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Bank likely to offer card if open savings acct?

Member

Bank likely to offer card if open savings acct?

Hi trying to rebuild credit. Went from 580 to 663 by paying off and disputing and opening capitalone platinum 300, Merrick 650, kohls 650, and Best Buy 2000. 

 

I have $10k in a Wells savings and they denied me for a card. (I have a mortgage pre approval with them and a car loan in perfect standing.)

 

wondering if if I put the 10k and my 5k a month direct deposit somewhere else, is there a bank likely to offer credit card. Thought maybe capital one 360 bc Capone sent me an auto loan pre approval (I didn't use it.)

 

Any other suggestions  VERY welcome. Trying to break into 700s. 

Message 1 of 7
6 REPLIES 6
Valued Contributor

Re: Bank likely to offer card if open savings acct?


@Jell wrote:

Hi trying to rebuild credit. Went from 580 to 663 by paying off and disputing and opening capitalone platinum 300, Merrick 650, kohls 650, and Best Buy 2000. 

 

I have $10k in a Wells savings and they denied me for a card. (I have a mortgage pre approval with them and a car loan in perfect standing.)

 

wondering if if I put the 10k and my 5k a month direct deposit somewhere else, is there a bank likely to offer credit card. Thought maybe capital one 360 bc Capone sent me an auto loan pre approval (I didn't use it.)

 

Any other suggestions  VERY welcome. Trying to break into 700s. 


Between your car (installment) loan and your 4 revolving accounts, you don't necessarily need any more credit cards right now. Keep your utilization reporting 0 on all but one card, and let one card report a balance of under 9% of it's limit to maximize your score. They will continue to improve as these accounts age and grow with you.

 

I don't think the big banks are necessarily rebuilder friendly nor do I think they care for the most part what other products you have with them. (I've heard of exceptions to this, but for the most part think it's true.)

 

I think relationships matter more with credit unions. It could be a good idea to start a relationship with PenFed or NFCU if you can. May not want to apply for credit with them immediately if your other 4 revolvers are essentially brand new, but if you're looking to move your primary banking, a CU is where I would go.

Ch 7 Discharge May 2015
Discover/Target/NFCU CLOC/NFCU More Rewards Amex/NFCU Platinum/PenFed Power Cash Rewards/PenFed Pathfinder Visa/Citi Costco Visa/CapitalOne SavorOne/Apple Card - $139,100 total revolving, 21% utilization
3.25% mortgage July 2020, $20k used Auto Loan October 2020, $20k PenFed Personal Loan Dec 2020
687/683/673 EX/EQ/TU w/ 5/6/6 INQs as of Jan 2021
Spending 2021 in the Garden
Message 2 of 7
Established Contributor

Re: Bank likely to offer card if open savings acct?

Are you able to get into USAA?  They are a great bank.

 

They also use Fico Score 3 for credit approvals.




FICOBeginning (6/2017)Current
Equifax636707
Transunion627725
Experian623726
Message 3 of 7
Valued Contributor

Re: Bank likely to offer card if open savings acct?

I wouldn't DD or put money in a bank just for a CC ..

Amex Green • Amex BCP • Amex HH (Aspire®) • Barclay Rewards • Chase World of Hyatt • Chase FU • Capital One Quicksilver • Discover it • PENFED Platinum Rewards • Marvel MC • Amazon Store • Kohls Store • CL $109,330 • Car Loan (PENFED) 1.99% PAID

FICO® 8 Scores 805-812 FICO® 9 Equifax 822
Message 4 of 7
Regular Contributor

Re: Bank likely to offer card if open savings acct?

I have had a checking and savings account with Citizens Bank for about 5 years or so. I always keep a balance in my savings. I have what would be considered bad credit but rebuilding....29 medical bills in collections :\ but all credit card accounts and loans in good standing with no lates. Randomly when I was at the bank one day, they told me I was preapproved for a Citizens credit card. I'd never been approved for a card from a "real" bank (aka not a secured card and not a stupid rebuilder card with high fees). So I have to wonder if its because I carry a balance on my savings account with Citizens and have never overdrafted my checking account. Idk. 

 

But I agree that credit unions are probably much easier and faster to grant a CC

Message 5 of 7
Community Leader
Senior Contributor

Re: Bank likely to offer card if open savings acct?

Some banks and CU's value what is termed Relationship Banking, some do not... Realize by having a checking account that hasn't overdrafted and has a steady min balance... if your bank uses internal scorinng.. this is affecting that....  Some major banks do consider this.... others do not....  As an aside.. BOA honored a immediate CLI request on a just opened card, due to opening a savings account with them by a family member..  and throwing in 500$ but he has excellent credit...  In fact it was hinted to do that during recon... as soon as the account opened and he left the bank he got a PHONE call approving a CLI increase.. think it was an additional 2k..  But i wouldnt rely on that just to get a card.. esp when your rebuilding... exception being a CU thats rebuilder friendly.....  having a checking or savings acct in good standing can give the nudge for a card approval.. but as always YCMV....

 

-J

 

Message 6 of 7
Member

Re: Bank likely to offer card if open savings acct?

Thank you all for the replies. I talked to my credit union and got a $5,000 limit rewards card. Good advice. 

Message 7 of 7
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