Bank Balance and credit decision

Discussion in 'Credit Talk' started by Patrikone, Aug 12, 2001.

  1. Patrikone

    Patrikone New Member

    I've received conflicting information about this. Is the balance in ones checking account used in determining a credit decision or parameters of credit limit, rate, etc. by credit card companies?
  2. roni

    roni Well-Known Member

    Simple answer. NO. Where would the credit card company get the information if you didn't provide it. Unless you're applying for a card from your bank, they wouldn't have access to that information without you providing it.

    The confussion probably comes because it can play into your ability to secure a mortgage. The company doesn't want you depelting your cash to make a downpayment.

    GEORGE Well-Known Member


    Does your application say checking/savings account number/balance...NEVER except on my MORTGAGE loan...

    I have only seen on credit card applications...

    Not even asked many times...
  4. sam

    sam Well-Known Member

    If you are getting a loan at a bank, lets say Wachovia. One of their loans, or credit cards, I can GUARANTEE you they will look over your average daily checking balance.. Seen it done in person when i went with my little brother..

    now a normal CC like citi, has no right to this info.
  5. Patrikone

    Patrikone New Member

    Thanks for the info Sam. Citibank does ask if one has a checking account on preaprovals, so does Discover. I was just curious how that played a part in determining credit worthiness.
  6. Hope

    Hope Well-Known Member

    Don't want to be a sopil sport, but I know from recent experience that the answer CAN be "yes".

    Last week my boyfriend and I requested a credit line increase on his Citi AAdvantage Platinum. Current limit was $9,500 and we'd got the card preapproved just 2 months ago. All they asked then was his signature and SSN.

    He requested an increase to $15,000 and this time they requested name and account number of his primary checking account from which he paid the Citi card statement. Said they were looking at balances and patterns of deposits and spending.

    No big deal since his income and mine combined are well over $250,000.

    I didn tell them that only one of our paychecks gets deposited into that account and that I didn't care to divulge the whereabouts and patterns of the rest of the income, and they were fine with that. They asked, too, if there was someone in particular at the bank that we'd like them to ask for.

    This was over the phone, but on their website, the form requests the same info as required.

    We got the increase, but this is proof positive that CCC's are looking to match credit lines with ability to pay.

    So checking balances CAN be figured into your credit score and credit line decisions, IF they know that info.

    AND his score took a 11 pt jump shortly afterward, even with the new CL showing on the credit report. I quess that's info they didn't have verified before.
  7. dlo64

    dlo64 Well-Known Member

    My husband received an invitation to apply for one of the Citi Platinum cards. On the application it asks if you have a checking, CD's, and money market account. It also asks if they are with Citi and provides a space to insert the institution name if not with Citi. I am guessing that Citi will check your accounts if you have any with them, I don't know if they will actually check the other financial institutions, I doubt it.

    Won't find out though, the app. is hitting the trash as my husband could not possibly qualify with a Chap. 7 from last year (although we do have had Citifinance installment loans in the past in good standing as well as Amoco & Shell that is Associates; now a part of Citi).

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