Worth it to open Chase checking for CSP odds?

Anonymous · ‎11-21-2017

Even if 5/24 isn't an issue, I'd say that Chase seeing that you have a sum of money in an account with them [over no account] is going to be a favorable look when applying for credit with them.

Anonymous · ‎11-22-2017

@Anonymous wrote:
@mkhan1093 wrote:
Having a prior Chase account doesn't increase/decrease your odds for anything, especially if it's a checking account because they haven't extended you a cent of credit. The only thing having a prior account is good for is so that Chase can display prequalified offers straight to your browser. If you go into a Chase branch and say "I'm looking to start a relationship with Chase, and would like a CSP" you won't be any better or worse off
Try walking into get a 5/24 CSP when you're already over 5/24 and maybe you'll understand. Again, there are numerous datapoints across all of the credit-internet supporting how it can help get around that requirement. No, it's absolutely not a guarantee but yes, it absolutely can increase your chances in that situation. It's not about them having extended you credit, it's about having the relationship.

You can walk into the bank regardless of having a checking account. No idea what ‘data points’ you keep citing because there is absolutely no way of knowing whether you having a $100 in a checking account is going to help you. The only data points out there are about being pre approved in the bank and again that has nothing to with whether you have an account or not. Being approved for any card is almost entirely based on your credit, not whether you have some ‘relationship ‘ with Chase or any other bank. The only time that really matters is if you have a lot of money with them. The word relationship is way over used here in these forums. As for it not hurting your chances, that may be true but there really is no point in having another inquiry on ChexSystems just to open a small checking account in the hopes of being approved for one of their cards.

Also, you may not have intended it that way but saying ‘maybe you’ll understand’ comes across as a bit condescending.

Anonymous · ‎11-22-2017

@Anonymous wrote:
@Anonymous wrote:
@mkhan1093 wrote:
Having a prior Chase account doesn't increase/decrease your odds for anything, especially if it's a checking account because they haven't extended you a cent of credit. The only thing having a prior account is good for is so that Chase can display prequalified offers straight to your browser. If you go into a Chase branch and say "I'm looking to start a relationship with Chase, and would like a CSP" you won't be any better or worse off
Try walking into get a 5/24 CSP when you're already over 5/24 and maybe you'll understand. Again, there are numerous datapoints across all of the credit-internet supporting how it can help get around that requirement. No, it's absolutely not a guarantee but yes, it absolutely can increase your chances in that situation. It's not about them having extended you credit, it's about having the relationship.
You can walk into the bank regardless of having a checking account. No idea what ‘data points’ you keep citing because there is absolutely no way of knowing whether you having a $100 in a checking account is going to help you. The only data points out there are about being pre approved in the bank and again that has nothing to with whether you have an account or not. Being approved for any card is almost entirely based on your credit, not whether you have some ‘relationship ‘ with Chase or any other bank. The only time that really matters is if you have a lot of money with them. The word relationship is way over used here in these forums. As for it not hurting your chances, that may be true but there really is no point in having another inquiry on ChexSystems just to open a small checking account in the hopes of being approved for one of their cards.

Also, you may not have intended it that way but saying ‘maybe you’ll understand’ comes across as a bit condescending.

Some people will definitely want to add their own feelings to words that are typed but just like I was told when I first joined- this is a forum, not a daycare. The intent was that if you walk into a Chase bank when you're over 5/24 and try to apply for a credit card then maybe you'll understand just how fast they shoot you down. The sentence makes more sense when you read it after what was quoted because it was specifically quoted for that exact context and reason.

The question is whether or not having a checking account can help or not. Absolutely no one has said that it does, but no one can deny that it can't hurt. Furthermore, you can literally make money by opening an account with them using their promotions if you're the kind of person that is into getting free money. Either way, you're not going to be able to see if you have any green-checkmarked offers without some sort of relationship and even though it's not the only way to pre-approve, it's definitely a different avenue than checking with a banker or trying a cold-app.

Anonymous · ‎11-22-2017

@Anonymous wrote:
The question is whether or not having a checking account can help or not. Absolutely no one has said that it does, but no one can deny that it can't hurt.

It definitely can't hurt, but it would be next to impossible to tell if it helps. Short of an approval rep or person saying, "you were on the fence, but since you have a checking account with us you were approved" there's no way to know. I'd doubt that above quote has ever been spoken. Anyone that feels a prior "relationship" (checking account) does help, they are likely just going off of gut/intuition, which of course will never be able to be quantified.

Anonymous · ‎11-22-2017

@Anonymous wrote:
@Anonymous wrote:
The question is whether or not having a checking account can help or not. Absolutely no one has said that it does, but no one can deny that it can't hurt.
It definitely can't hurt, but it would be next to impossible to tell if it helps. Short of an approval rep or person saying, "you were on the fence, but since you have a checking account with us you were approved" there's no way to know. I'd doubt that above quote has ever been spoken. Anyone that feels a prior "relationship" (checking account) does help, they are likely just going off of gut/intuition, which of course will never be able to be quantified.

We all just keep saying the same thing in different ways. At some point we must let the dead horse be dead.

Anonymous · ‎11-22-2017

@Anonymous wrote:
While you'll likely hear 50/50 responses on whether or not opening a checking account prior will "help" at all, one thing you won't hear from anyone is that it can hurt in any way. That being said, if you have the ability to open a checking account first, why not?

I opened a Chase savings/checking account back in Feb knowing that I'd be applying for my first Chase CCs a few months later. I put about $12k into the checking account and a small amount into their savings account. In May I applied for 2 Chase CCs about 10 weeks after opening those accounts. I knew that without opening those accounts that I'd be approved for both cards, but I just wanted to establish some sort of "relationship" first that could possibly result in me getting higher initial limits. Whether or not it helped, I'll never know, as there's no way to tell or quantify it. Again though, I can say with 100% conviction that it can't hurt.

While it won't hurt the odds, as someone pointed out in a very similar thread, there is a loss in putting the money with Chase rather than an institution with much better rates. If you put in a small amount of money, the loss will be small, but then if there is any positive impact, that will (presumably!) be smaller with a smaller deposit....

Anonymous · ‎11-22-2017

@Anonymous wrote:
@Anonymous wrote:
While you'll likely hear 50/50 responses on whether or not opening a checking account prior will "help" at all, one thing you won't hear from anyone is that it can hurt in any way. That being said, if you have the ability to open a checking account first, why not?

I opened a Chase savings/checking account back in Feb knowing that I'd be applying for my first Chase CCs a few months later. I put about $12k into the checking account and a small amount into their savings account. In May I applied for 2 Chase CCs about 10 weeks after opening those accounts. I knew that without opening those accounts that I'd be approved for both cards, but I just wanted to establish some sort of "relationship" first that could possibly result in me getting higher initial limits. Whether or not it helped, I'll never know, as there's no way to tell or quantify it. Again though, I can say with 100% conviction that it can't hurt.
While it won't hurt the odds, as someone pointed out in a very similar thread, there is a loss in putting the money with Chase rather than an institution with much better rates. If you put in a small amount of money, the loss will be small, but then if there is any positive impact, that will (presumably!) be smaller with a smaller deposit....

Unless you put the money in there to take advantage of their promotions, which can be the equivalent of up to $500. As also pointed out in another thread, that money will far eclipse the minimal amount of percentage-based return that one would normally see when comparing standard APR's.

joltdude · ‎11-22-2017

Going to throw in a cog.. Chase may/may not value relationship banking but it doesn't take much for BOA to.....

And the phone reps are NOT afraid to tell you so.. And for some reason it doesn't take much .... No matter what is or isn't true... one thing that IS true is most banks generate an internal score for you... which may be helped by having an additional product.. but its isnt definite how much of an effect it has in most cases...