Increase odds of a Chase card if you open Bank Account with them first?

[coldworld]

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@iced wrote:

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@FireMedic1 wrote:

Chase doesnt care about relationships. I was with them with all my finances over 12 yrs. And my SUV is financed with them. Even 7 yrs after BK no card. So when WF started Early PayDay. Yanked it all out and walked out the brance. Your loss Chase.

They financed a 50k+ SUV but couldnt give a $500 credit card.

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They do value relationships, but those relationships require having assets under management, not liabilities.

Getting a credit card from them isn't building a relationship. Opening a checking account and putting only $10,000 in isn't building a relationship with them. Borrowing $50k from them for a liability on wheels isn't building a relationship. Park a half million in investments with them and you start to forge a relationship. Heck, have a low (<50%) LTV mortgage on a nice home so they have a lien on a profitable property (should the worst case scenario arise) and you start to build a relationship with them.

Everybody and their mother asks to borrow money, so the clients that matter to Chase are the ones that don't need to.

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What? I'm not sure you know what the word "relationship" means. 

[coldworld]

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@iced wrote:

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@FireMedic1 wrote:

Chase doesnt care about relationships. I was with them with all my finances over 12 yrs. And my SUV is financed with them. Even 7 yrs after BK no card. So when WF started Early PayDay. Yanked it all out and walked out the brance. Your loss Chase.

They financed a 50k+ SUV but couldnt give a $500 credit card.

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They do value relationships, but those relationships require having assets under management, not liabilities.

Getting a credit card from them isn't building a relationship. Opening a checking account and putting only $10,000 in isn't building a relationship with them. Borrowing $50k from them for a liability on wheels isn't building a relationship. Park a half million in investments with them and you start to forge a relationship. Heck, have a low (<50%) LTV mortgage on a nice home so they have a lien on a profitable property (should the worst case scenario arise) and you start to build a relationship with them.

Everybody and their mother asks to borrow money, so the clients that matter to Chase are the ones that don't need to.

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Spoiler alert: Wealthy people borrow money too...

[CH-7-Mission-Accomplished]

Consumer loans ARE an asset to a bank.   Deposits are a liability.   Chase's most valued customers are Fortune 500 companies and nations.  They don't care at all whether you pay your mortgage because they sell 100% of their mortgages into the secondary market and keep .375 to .50 of the interest rate to "service" the loan.   If you default, they arrange foreclosure on behalf of the securities holders.   Chase has no risk.  

Loan serving is often sold to other lenders based on present value of future revenue streams.   It's worth a fortune.

[SouthJamaica]

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@Superduper2014 wrote:

Hi, guys.

If I open a checking account with Chase, would that increase my chances of getting approved for a credit card with them?

They keep sending me offers in the mail to open a Slate Edge, and I'm interested in this card.

However, about ten years ago, I settled two cards with them. Is a decade long enough for me to be approved again, given that my credit scores are above 770 and I'm below the 5/24 threshold?

I've been trying to find information about this, but to no avail. I'm wondering if establishing a banking relationship before applying would increase my odds, or should I apply now without opening a checking account since they are sending me these offers and my credit scores are good and I'm below 5/24.

Any thoughts? If opening a checking account is beneficial, how long should I keep it open before I apply for the offer they sent?

Thanks a lot for your help.

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1. I don't think your having a checking account with them would mean a thing.

2. I wouldn't recommend the Slate card. I really don't see what it has to offer. I'm sure you can do much better.

3. If the offers say that you're preapproved, then they do mean your chances are decent; if they don't say that, then they're just marketing.

[iced]

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@coldworld wrote:

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@iced wrote:

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@FireMedic1 wrote:

Chase doesnt care about relationships. I was with them with all my finances over 12 yrs. And my SUV is financed with them. Even 7 yrs after BK no card. So when WF started Early PayDay. Yanked it all out and walked out the brance. Your loss Chase.

They financed a 50k+ SUV but couldnt give a $500 credit card.

---

They do value relationships, but those relationships require having assets under management, not liabilities.

Getting a credit card from them isn't building a relationship. Opening a checking account and putting only $10,000 in isn't building a relationship with them. Borrowing $50k from them for a liability on wheels isn't building a relationship. Park a half million in investments with them and you start to forge a relationship. Heck, have a low (<50%) LTV mortgage on a nice home so they have a lien on a profitable property (should the worst case scenario arise) and you start to build a relationship with them.

Everybody and their mother asks to borrow money, so the clients that matter to Chase are the ones that don't need to.

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Spoiler alert: Wealthy people borrow money too...

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Nobody said they didn't, only that they don't need to. They borrow strategically.

As for 'relationship', if you want to call it a relationship, go ahead ... but make no mistake, it's an unrequited one. It's as much of a relationship as one has if they met a celebrity once and got a selfie with them. You're forgotten right after the approval (or selfie) was done, and they won't even notice if you never do business again with them after you paid off that loan.

Chase just doesn't care about someone's car loan or checking account; the latter is often given away as freebie fodder anyway. They barely even care about the guy with half a million or a home mortgage that's a million above water, but at least those will sometimes get them to lift a finger, or at the very least throw more freebie swag like a CPC account their way. The Fortune 500 companies, the people with 8 and 9 figures under management ... now those people get their attention. Most of us will never be in that club, so our efforts should be spent cleaning up our profile and making ourselves look as low risk as possible rather than trying to get buddy-buddy with them through having a 'relationship'.

[CH-7-Mission-Accomplished]

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@iced wrote:

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@coldworld wrote:

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@iced wrote:

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@FireMedic1 wrote:

Chase doesnt care about relationships. I was with them with all my finances over 12 yrs. And my SUV is financed with them. Even 7 yrs after BK no card. So when WF started Early PayDay. Yanked it all out and walked out the brance. Your loss Chase.

They financed a 50k+ SUV but couldnt give a $500 credit card.

---

They do value relationships, but those relationships require having assets under management, not liabilities.

Getting a credit card from them isn't building a relationship. Opening a checking account and putting only $10,000 in isn't building a relationship with them. Borrowing $50k from them for a liability on wheels isn't building a relationship. Park a half million in investments with them and you start to forge a relationship. Heck, have a low (<50%) LTV mortgage on a nice home so they have a lien on a profitable property (should the worst case scenario arise) and you start to build a relationship with them.

Everybody and their mother asks to borrow money, so the clients that matter to Chase are the ones that don't need to.

---

Spoiler alert: Wealthy people borrow money too...

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Nobody said they didn't, only that they don't need to. They borrow strategically.

As for 'relationship', if you want to call it a relationship, go ahead ... but make no mistake, it's an unrequited one. It's as much of a relationship as one has if they met a celebrity once and got a selfie with them. You're forgotten right after the approval (or selfie) was done, and they won't even notice if you never do business again with them after you paid off that loan.

Chase just doesn't care about someone's car loan or checking account; the latter is often given away as freebie fodder anyway. They barely even care about the guy with half a million or a home mortgage that's a million above water, but at least those will sometimes get them to lift a finger, or at the very least throw more freebie swag like a CPC account their way. The Fortune 500 companies, the people with 8 and 9 figures under management ... now those people get their attention. Most of us will never be in that club, so our efforts should be spent cleaning up our profile and making ourselves look as low risk as possible rather than trying to get buddy-buddy with them through having a 'relationship'.

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Precisely.

[FireMedic1]

I made my decision to leave for better checking mostly. Kept trying to have anything show up on their screen. So all the comments is fine. Thats your opinion. FireMedic's dont make a lot of money. But my entire retirement which is going to be nice was with them. More than the 50k that was posted about. I gave my opinion and I'll stick with it. I wash your hand. Wash mine. They didnt want to. Im just chump change. Seen more complaints about not gettin SL's that they thought they should get. I just wanted a chance.

[AndySoCal]

@Superduper2014  My experience with Chase I have applied for and was approved for two credit cards. I have no banking relationship with them. I have since closed both cards.