How Important is Relationship to Chase?

[AverageJoesCredit]

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@ToxikPH wrote:
Thanks for the responses everyone! Looks like I'll be keeping my investments with Schwab and Merrill since I know that BofA does like a relationship (7/12)!

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Did you not learn anything from all the previous posts about relationships?🤭

[UpperNwGuy]

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@SouthernCredit wrote:

I have a CSP, and have no previous relationship with Chase. Had an offer in Credit Journey and accepted - high SL with minimum rate. Was on cusp of 5/24 when I applied. If your profile supports it, they won't care about a relationship.

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Same here.  I had no previous relationship with Chase, yet they gave me a $21,000 credit limit on my first card.

[Wavester64]

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@CreditJourney007 wrote:

Well, I've been with them for 15 years and they hate me, so 

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We must be related 

[Anonymous]

Out of curiosity what if you did bring $5M to them yet were still plagued with high INQ, denials, low score? I can't fathom that Money overrides Credit risk regardless of the amount. 

IMO as long as you're under 5/24 and a decent score you'll be fine. iI still feel your biggest hurdle with Chase is closing Amazon early right after getting the SUB. Once they forget about that you should be fine.

[Brian_Earl_Spilner]

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@Anonymous wrote:

Out of curiosity what if you did bring $5M to them yet were still plagued with high INQ, denials, low score? I can't fathom that Money overrides Credit risk regardless of the amount. 

IMO as long as you're under 5/24 and a decent score you'll be fine. iI still feel your biggest hurdle with Chase is closing Amazon early right after getting the SUB. Once they forget about that you should be fine.

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Once you have JP Morgan Reserve type assets, they will start making exceptions, so add another $5M to that.

[Anonymous]

I have 2 Chase cards with no prior relationship or any assets deposited there.  Both cold apps, instant approvals, about 1.5 years apart, newest about 14 months old now.  I now have black star prequals for CSP and CSR.

As long as your credit profile is clean enough and you're under 5/24, you can get a card with them even with modest income.

It's not like they're going to "secure" your credit with your deposits, so it's unlikely to make any difference, other than to provide a data point for borderline approvals (maybe).  Having millions invested gives them a better idea of your income though so  they can open the gates.

[EAJuggalo]

When I started using credit again in 2016 Chase was the first bank to give me card.  I'm 99% that the only reason Chase approved me was that the only thing on my credit report at that time was a 9 year old paid off auto loan.  I had no score, I had no negatives, but I also only had one positive.  If I had a solid score and history built up I don't think the previous relationship would have mattered, but absolutely believe it did in my case.

[Ragdollkitty]

I haven't researched this "private bank" wealth management stuff much as I'll never have that much money. A few weeks ago, out of curiosity,  I asked a friend who'se mother qualifies for this stuff if they use it, and his response was that she has avoided it bc the management fees for this type of stuff are usually around 1% a year, so $100,000 on ten million.

[imaximous]

The only instance I've seen where Chase actually spells out "lack of relationship" (in different words) is when they deny your application for a business card.

It was happening a lot in the past few months, but I believe they've loosened up on that. 

[coreysw12]

In my case, my banking relationship with Chase made an enormous difference.

Without my long banking history with Chase, it's extremely unlikely I'd have gotten 2 new Chase cards including one of their hardest cards to get, for $14k combined SL just 90 days after I settled (for less) a charged off Chase card (and 7 other charged off non-Chase accounts) and with low-600's scores.

It's unknown how much banking history you'll need for it to make any difference, and it's unknown how much of a difference it makes, but one thing I personally know is that it definitely can make some difference in some cases.

I've had a banking relationship with Chase for 20 years. 2 checking + 1 savings account, a car lease 15 years ago, and several previous Chase credit cards over the years (some charged off, but also some good-standing ones that just closed for inactivity).

US Bank and BofA, which I have no relationship with, both won't touch me with a 10-foot pole still.