New Credit, Switching Banks, Help?

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4 posts
Dark_Adonis
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Location: Morgan Hill

New Credit, Switching Banks, Help?

Postby Dark_Adonis » Mon Feb 03, 2014 10:23 pm

Hello Everyone!

Here's my situation:
Moved to California (SEPT 2013)
and right away opened a Wells Fargo Account (checking and savings)

JAN 2014 - became a Green Card holder, and I applied for my SSN last Wednesday (should get it in a week or two)

I currently attend college (freshman year), Receive a monthly direct deposit from my parents for expenses, my only real source of "income"

After making a bad decision with banking with Wells Fargo (I really hate their bank) I want to switch banks. I am planing to open new accounts at Chase and also would like to apply for a credit card, (ultimately in the future I would like to have a CSP credit card, I'm obsessed with the fact that it is metal...)

My questions?

1. Am I making the right decision switching to Chase or should I consider different banks?

2. How long should I wait before I apply for a credit card? with Chase or even others?

3. Which credit card should I apply for with Chase?

I want to add that the charges on the card would be at least $400-$500 per month (Gas, AT&T, Food, and other small charges). I also plan to keep around $20K in the bank with Chase, hoping that keeping a high balance and with the monthly direct deposit to my account will strengthen my chances and better my relationship with the bank :)

Any guidance appreciated,
Thanks :)
SSN Issued: (01/14)
Discover it FICO Score: 765 (07/15)

Wells Fargo Platinum Signature Visa - $10,000 (03/14)
Discover it - $4,000 (10/14)
Chase Freedom Visa - $3,500 (09/15)
Chase Sapphire Preferred $26,000 (09/16)
American Express Mercedes Benz Platinum Card - NPSL (06/16)


takeshi
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Postby takeshi » Wed Feb 05, 2014 8:09 am

Dark_Adonis wrote:Am I making the right decision switching to Chase or should I consider different banks?

Your call to make. You really haven't provided enough details for use to even begin to make recommendations. There are a number of banks that are probably suited to you. Have you looked around at all? Why did you narrow it down to Chase?

Dark_Adonis wrote:How long should I wait before I apply for a credit card? with Chase or even others?

Same issue with this question. There's no X timeframe for every person out there. It all depends on your credit. If it's in good shape there's really no reason to wait. If it needs work then apply when you're in better shape. While a banking relationship can help, I wouldn't suggest relying on it.

Dark_Adonis wrote:Which credit card should I apply for with Chase?

I want to add that the charges on the card would be at least $400-$500 per month (Gas, AT&T, Food, and other small charges).

CSP isn't generally recommended for small amounts of spend. You can do the math looking at their rewards to see what you'd get back versus the AF. Generally, it's advisable to select rewards based on your major spend category(ies).

whit
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Joined: Tue Aug 13, 2013 10:04 pm
Location: ca

Postby whit » Wed Feb 05, 2014 9:18 pm

Not sure what Wells Fargo did to make you mad, they can be good if you find a good branch/bankers that will work with you but,

chase is good too for students as well, if you're between 17-24, you can get the college checking which is basically like the total checking, minus having to keep the requirements of either direct deposit, a certain balance, etc.. I would not let the banker open total, but college, and put the grad date five years from now if possible

You can also open account with online banking that might give you better rate for your savings like ING now 360 capital one, or Amex, or Ally bank, etc...

You can attach the checking account (don't open savings at Chase unless you're the type that needs overdraft protection, I don't, so I never recommend it) to it via adding accounts on the payments/transfer tab, adding external accounts. It's free, and once you add the account and do the verification via trial deposits, you can transfer back and forth easily, it does take a few days for funds from external accounts to become available at Chase

But I like that aspect because it makes me really think, like, do I want to use it?

I will add, there's a faster way to get the funds out of online bank savings account, particularly with ING/360; so if you have gone that route and is interested, PM me, otherwise it may be better to put a good chunk of your 20k there


As for credit cards, you can apply anytime. And you can apply for any one of them, but do you need it? Which one works best for your needs? For the amount you spend each month, the other poster is correct, it is not worth it past the first year, which is free. Plus if your income is really just money from your parents, it may be harder for you at this point to get approved, depending on your credit history, and balances.

Dark_Adonis
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Posts: 10
Joined: Wed Jan 15, 2014 1:46 pm
Location: Morgan Hill

Postby Dark_Adonis » Sat Feb 08, 2014 12:37 am

Thanks for the advice!

I went ahead and got a college account with chase (the college one of course)

And I know the CSP isn't for me as of right now... But i want to set myself up for success by having a history with chase, so later on I have a better chance of getting it. Im most likely going to apply for a Slate or a Freedom in 3 months and i'll see what happens.

And as for Wells Fargo?

They said using my Canadian Social was fine, and i tried applying for a credit card, it declined. tried getting a secured card... that was also declined. And they also re submitted my app multiple times so i was denied like 4 times...

As for them using my Canadian Social, apparently they had put it in as a US, and it triggered an alarm and it was just a mess

ALSO! I had used my debit visa to make a purchase (macbook pro) , and wells fargo sent a duplicate payment (I called Apple and they said they only authorized 3 payments and have only received 3... Called the bank filled a claim took around 10 days and then they refunded me. But the worst part was they made my checking account Zero, and charged my an overdraft (which they ended refunding me on my request + 2 days)

Just some bad experiences, hopefully Chase is nicer.

Thanks again!
SSN Issued: (01/14)
Discover it FICO Score: 765 (07/15)

Wells Fargo Platinum Signature Visa - $10,000 (03/14)
Discover it - $4,000 (10/14)
Chase Freedom Visa - $3,500 (09/15)
Chase Sapphire Preferred $26,000 (09/16)
American Express Mercedes Benz Platinum Card - NPSL (06/16)



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