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Are there banks that value the length of time someone has had a credit account open at their bank? I know that if I call customer service the person I'm speaking with can see the date I opened the card, but does the longevity matter? To be clear, I'm talking about years, not months.
@James3 wrote:Are there banks that value the length of time someone has had a credit account open at their bank? I know that if I call customer service the person I'm speaking with can see the date I opened the card, but does the longevity matter? To be clear, I'm talking about years, not months.
Some no, some maybe, some yes. Really depends on the bank.
Banks are in the business of making money. If "longevity" means swipes, interest etc, then yes it has value, but so does a brand new customer who's pounding their plastic into the ground.
Credit cards are a big business for some lenders, a side gig for others, but in both cases, credit cards aren't where the real money (and value for the bank) is.
Most have some public financial documents, so follow the money and you'll see what they really value, it's not longevity, it's amount and types of business you do with them over the course of time.
A Discover CS rep mentioned I had been with them since 2014 when I called to close a few months ago, and that they really didn't want to lose me as a customer.
I did get a retention offer, but it was mediocre enough that I've not actually bothered to put any spend on the card yet.
@James3 wrote:Are there banks that value the length of time someone has had a credit account open at their bank? I know that if I call customer service the person I'm speaking with can see the date I opened the card, but does the longevity matter? To be clear, I'm talking about years, not months.
Local credit unions and community banks. You're just a number to the big players. Interestingly enough I was in the branch last year refinancing my car and on my account screen it showed how long I had been a customer and so,e type of customer value.
I think that casinos are particularly good in this area. At least as good as banks, and i think better.
@James3 wrote:Are there banks that value the length of time someone has had a credit account open at their bank? I know that if I call customer service the person I'm speaking with can see the date I opened the card, but does the longevity matter? To be clear, I'm talking about years, not months.
No, banks value money. Many of us have been with a bank for years, it does not matter when lending imo. Only your assets, your credit profile and income will they base their willingness to lend. Length of membership won't stop someone from defaulting.
Some do, and for example I'll use NFCU. They maintain an internal score in addition to using the CRA's when determining approvals. Now please don't ask how you increase that internal score, but with any financial institution they all have positive and risk factors in underwriting that will drive decisions.
I think it varies by bank, and also by customer. I know that BofA makes me feel VERY valued as a customer. I'm talking about banking in general, not just their credit card. I opened my banking accounts at BofA in 1991, and every CSR or banker I speak to, whether on the phone or in person, acknowledges the longevity of our relationship and thanks me for it.
Discover is the same way. Ironically, its CC was also opened in 1991--but by my mother, not me. Long story, but after she died I 'inherited' it along with its long, perfect history. I've never had an interaction with Discover that didn't include the CSR acknowledging the long length of 'my' history (they don't know I didn't open it) and showing genuine appreciation for it. Of course! I KNOW they're in business to make money, I'm just another money-making number to them, blah blah blah... But they don't *act* that way, and I appreciate it.
@SoCalGardener wrote:I think it varies by bank, and also by customer. I know that BofA makes me feel VERY valued as a customer. I'm talking about banking in general, not just their credit card. I opened my banking accounts at BofA in 1991, and every CSR or banker I speak to, whether on the phone or in person, acknowledges the longevity of our relationship and thanks me for it.
Discover is the same way. Ironically, its CC was also opened in 1991--but by my mother, not me. Long story, but after she died I 'inherited' it along with its long, perfect history. I've never had an interaction with Discover that didn't include the CSR acknowledging the long length of 'my' history (they don't know I didn't open it) and showing genuine appreciation for it. Of course! I KNOW they're in business to make money, I'm just another money-making number to them, blah blah blah... But they don't *act* that way, and I appreciate it.
I think the question is whether it goes beyond statements of genuine appreciation (assuming it is genuine!) and whether it is gaining anything, such as easier approvals, higher limits or whatever. The trouble is that there is no easy way to see!