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Getting "in" with the Big 4 a good strategy?

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Super Contributor

Re: Getting "in" with the Big 4 a good strategy?

My goal isn't to bag elusive cards, rather just establish positive relationships with big banks that I may need credit from at some point down the road.

Message 11 of 22
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Moderator Emeritus

Re: Getting "in" with the Big 4 a good strategy?


@youdontkillmoney wrote:

If you want to go BIG game hunting in the world of credit, try and bag a Simmons First Credit card and Iberia Bank credit card. Those are the elusive ones to get. I got both, plus Amex platinum and Citi prestige rounds out the "Big" 4 CC's I have.


Those cards are seriously niche.  Not saying they aren't laudable goals, but it doesn't make tremendous sense for most people to chase after them.

 

BBS: regarding your question, I firmly believe in a diversity of lenders, but having all the major ones... not so much as they're sort of redundant.  When it comes down to it beyond credit cards and all sorts of things at credit unions, there isn't much relationship building that goes on at the major banks.  When talking mortgage or whatever unless they are portfolioing it (not common unless shopping in the jumbo space) there isn't a lot there: conventional and FHA mortgages are both far too stringent for them to do much for any customer.  Auto lending is usually a different part of the bank which may or may not look at the rest of your relationship historically.

 

I don't have any WF accounts for example, and I only picked up a Citi one when they took over Costco and I wanted the membership anyway.  Chase dominates my report between mortgage and 25% of my revolving tradelines... but I basically have 12 other cards from other lenders too so I'm not so worried if Chase goes away, wouldn't be the end of the world.  

 

That's really the reason to have a diversity, banks can fail, or grow skittish of you as an individual consumer... it would suck mightily to have all your credit vanish overnight as could happen if a lender decides you're too risky for them now when they are your only oar in the credit waters.

 




        
Message 12 of 22
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Super Contributor

Re: Getting "in" with the Big 4 a good strategy?

Understood, thanks for the reply.  Diversification I guess is another way to verbalize what I was going after.

 

 

Message 13 of 22
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Super Contributor

Re: Getting "in" with the Big 4 a good strategy?


@BrutalBodyShots wrote:

I'm sure this really comes down to personal opinion, so I guess I'm soliciting a bunch of opinions here which I'm sure could differ greatly.

 

I have a desire for whatever reason to get "in" with the Big 4.  Not sure why really, other that just wanting to establish positive relationships with them.  It is just mentally pleasing to me to know that several years down the line if I'm looking for a mortgage or loan that I've already established solid favorable relationships with the biggest banks which can only be a good thing.

 

I already have positive accounts on my credit reports with Bank of America and Wells Fargo, but I have never had an account with either Citi or Chase which are two of the biggest discussed banks on these forums, moreso in terms of credit cards I would say.  Is it a bad idea to scoop up a credit card with Citi and Chase just to establish a positive relationship with them?  I know people say not to get a credit card unless you need it and I certainly wouldn't "need" one from either bank.  There are other people that chase sign on bonuses, which I know at least with Chase is a reason to justify apping.  I don't have a lot of credit cards (5 total) and my aggregate utilization never exceeds 1-2% so I'm not worried about the risk of taking on another card or two.  My profile recovers in about 2-3 cycles from new accounts since I app extremely rarely. 

 

I'm just looking for opinions here on whether or not people feel establishing relationships with the big banks is a good thing, sort of as a means to lay ground work for a possible future with that lender should the need arise.


IMHO there is no such thing as establishing a relationship with either of those institutions, unless you have a million dollars or so to deposit with them.

 

They are huge faceless organizations which will cut you off at the knees the minute they feel like it.

 

 


Total revolving limits 653000 (575000 reporting)

Message 14 of 22
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Super Contributor

Re: Getting "in" with the Big 4 a good strategy?

I'm not disagreeing with that.  But as others have stated, some feel that based on a positive previous relationship [account] (whether past or current) they were treated or welcomed better they felt when attempting another account.  This could be a loan, a CC, whatever.  Others feel it doesn't matter.  I feel like it can't hurt, though, unless you screw up with them with respect to the first account.

Message 15 of 22
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Moderator Emerita

Re: Getting "in" with the Big 4 a good strategy?


@SouthJamaica wrote:

@BrutalBodyShots wrote:

I'm sure this really comes down to personal opinion, so I guess I'm soliciting a bunch of opinions here which I'm sure could differ greatly.

 

I have a desire for whatever reason to get "in" with the Big 4.  Not sure why really, other that just wanting to establish positive relationships with them.  It is just mentally pleasing to me to know that several years down the line if I'm looking for a mortgage or loan that I've already established solid favorable relationships with the biggest banks which can only be a good thing.

 

I already have positive accounts on my credit reports with Bank of America and Wells Fargo, but I have never had an account with either Citi or Chase which are two of the biggest discussed banks on these forums, moreso in terms of credit cards I would say.  Is it a bad idea to scoop up a credit card with Citi and Chase just to establish a positive relationship with them?  I know people say not to get a credit card unless you need it and I certainly wouldn't "need" one from either bank.  There are other people that chase sign on bonuses, which I know at least with Chase is a reason to justify apping.  I don't have a lot of credit cards (5 total) and my aggregate utilization never exceeds 1-2% so I'm not worried about the risk of taking on another card or two.  My profile recovers in about 2-3 cycles from new accounts since I app extremely rarely. 

 

I'm just looking for opinions here on whether or not people feel establishing relationships with the big banks is a good thing, sort of as a means to lay ground work for a possible future with that lender should the need arise.


IMHO there is no such thing as establishing a relationship with either of those institutions, unless you have a million dollars or so to deposit with them.

 

They are huge faceless organizations which will cut you off at the knees the minute they feel like it.

 

 


^^^This.  I vividly remember all kinds of people getting their HELOC's and other credit lines shut down by Chase and Wells in 2007 when the markets started to be a little shaky. The people I am referring to had excellent credit and payment history for a long time and some of them even worked for the banks that shut down their lines. The banks were being pro-active by making sure customers couldn't access their credit, but it came as a shock to many.  

 

Diversification is very important. You aren't going to see a real benefit as far as "relationships" go with a lender unless you are with a very small CU or small community bank.  

Message 16 of 22
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Super Contributor

Re: Getting "in" with the Big 4 a good strategy?

Of course there are going to be circumstances like what was referenced above almost a decade ago that could cause uncharacteristic behavior by big banks.

 

Others however have stated quite clearly in this thread that they believe that having established a positive account (relationship) with a big bank in some way helped them in the future with said bank.

Message 17 of 22
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Super Contributor

Re: Getting "in" with the Big 4 a good strategy?

I lean a bit toward the "it can't hurt" perspective.  I definitely feel that way about Chase.  One reason is that it's easy to open a checking account with them for a $300 promotion bonus, and you can usually grab an additional $200 bonus by parking 10k in a savings account with them for a few months.  To me that's reason enough.  In fact, bank bonus chasers will typically open and close Chase accounts every year for $500.

 

Discover's bank bonus is not churnable but you can usually find one for $400 if you wait long enough.

 

Right there that's reason enough to get in with Discover and Chase.  I will say that the Chase CSRs usually add a tag line when they talk to me to the effect of: We want to thank you for being such a long and valued customer with Chase. 

 

I am inclined to agree with your assessment of weird events like the 2008 financial meltdown.  That's such a strange event, almost like an asteroid hitting the earth out of a science fiction B-movie of the 50s, that its hard to make inferences from its fallout what would happen in normal times.  IMO.

Message 18 of 22
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Super Contributor

Re: Getting "in" with the Big 4 a good strategy?


@StartingOver10 wrote:

@SouthJamaica wrote:

@BrutalBodyShots wrote:

I'm sure this really comes down to personal opinion, so I guess I'm soliciting a bunch of opinions here which I'm sure could differ greatly.

 

I have a desire for whatever reason to get "in" with the Big 4.  Not sure why really, other that just wanting to establish positive relationships with them.  It is just mentally pleasing to me to know that several years down the line if I'm looking for a mortgage or loan that I've already established solid favorable relationships with the biggest banks which can only be a good thing.

 

I already have positive accounts on my credit reports with Bank of America and Wells Fargo, but I have never had an account with either Citi or Chase which are two of the biggest discussed banks on these forums, moreso in terms of credit cards I would say.  Is it a bad idea to scoop up a credit card with Citi and Chase just to establish a positive relationship with them?  I know people say not to get a credit card unless you need it and I certainly wouldn't "need" one from either bank.  There are other people that chase sign on bonuses, which I know at least with Chase is a reason to justify apping.  I don't have a lot of credit cards (5 total) and my aggregate utilization never exceeds 1-2% so I'm not worried about the risk of taking on another card or two.  My profile recovers in about 2-3 cycles from new accounts since I app extremely rarely. 

 

I'm just looking for opinions here on whether or not people feel establishing relationships with the big banks is a good thing, sort of as a means to lay ground work for a possible future with that lender should the need arise.


IMHO there is no such thing as establishing a relationship with either of those institutions, unless you have a million dollars or so to deposit with them.

 

They are huge faceless organizations which will cut you off at the knees the minute they feel like it.

 

 


^^^This.  I vividly remember all kinds of people getting their HELOC's and other credit lines shut down by Chase and Wells in 2007 when the markets started to be a little shaky. The people I am referring to had excellent credit and payment history for a long time and some of them even worked for the banks that shut down their lines. The banks were being pro-active by making sure customers couldn't access their credit, but it came as a shock to many.  

 

Diversification is very important. You aren't going to see a real benefit as far as "relationships" go with a lender unless you are with a very small CU or small community bank.  


Even then it depends on whether it's Mr. Potter, or Bill Bailey, that's in charge Smiley Happy


Total revolving limits 653000 (575000 reporting)

Message 19 of 22
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Super Contributor

Re: Getting "in" with the Big 4 a good strategy?


@CreditGuyInDixie wrote:

I lean a bit toward the "it can't hurt" perspective.  I definitely feel that way about Chase.  One reason is that it's easy to open a checking account with them for a $300 promotion bonus, and you can usually grab an additional $200 bonus by parking 10k in a savings account with them for a few months.  To me that's reason enough.  In fact, bank bonus chasers will typically open and close Chase accounts every year for $500.

 



 

Good info here - I never even considered chasing a bonus related to a checking account.  I do need to open another account, so maybe this will be my in with Chase.

Message 20 of 22
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