Instead of copy and pasting what was already there for you to read, here are my takeaways (and comments)*Large and regular deposit of MO is by no means favorable by banks , since you only keep the money for a short period of time. They like large deposits but not a lot of in-and-outs. From a “market impact” perspective, my approach is to “ hit and let it relax “ just to avoid being viewed as “structuring”, which means to deposit some moderate amount of MO across different banks in one month, and rest for the next 1-2 months.
*Fill in the “from” field on your MO as much as you can. Make up something rather than leave it blank, so that it doesn’t look too suspicious.
*Inquiries on ChexSystems shouldn’t impact your application, but too many inquiries can be a sign of fraud or ID theft. My girlfriend and I both personally got denied because of these. Banks are risk-averse. When they sense something, they would rather not to do it than take the risk just to acquire you as their customer.
*Your FICO scores determines your loan eligibility but be careful with your inquiries (and maybe new accounts) as well. This is important once you start considering for home/car/etc loans. Credit cards were not created to generate rewards. Instead, rewards is the result of competition and act as incentives. Your 100k credit limit shows your both borrowing power and your maximum debt. Too many inquiries means that you are actively (or even desperately) chasing credit, indicating risks in your financial situation.
*Lying on application is the least thing you wanna do. I know that many of you are still students and don’t have any stable income. Use the amount of money you get from your parents as the funding source, your salary on new job/intern offer letters. Just when banks ask for it, you have some solid proof. As for business card, you can put sole proprietorship in your application. It’s OK to say you have a business even if you are just about to start it, but don’t lie about your revenue. Choose the lowest amount in the drop-down list or just put in a zero.
*I’m curious about how bill pay to credit card is viewed. It should be fine as long as you add your bank account to your credit card payment method and pay from there. But how about bill payment initiated from “unknown” sources, such as Walmart money center, or even from another person’s checking account?
*I’m also curious about how banks review your account? such as how often, and what they are looking for during review. Is it random? routine? or often triggered by some abnormal behaviors.