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Does Savings Accounts help keep CC CL?

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Remedios
Credit Mentor

Re: Does Savings Accounts help keep CC CL?

I dont dislike Chase, but i do feel like there are some deficiencies there that I dislike very much, and if I have alternative, I dont have to put up with. 

I'm not making unreasonable demands, but it's kinda nice when CSR answers the phone without sounding like you just ruined their life because you called. 

 

It seems like a lot of us have gotten numb to 💩 customer service, because 💩 customer service seems to be the norm.

"As long as it works" is not a glowing praise, it's the lowest common denominator. 

 

Message 31 of 35
TyRacing
Frequent Contributor

Re: Does Savings Accounts help keep CC CL?


@Remedios wrote:

Discover and Capital One are highly likely to engage in litigation over the debt, more so than other lenders. 


When is someone in "debt / looks risky" in the eyes of the lenders?

$500+ on a credit card? $2K+ adding all cards together?

 

Im just trying to stay on the safe side... i believe lenders will or have started closing accounts because of this crises. 

 

Thank for the great support! Smiley Happy

Have the Following:



CashBack Cards Goals: Citi Rewards+

Status: Doing my Homework before I App

Note to Self: Focus on the Abundance of Love and you shall have more!

Message 32 of 35
KLEXH25
Valued Contributor

Re: Does Savings Accounts help keep CC CL?


@TyRacing wrote:

@Remedios wrote:

Discover and Capital One are highly likely to engage in litigation over the debt, more so than other lenders. 


When is someone in "debt / looks risking" in the eyes of the lenders?

$500+ on a credit card? $2K+ adding all cards together?

 

Im just trying to stay on the safe side... i believe lenders will or have started closing accounts because of this crises. 

 

Thank for the great support! Smiley Happy


I think "looking risky" is relative to each person's profile. If you only have low limit cards, like $300-$500, having a balance of $250-$450 will have you "maxed out." Also, if you typically have low utilization and/or pay in full and suddenly you're carrying high balances across all cards, that will raise some flags. 



Message 33 of 35
Anonymous
Not applicable

Re: Does Savings Accounts help keep CC CL?

I beginning to believe that aside from business relationships, maintaining personal/consumer deposit accounts with a bank, or even a credit union, provides a low value dollar-for-dollar if your only goal is to leverage a CLI. 

 

Think about a secured card. Bad credit, low quals. You get a dollar in credit for every dollar you put up to secure the balance. Usually $300-$5000. Are you even getting that when arbitrarily allocating tens of thousands of dollars in a savings account product in order to gain... how much in a CLI? I don't think it will even net you $1:$1 that you can get poor to no credit history. 

 

Sure, different goals here. But why does it seem like the person with the relationshp is getting the lesser deal here? 

Message 34 of 35
Aim_High
Super Contributor

Re: Does Savings Accounts help keep CC CL?


@Anonymous wrote:

I beginning to believe that aside from business relationships, maintaining personal/consumer deposit accounts with a bank, or even a credit union, provides a low value dollar-for-dollar if your only goal is to leverage a CLI. 

 

Think about a secured card. Bad credit, low quals. You get a dollar in credit for every dollar you put up to secure the balance. Usually $300-$5000. Are you even getting that when arbitrarily allocating tens of thousands of dollars in a savings account product in order to gain... how much in a CLI? I don't think it will even net you $1:$1 that you can get poor to no credit history. 

 

Sure, different goals here. But why does it seem like the person with the relationshp is getting the lesser deal here? 


It depends.  Some people might do it on a short-term basis to get what they want from the bank (such as that CLI) and then move deposits or close accounts.  Also it depends on the account.  You can put $5K in a Bank of America standard "savings" account earning 0.01% interest.  (Yes, that's 1/100 of 1%.)  Or you can put that $5K in a PenFed Premium Online Savings account earning 1.40% currently, so 140 times the Bank of America account. 


Business Cards


Length of Credit > 40 years; Total Credit Limits >$850K
Top Lender TCL - Chase 156.4 - BofA 99.7 - AMEX 95.0 - CITI 94.5 - NFCU 80.0
AoOA > 30 years (Jun 1993); AoYA (Aug 2023)
* Hover cursor over cards to see name & CL, or press & hold on mobile app.
Message 35 of 35
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