Credit Tips: Tips on Applying for a Credit Card With Your Bank

Posted On: August 16, 2006

Author: newtoitall
Posted: Wed Aug 16, 2006 12:54 pm
Post subject: Using “your bank” for a CC

Ok so I have been banking with Suntrust since the 90s when they were Crestar!

I have only used them for a free checking account, but I have been loyal to them for over 7 years and have never so much as even overdrafted my account!

My question is this: I have applied for a Suntrust CC even though I have “no credit history” hoping that my excellent record with them will nudge their decision to approve me. Any thoughts?

Author: Polonius
Posted: Wed Aug 16, 2006 1:33 pm
Post subject:

Too many thoughts, not enough action.

If you want a credit card, apply for a credit card. It’s as simple as that. You may get “extra credit” because you’re a banking customer, but there’s no way to know if that will give you a card or not. I’ve had Wells Fargo as my main bank (two checking accounts, one savings account) for 13 years. When I applied for a credit card with it two years ago, I was turned down. I have two dozen other credit cards though and a clean record. Go figure.

Author: hdporter
Posted: Wed Aug 16, 2006 1:34 pm
Post subject: Tips on Applying for a Credit Card With Your Bank

Not a chance. MBNA has been the issuer for the Suntrust card since 1999. You’ll be evaluated for the card in pretty much the same manner you would be for any other MBNA card.

Author: Dmoney
Posted: Wed Aug 16, 2006 10:23 pm
Post subject:

I’ve tried the exact same thing you did and it did not work. MBNA is rough and they do not trust “new credit heads”. My suggestion is trying to get a department store card, getting a secured card, or a credit card with garaunteed approval (the fees will suck though, but if you have an excellent banking history $150-$250(setup fees) should not be an issue).

Author: wierdo
Posted: Wed Aug 16, 2006 11:27 pm
Post subject: Tips on Applying for a Credit Card With Your Bank

Dmoney wrote:
I’ve tried the exact same thing you did and it did not work. MBNA is rough and they do not trust “new credit heads”. My suggestion is trying to get a department store card, getting a secured card, or a credit card with garaunteed approval (the fees will suck though, but if you have an excellent banking history $150-$250(setup fees) should not be an issue).

There should be no need to pay a bunch of money to get a card. While the OP should expect to have annual fees and high interest, there’s no need to take some scam card like a First Premier or one of the CompuCredit/Columbus Bank offerings.

Personally, I got lucky with Citi, as they had an online-only card they were willing to approve me for, even with 4 or 5 inqs and nothing else on my report, but that was 8 years ago.

Take a secured card from someone who doesn’t run a sleazy operation. A gas card or store card might be the place to start. If nothing else, get a Crown Jewelers account, since they don’t run a credit check, but will report after you buy something from them. At least then you have something to show for your money.

Once that’s on there, some halfway decent lender like Cap1 will probably approve you, and a year or so after that a prime lender will probably approve you for something decent.