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Chase bank - The relationship bank

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Moderator Emeritus

Re: Chase bank - The relationship bank


@Jds142 wrote:

Hello, I spoke to the branch about this actually and got some more information. The branch and chase in general

have different levels of preferred clients. They told me one of my prequals was a branch referral for opening a savings with 10k. They base it on a lot of factors including growth opportunities. I am in my early 20's but we move about 8k a month in direct deposits through them and save quite a bit monthly. The branch said they have a lot of different calculations but they valued us as a growth opportunity based on our spending and savings habits and our higher income for being "younger" leads to more potential down the line. I guess it's a loyalty building thing between the branch and who they value as their high potential customers. If they see you as someone who will flow more and more money through them and potentially get to a point where you become a "private client" or bring other business they may refer you to chase corporate as an important customer to them In particular. 


Pretty much this.  I forget when I talked to a banker who happily showed me their quarterly presentation, think it was early 2019 as I was flirting going CPC at that point; Chase correctly realized that if you get people early enough, even before they become part of the mass or even emerging affluent economic strata, and if you provide products that fit them as they progress through life, you can keep that customer for decades if not effectively a lifetime.

 

I don't personally see myself leaving Chase as my financial clearing house, they've done right by me for all that they aren't awesome on every single product even with the CPC rate discounts... but they've been able to accomodate everything I've asked for (well other than that 6/24 CSR app haha) without issue or screwup: they've just simply been quietly competent in all my dealings with them and I profoundly appreciate that.  BOFA and a number of other lenders including CU's, I have direct experience that isn't the case.  I'm not even happy with Amex at this point with their new statement policy, hassle I don't need when going through a mortgage.

 

Speaking of that the worst thing Chase has done was switch my statement date automatically to the end of the month, not sure why, doesn't really matter, except it confused my mortgage underwriter (who is also generally competent at this lender).  Beyond that I can't think of any way they've negatively impacted me even in the slightest, which after dealing with BOFA who I was using before them... is saying something.




        
Message 41 of 51
Valued Member

Re: Chase bank - The relationship bank

Thanks for sharing!

 

Chase is also a forgiving bank. During my early adult years I had highly overdrafted bank accounts as well as many delinquencies with paying my $500 credit card with a bank that doesn't exist anymore. When the bank went bankrupt, Chase brought out/merged with the bank. Chase sued me for the charges on the card that came up to over $10k. We settled for half the debt in monthly payments. I made all my payments until the reccession affected me. I paid here and there and eventually stopped all together because I was young and dumb and didn't care about credit at the time. I was also abusing other accounts so one more didn't matter to me. However, I was fearful of Chase bank. I thought that even opening up a simple bank account would have them sue me again.

Fast forward to two years post building up my credit from having no credit, I bravely opened up Chase banking accounts. Everytime I need to speak to a rep face-to-face they notified me that I had a pre-offer for a Chase card. I finally took the offer when I went down to the bank again and was offered a $2.5K limit. It was my highest at the time. I'm thankful that Chase gave me another chance.

|Trans: 792 |Equ: 794 |Exp: 781|
|Amex BCE: $30k |Discover: $26.5k |Citi DC: $13.7k|
|Chase FU: $6k |Cap1 Venture: $4.4k |Cap1 Secure: $1k|
Message 42 of 51
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Established Contributor

Re: Chase bank - The relationship bank

Excellent data points. Thank you!

Current Scores & Increase since May 2020:

EX: 701 (+38)| TU: 692 (+32)| EQ: 681 (+36)| TU Fico 9: 704

Next Goal: Min. 700 w/all CRAs

Subsequent Goal: Chase FU

Gardening Until: 06/01/2021| App: 5/26/2020
Message 43 of 51
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Established Contributor

Re: Chase bank - The relationship bank

Thanks for the details

Current Scores & Increase since May 2020:

EX: 701 (+38)| TU: 692 (+32)| EQ: 681 (+36)| TU Fico 9: 704

Next Goal: Min. 700 w/all CRAs

Subsequent Goal: Chase FU

Gardening Until: 06/01/2021| App: 5/26/2020
Message 44 of 51
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Established Contributor

Re: Chase bank - The relationship bank

Thank you for the behind the scenes information.

Current Scores & Increase since May 2020:

EX: 701 (+38)| TU: 692 (+32)| EQ: 681 (+36)| TU Fico 9: 704

Next Goal: Min. 700 w/all CRAs

Subsequent Goal: Chase FU

Gardening Until: 06/01/2021| App: 5/26/2020
Message 45 of 51
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Established Contributor

Re: Chase bank - The relationship bank

Thanks for the datapoints.

Current Scores & Increase since May 2020:

EX: 701 (+38)| TU: 692 (+32)| EQ: 681 (+36)| TU Fico 9: 704

Next Goal: Min. 700 w/all CRAs

Subsequent Goal: Chase FU

Gardening Until: 06/01/2021| App: 5/26/2020
Message 46 of 51
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Established Contributor

Re: Chase bank - The relationship bank

Thank you for sharing your story.

Current Scores & Increase since May 2020:

EX: 701 (+38)| TU: 692 (+32)| EQ: 681 (+36)| TU Fico 9: 704

Next Goal: Min. 700 w/all CRAs

Subsequent Goal: Chase FU

Gardening Until: 06/01/2021| App: 5/26/2020
Message 47 of 51
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Valued Contributor

Re: Chase bank - The relationship bank

I have a dumb question ...

 

Preface: I am lol/24 and recently opened a Chase savings account specifically to see if I get offers that would get me past the 5/24 rule. I think I have $400 in the account at the moment.

 

Today, I logged into Chase, and I had an alert at the top of the screen that said something like "Credit card offer for you." I don't remember the exact wording, and now I can't see the alert anymore, but I have a credit card promotional area on my account home screen, below and to the left of where it shows my balance. The promotional area mentions credit cards and has a link that says "View my offers". Clicking the link takes me to the same place that the alert took me, which is a list (in grid format) of many Chase credit cards with various welcome offers listed. When I click on one particular option, I come to a screen where I would fill in my income and click Apply. It says "Because you are a Chase customer, just provide the information below and get a decision in seconds!" It doesn't say whether there will or won't be a hard pull. The interest rate is a range, not a specific number.

 

I then went in the navigation to "Just For You", and on that screen, in the credit card area, it says "Looking for a new credit card? We haven't found any offers for you today, but check to see if you prequalify." When I fill out the prequalifaction form, it says I do not prequalify.

So the listing that they put in my alerts (which now also appears on my main account page, with a link that says "View my offers") was just generically saying the standard welcome offers for their cards, not that I personally have an offer, right? And by saying that I can apply in seconds since I am a Chase customer, it just means I don't need to type my name and address, so it's faster, but probably still a hard pull? The thing that is tripping me up is that the link from my account homepage (and also from the alert I can't see anymore) uses wording that implies there are offers for me. All other signs I see are that it's just a list of their standard offers for any applicant. Again, I realize this is a dumb question. And I would not expect a $400 deposit I put in last week to be that meaningful. Thanks!


No derogs, but tons of inquiries and heavy credit-seeking behavior. 18/24, if I am counting the correct stuff. In March of 2019, I had no open accounts, a charge-off, two collections, and scores in the low 500s. What I call the "thick build method" worked for me, but may not work for every situation.
Cards

Authorized user / Corporate / Auto loan / Personal loan

Card CLs total $90,200, not counting the AU card. The AU card brings the total to $115,200. In March 2019, card CLs totaled $0.

Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | American Express Delta Gold, $1,000, 09/19-10/20 | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Message 48 of 51
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Valued Contributor

Re: Chase bank - The relationship bank


@KJinNC wrote:

I have a dumb question ...

 

Preface: I am lol/24 and recently opened a Chase savings account specifically to see if I get offers that would get me past the 5/24 rule. I think I have $400 in the account at the moment.

 

Today, I logged into Chase, and I had an alert at the top of the screen that said something like "Credit card offer for you." I don't remember the exact wording, and now I can't see the alert anymore, but I have a credit card promotional area on my account home screen, below and to the left of where it shows my balance. The promotional area mentions credit cards and has a link that says "View my offers". Clicking the link takes me to the same place that the alert took me, which is a list (in grid format) of many Chase credit cards with various welcome offers listed. When I click on one particular option, I come to a screen where I would fill in my income and click Apply. It says "Because you are a Chase customer, just provide the information below and get a decision in seconds!" It doesn't say whether there will or won't be a hard pull. The interest rate is a range, not a specific number.

 

I then went in the navigation to "Just For You", and on that screen, in the credit card area, it says "Looking for a new credit card? We haven't found any offers for you today, but check to see if you prequalify." When I fill out the prequalifaction form, it says I do not prequalify.

So the listing that they put in my alerts (which now also appears on my main account page, with a link that says "View my offers") was just generically saying the standard welcome offers for their cards, not that I personally have an offer, right? And by saying that I can apply in seconds since I am a Chase customer, it just means I don't need to type my name and address, so it's faster, but probably still a hard pull? The thing that is tripping me up is that the link from my account homepage (and also from the alert I can't see anymore) uses wording that implies there are offers for me. All other signs I see are that it's just a list of their standard offers for any applicant. Again, I realize this is a dumb question. And I would not expect a $400 deposit I put in last week to be that meaningful. Thanks!


I've got six Chase credit cards but I've never applied from those profile links.  But I may know what's going on here.

 

Do you have your marketing "Opt-Out" preferences set with the credit bureaus not to release your credit data for promotional purposes?  I do, and with some banks that has sometimes inhibited "prescreened" or "preapproval" options from showing up.  So I believe the first link you mentioned "because of your relationship with us..." may be a legitimate pre-approved offer and it may also be a soft pull.  Smiley Happy

 

I've also navigated to card offers within my Chase login and they don't show preapproved offers, so I think my Opt-Out preference may keep offers from showing up there.



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 49 of 51
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Established Member

Re: Chase bank - The relationship bank

Chase has good subs but if I go for the CPC route I need higher APYs from them.  I have little to no use for travel perks. 

Penny Chaser
Message 50 of 51
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