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Do deposits help in getting approved?

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Anonymous
Not applicable

Re: Do deposits help in getting approved?

It helped me recently with amex. I put 300k with them and when I tried for a credit increase on the everyday card they approved me for a 60k limit. Seems like when you get into 6 figures they start to notice. 7 figures and you could probably get what you want within reason 

Message 11 of 49
Anonymous
Not applicable

Re: Do deposits help in getting approved?


@Anonymous wrote:

Hello just a general question for the community and so I can get DPs. 

 

If you make a large deposit into a saving or checking account, and just keep it there. Does that improve your chances of getting approved for a credit card from that particular financial institution? Especially when it comes to denials of DTI?

 

I'm sorry if this seems like a silly question, just would like to know. 


And this really is the crux of the question, because I don't think anything will overide your DTI issue. You can either afford it or you can't, having $2K in the bank isn't going to tell them that you can manage a $10K CL on a CC if your income doesn't support it.

 

You'd be better served by using that Money to pay down on that debt that keeps your DTI too high.

Message 12 of 49
Anonymous
Not applicable

Re: Do deposits help in getting approved?


@Anonymous wrote:

@Anonymous wrote:

Hello just a general question for the community and so I can get DPs. 

 

If you make a large deposit into a saving or checking account, and just keep it there. Does that improve your chances of getting approved for a credit card from that particular financial institution? Especially when it comes to denials of DTI?

 

I'm sorry if this seems like a silly question, just would like to know. 


And this really is the crux of the question, because I don't think anything will overide your DTI issue. You can either afford it or you can't, having $2K in the bank isn't going to tell them that you can manage a $10K CL on a CC if your income doesn't support it.

 

You'd be better served by using that Money to pay down on that debt that keeps your DTI too high.


I mean you have a point, but what if those debts were student loans that we were talking about. Mines aren't necessarily high either compared to people take on 100k worth of student loans. 

 

Kind of felt a little bit hurt that you think I have massive debt or something haha. I ain't that poor!

Message 13 of 49
notmyrealname23
Established Contributor

Re: Do deposits help in getting approved?

Data Point: I managed an estate and living trust as the death trustee for a couple of years while we moved through probate (TL;DR: my friend screwed up his trust, because avoiding probate is why you have trusts). I've also had retirement accounts and 529 education accounts with Fidelity since the 1990's.

 

As part of asset consolidation during 2018-2019 I moved everything into new Fidelity accounts that were reporting taxes in the EIN of the trust, but I had control of the funds (while reporting back to the beneficiaries, the probate court and the trust lawyer). For the record, Fidelity was awesome, 10/10, five stars, would totally use them again for this. This estate was big enough that the portion that moved through Fidelity (some was real estate, some got taken through POD accounts) was in six digits.

 

So in March 2019, about 2 months post-chapter 13 final discharge, Fidelity sent me a mailer for the Fidelity Rewards Visa with a $150 SUB (they DO occasionally do SUBs). At the time I had secured cards with OpenSky (pre-discharge and OK'ed with court, $500), Discover ($500) and my credit union ($500), and unsecured Platinum with Capital One ($3000 with a $500 boost if I paid for 6 months) and a not great FICO score in the mid-600s. I figured "why the hell not", even though other account applications I ended up bounced on... early 2019 is "credit rebuild and see what I can get". I was assuming the good cards wouldn't show up until after the Chapter 13 cleared in 2021, but secured and rebuilder cards were going to be fine for 24 months, and might as well see what some banks thought of me.

Approved, $11,500. 

I have to think that given the huge disparity between the amount I was approved for and the Capital One account that my Fidelity accounts had SOMETHING to do with it.

First Tech FCU Choice Rewards World MC 35k | AMEX Hilton Aspire 17.5k | Chase Southwest Priority Visa 15.5k | AMEX Marriott Bonvoy Brilliant 15k | Bilt Rewards MC 14k | Capital One Venture X 13k | Fidelity VISA Signature 11.5k | Citi AA Platinum Select 11.9k | Charles Schwab AMEX Platinum NPSL | Amex Platinum (I know) NPSL | Amex Gold NPSL | Citi Premier 8.9k | Chase Fredom Unlimited 9k | SoFi MC World Elite 8k | Capital One SavorOne 7.5k | PayPal Synchrony MC 6.4k | Citi Custom Cash 6.9k | DiscoverIt Cashback 5k | Amazon/Synchrony 5k | Hotels.com 5k | AMEX Delta Gold 3k | Apple Card 3k | Target 800 | Ch 13 filed 12/13 discharged as paid 1/19
Message 14 of 49
Anonymous
Not applicable

Re: Do deposits help in getting approved?


@Anonymous wrote:

@Anonymous wrote:

@Anonymous wrote:

Hello just a general question for the community and so I can get DPs. 

 

If you make a large deposit into a saving or checking account, and just keep it there. Does that improve your chances of getting approved for a credit card from that particular financial institution? Especially when it comes to denials of DTI?

 

I'm sorry if this seems like a silly question, just would like to know. 


And this really is the crux of the question, because I don't think anything will overide your DTI issue. You can either afford it or you can't, having $2K in the bank isn't going to tell them that you can manage a $10K CL on a CC if your income doesn't support it.

 

You'd be better served by using that Money to pay down on that debt that keeps your DTI too high.


I mean you have a point, but what if those debts were student loans that we were talking about. Mines aren't necessarily high either compared to people take on 100k worth of student loans. 

 

Kind of felt a little bit hurt that you think I have massive debt or something haha. I ain't that poor!


This isn't personal, it's Business. I'm just making a statement of how the Bank is likely to see things. I don't have any experience/knowledge with Student debt, so I cannot comment there. But if DTI is a constant thorn in terms of denials, the only way to circumvent that issue is to resolve it. The only known ways of doing that are paying down debt or increasing Income. 

Message 15 of 49
Mdg1307
New Contributor

Re: Do deposits help in getting approved?

I've been pondering the same thing. My credit is currently rebuilding from a bunch of collections and charge offs from 4 years ago. So far all collections have been removed via PFD, and 2 charge offs as well. Still I'm only 550 across the board. 
I was thinking if I put 500k into a bank or cu could they overlook my score and approve a card? 

i currently only have an Amex optima.

 

Message 16 of 49
notmyrealname23
Established Contributor

Re: Do deposits help in getting approved?


@Mdg1307 wrote:

I've been pondering the same thing. My credit is currently rebuilding from a bunch of collections and charge offs from 4 years ago. So far all collections have been removed via PFD, and 2 charge offs as well. Still I'm only 550 across the board. 
I was thinking if I put 500k into a bank or cu could they overlook my score and approve a card? 

i currently only have an Amex optima.

 


If you have 500k that is lying around, why not put a few thousand of that into secured cards, and improve scores via a payment record on secured cards? Some CUs will let you do secured cards against bank deposit accounts or CDs that draw interest. Discover doesn't really do that, but their cards do allow for rewards.

First Tech FCU Choice Rewards World MC 35k | AMEX Hilton Aspire 17.5k | Chase Southwest Priority Visa 15.5k | AMEX Marriott Bonvoy Brilliant 15k | Bilt Rewards MC 14k | Capital One Venture X 13k | Fidelity VISA Signature 11.5k | Citi AA Platinum Select 11.9k | Charles Schwab AMEX Platinum NPSL | Amex Platinum (I know) NPSL | Amex Gold NPSL | Citi Premier 8.9k | Chase Fredom Unlimited 9k | SoFi MC World Elite 8k | Capital One SavorOne 7.5k | PayPal Synchrony MC 6.4k | Citi Custom Cash 6.9k | DiscoverIt Cashback 5k | Amazon/Synchrony 5k | Hotels.com 5k | AMEX Delta Gold 3k | Apple Card 3k | Target 800 | Ch 13 filed 12/13 discharged as paid 1/19
Message 17 of 49
Gmood1
Super Contributor

Re: Do deposits help in getting approved?

In most cases, it doesn't matter.

Because if you show a track record of not paying your bills and they can see you have the money to pay them.

They're still going to deny you.

You have multimillionaires that can't get unsecured bank loans. lol

Sound ridiculous, but it is true.

 

Cash use to be king back in the day. These days good credit is king!

 

Having a high income or disposable income doesn't qualify you as a dependable payer or someone that can manage their bills.

Message 18 of 49
Mdg1307
New Contributor

Re: Do deposits help in getting approved?


@notmyrealname23 wrote:

@Mdg1307 wrote:

I've been pondering the same thing. My credit is currently rebuilding from a bunch of collections and charge offs from 4 years ago. So far all collections have been removed via PFD, and 2 charge offs as well. Still I'm only 550 across the board. 
I was thinking if I put 500k into a bank or cu could they overlook my score and approve a card? 

i currently only have an Amex optima.

 


If you have 500k that is lying around, why not put a few thousand of that into secured cards, and improve scores via a payment record on secured cards? Some CUs will let you do secured cards against bank deposit accounts or CDs that draw interest. Discover doesn't really do that, but their cards do allow for rewards.


Im looking to get more perks type of cards. Under non covid lockdown times, I travel a lot for both biz and pleasure, also dine out a few days a week...would like cards like Amex plat/gold, chase csr/csp...or similar from other bank/cu offerings

Message 19 of 49
imaximous
Valued Contributor

Re: Do deposits help in getting approved?

Deposits did help me with BofA. 

 

I've had a personal checking account with them for a while. Maybe more than 10 years, but can't remember now. The account was used mostly to put some money away and pay for our vacations, gifts, etc. There was never a lot of money in it, but it was active.

 

Once I started requesting CLIs on my 2 cards, I was able to get them up to $48k and $20.9k. After that, I'd just get denial letters and the most common reason was related to deposit balances with BofA or affiliates -- something along those lines. No CLIs for maybe a year or more.

I also got denied a business card with them. 

 

I decided to use the checking account for more stuff in the past few months. DW moved her direct deposit there, and I started to dump a bunch of money from my biz and hit Plat Honors pretty quickly. Then, I opened a biz checking account and did the same to become Plat Honors. At that point, I applied for a biz card and got approved for $20k. Three weeks later, I tried my luck again and applied for a second biz card, which got approved for $8k. BofA used the first HP to approve the second card.

I also requested a CLI to $100k on my PR card, but I got bumped from $48k to $68k. Still a decent amount.

 

My exposure went from $68.9k to $116.9k and 2 additional cards within a month or two of hitting Preferred Rewards. Before that, I was getting denied left and right.

I also noticed BofA raised my mobile deposit limit from $10k to $75k per month. 

 

Anyway, you don't need to have millions in the bank to get some love. 

 

Message 20 of 49
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