a Bank or Credit Union in advance of applying for a credit line/card through them.

I am in the garden for a min while I lower my Utl but had read an article online talking about how opening a savings account leaving it open for say 6+ months then applying for a credit card could give you an advantage. Thoughts? Has anyone done this and seen success in being approved?

It all really depends what your goals are.

If your looking to get a car loan in the near future I would recomment DCU for 2 reasons.

You will earn 5.12% on the first $1,000 that you deposit with savings and their auto loans have a low apr.

Is your goal just to have a credit card? Are you looking for low interest or rewards?

What are you trying to accomplish?

Anonymous · ‎12-30-2017

I am in Cali I dont think DCU would be an option.. But my goal is future needs say like a auto loan or credit card or HELOC

Anonymous · ‎12-30-2017

@BigDerpa wrote:
Was looking around online and was wondering if its a great idea to open a savings account with a Bank or Credit Union in advance of applying for a credit line/card through them.

I am in the garden for a min while I lower my Utl but had read an article online talking about how opening a savings account leaving it open for say 6+ months then applying for a credit card could give you an advantage. Thoughts? Has anyone done this and seen success in being approved?

You need a share savings account at a credit union with a minimum dollar amount fo establish membership, which means you can't apply for any product until then. You don't have a choice.

Anonymous · ‎12-31-2017

I've heard Alliant is pretty good CU for SP for a savings. But they no longer offer their SSL .. darn. Any others that may offer SSL??