cancel
Showing results for 
Search instead for 
Did you mean: 

Relationship Based Banks?

tag
myfavoritehue
Valued Member

Relationship Based Banks?

Will be going on an app spree in 3 months and wanted to gather DPs on a few lenders I'm vetting. I'm looking to create relationships with a few of the biggest banks and want to know if it is necessary for me to open a checking account first before applying or just doing a cold app. My primary checking is Cap One and I refuse to take 3HPs for one product. The highest priority for my strategy is applying to lenders who will only pull one bureau and will give initially high limits (highest limit is $26k at 18 months old; looking for $10k minimum SL).

 

Chase: I know they accept, and are generous, with most but I'm past 5/24 so there goes that

BOA: High on my list. Have seen posts stating they are relationship based and can deny you if you do not have one. Considering parking $1500 in a checking account and letting it sit until ready to apply. I'm told they are conservative initially but are generous with CLIs every 3 months on a SP.

Wells: High on my list as well. Had a checking account closed by them last year, was told that checking & credit card department are different so odds of approval are good and account was closed for over a year so maybe they forgot? (Never showed on Chexsystems) Considering parking $1500 here too. Also hear they are conservative.

Citi: Do not have any Citi branches here so not sure how I could get the relationship, if it is needed, but I see they are conservative initially and have to call recon for higher limits resulting in another HP

USBank: no locations here. Extremely conservative and hard to get approved.

PNC: difficult to get approved

BB&T: account went negative in college but was paid back later; not showing on chexsystems

 

 

 

Any personal experiences with these lenders and how they operate?

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Relationship Based Banks?

From my experience I didn't need banking with Chase, US Bank and Citi to get approve. Chase and Citi didn't start with me with more than 10k, but it took me less than a year to get there. Chase does 2 hp for new account and cli so make sure your profile looks good before you pull the trigger aka 5/24. Us Bank I was just approved today with them and I don't have banking with them but for research on this site says it has helped some. And they didn't start me with 10k either.

 

I had an account with Wells Fargo for 10 years before I closed it in 2012(it was Wachovia for some time before Wells Fargo took over) so I think it was a factor in me getting approved for a Propel being 9/24 at the time with a starting limit at 10k but one of their worst apr @ 16.99(doesn't matter since I PIF).

 

last year before my 4 card spree I got mailers for preapprovals with apr not apr range for PNC and BOA and I don't bank either banks.

 

no experience with bb&t 

 

With the exception of Wells Fargo for me it seems like a strong profile trumps bank relationship. A bank relationship is just a nice contributing factor to help push you in but not needed.

Message 2 of 5
Anonymous
Not applicable

Re: Relationship Based Banks?

I think expecting or hoping for minimum $10k SLs from the lenders you listed with your oldest card currently being 18 months is asking for a lot.

 

The majority of major bankcards out there don't require a prior "relationship" in order to get approved for a card from them.  While I don't have personal experience with every proposed lender in your list, I'm fairly certain that all can be obtained without a prior relationship.

 

Whether prior relationships "help" with approvals/terms is sort of an ongoing debate on the forum and is more or less lender-specific.  For example, one may argue based on personal experience that a prior relationship would help chances of an approval/more favorable terms with USB over Citi.  It really all comes down to what individuals have experienced first hand.

 

Knowing more about your profile like where your Fico scores currently stand, whether your file is clean/dirty, young/old (18 months oldest CC makes it sound young, but you could have older accounts), thick/thin etc. would be helpful.  Also things like how many inquiries you have present per bureau, how many new accounts you've opened in the last 12 months, where your utilization currently sits and your income would be helpful.

 

Quick answer to your question though, no it isn't necessary to open a checking account prior to apping for a CC from the list you mentioned. 

Message 3 of 5
Credit12Fico
Established Contributor

Re: Relationship Based Banks?

With great credit history, prior relationships don't matter.

 

With short, weak, or no credit history, checking accounts improve your odds at Chase, BOA, WF, PNC, and USB. 

Message 4 of 5
myfavoritehue
Valued Member

Re: Relationship Based Banks?


@Anonymous wrote:

From my experience I didn't need banking with Chase, US Bank and Citi to get approve. Chase and Citi didn't start with me with more than 10k, but it took me less than a year to get there. Chase does 2 hp for new account and cli so make sure your profile looks good before you pull the trigger aka 5/24. Us Bank I was just approved today with them and I don't have banking with them but for research on this site says it has helped some. And they didn't start me with 10k either.

 

I had an account with Wells Fargo for 10 years before I closed it in 2012(it was Wachovia for some time before Wells Fargo took over) so I think it was a factor in me getting approved for a Propel being 9/24 at the time with a starting limit at 10k but one of their worst apr @ 16.99(doesn't matter since I PIF).

 

last year before my 4 card spree I got mailers for preapprovals with apr not apr range for PNC and BOA and I don't bank either banks.

 

no experience with bb&t 

 

With the exception of Wells Fargo for me it seems like a strong profile trumps bank relationship. A bank relationship is just a nice contributing factor to help push you in but not needed.


Congrats on the USBank approval! Mind sharing the SL?

Here in TX, I have a few family members who only had EX pulled but I'm at 7/24 so I already ruled them out.

Per your experience, sounds like I should save those chexsystems inquries for credit unions then, huh?

Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.