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Banking relationship before asking for a CC

AverageJoesCredit
Mega Contributor

Re: Banking relationship before asking for a CC


@K-in-Boston wrote:

I would definitely echo that in most cases, that subjective term "relationship" makes zero difference on whether an account will be approved.  Bank of America Premium Rewards and JPM Reserve are two examples often cited, but moving $100,000+ or $10,000,000+ respectively would more objectively qualify as a "relationship" than "Hey, Chase, I put $50 in my savings account. We're in a relationship.  Now you have 2 trillion, 687 billion, and fifty dollars in assets!!!"


Lol, so you're saying  my   $2 in my Navy checking means squat?😄

Message 11 of 19
longtimelurker
Mega Contributor

Re: Banking relationship before asking for a CC


@AverageJoesCredit wrote:


Lol, so you're saying  my   $2 in my Navy checking means squat?😄


Well, it may not help you with getting more credit cards, but it certainly gives you big-depositor "Do you know who I am????" rights

Message 12 of 19
AverageJoesCredit
Mega Contributor

Re: Banking relationship before asking for a CC


@longtimelurker wrote:

@AverageJoesCredit wrote:


Lol, so you're saying  my   $2 in my Navy checking means squat?😄


Well, it may not help you with getting more credit cards, but it certainly gives you big-depositor "Do you know who I am????" rights


Lol, 

 

Navy $2= $37k 

Chase $2 =$524 ]😁

Message 13 of 19
Remedios
Moderator

Re: Banking relationship before asking for a CC


@TexasDom wrote:

What is your thoughts on starting a bank account with BBVA, BoA, Chase, Amex, Capital One...eta with a small savings account (perhaps a checking) and letting it age over the course of 6 months to a year or more before going to them and asking for a CC? 

 

As I ask this, I do have 2 accounts (BOA and AMEX) that I deposit a small amount into with direct deposit. It is savings anyway. 

 

Would it be good to open another couple for when I am ready to ask for a card I already have a relationship with them?

 

I am holding for a year most likely and so will have time on both to age.

 

Thoughts?

 

 

 


@TexasDom  This topic comes up often enough, and we all do brain copypasta from the previous 99 debates. 

Banks don't relate to individuals, but they might relate to the money individual has a potential to bring in. 

Stashing a few hundred here and there is not going to overwhelm them.

Additionally, savings accounts don't "age". They just look abandoned unless there is a constant influx of money coming in. 

 

Instead of opening multiple accounts with lenders you want CCs from, you'd be better off addressing and working on the negatives that are keeping your scores down, since that's the reason you're having to resort to this. 

 

 

Message 14 of 19
TexasDom
Established Member

Re: Banking relationship before asking for a CC

@Remedios  and everyone.

 

Thanks for your input, I have CPC status now and they have approved me for my car back in Oct before I realized how bad it was. 

 

I am not sure is having a relationship with them will do any good but I am hopping it will push me over the fence if needed by showing them that I can deposit regularly even if it is a low dollar amount each paycheck. 

 

As mentioned above keeping track of multiple accounts could be hard unless you set them up and forget them as I have done and let them sit. IDK if it will help with BoA or AMEX but we shall see and if I have to call the reconsider line it allows me to point to that account and say I have been regularly depositing funds, as well as keeping my utilization below 10%.

 

Data points on this may be hard to come by, but thanks to all for your responses.

 

Starting Score: 533
Current Score: 666 (March 2021)
Goal Score: 780


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Message 15 of 19
Remedios
Moderator

Re: Banking relationship before asking for a CC

Well, I have a CPC story ...

 

My only denial ever came from Chase while I was CPC. 

As far as money goes, I think it's uncouth to drop figures,  but to give you an idea, there was money from sales of two homes, two trust funds, investments, one mortgage paid off in under a year  etc. 

Had I been familiar with a concept of Karen at that time, I could have sent banker to go make me a sammich, and he probably would.

 

Credit card peeps were all "Shoo shoo, go get more experience, come back later" 

I did, and since their UW conditions have been fulfilled, I was approved for two cards under 30 days (that was a bit stupid on my end). 

 

 Two departments, neither one will be stepping on anyone toes over mere mortals. 

If you meet UW criteria, you don't need a penny in DDAs with Chase. 

Easiest way to find out is to apply.  If you get approved, yay. If you don't, AA letter will spell out why. 

 

 

Good luck, and I hope it works out for you. 

Message 16 of 19
Namaste7
Established Contributor

Re: Banking relationship before asking for a CC

A higher credit score (740+) and mature credit profile will have a greater impact on credit approval compared to immaterial bank deposit balances (i.e., amounts below the bank's wealth management criteria).

 

YMMV, but a bank relationship may influence targeted offers (BTs or new CCs) and auto-CLIs. BofA and Chase may be more reactive to your overall banking profile when extending offers compared to Amex or Capital One. On the otherhand, I found AMEX and Capital One to be more sensitive to usage compared to BofA for CLI requests.

 

~~MMXX~~
My Garden Goal: Double NW
Message 17 of 19
TexasDom
Established Member

Re: Banking relationship before asking for a CC

*****update****

 

Thanks to everyone that replied, your insite was valuable.

 

Due to chase 5/24 rule I am out till Oct 2023, but my CPC banker said he could "try and we would see" I shall wait anyway as it really not needed. 

 

Was playing on AMEX and they pre-qualified me for Hilton AMEX so I decided WTH and applied. I had to call in due to just moving but they approved me for $1k with a 666 experian score, no lates in 24 months, $11k in 6 CC's, 2 auto loans......and 2 collections 2+ years old. 

 

Not sure if the bank account helps or not, I think not as the person I talked to was not able to verify me based on that account.

 

 

Starting Score: 533
Current Score: 666 (March 2021)
Goal Score: 780


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Message 18 of 19
Remedios
Moderator

Re: Banking relationship before asking for a CC

@TexasDom Thanks for the update, and congrats on your new card 

 

Feel free to start an approval thread if you wish to do so. 

Message 19 of 19
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