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Chex systems and opening new accounts?

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Anonymous
Not applicable

Chex systems and opening new accounts?

Hello,

 

I've recently been involved in a disappointing situation where an old partner stop making credit card payments and as a result I'm on the hook, but I'm doing some things outside of the box in the mean time.

 

Having said that, I have gone through the route of setting up a credit union account-two of the them, Kinecta and Penfed.

 

After spending some time on this website, it turns out that Penfed may not be the best credit union for someone starting from scratch, again. Kinecta, well, there is nothing to write home too about these guys other than they are good about giving car loans.

 

So, having said that, there is another local credit union-Alliant. And they seem to be more receptive. In fact, the loans guy claimed you can get a secured credit card for a 600 fico score.

 

Here is the thing. I opened the 1st credit union account in January, then opened the 2nd one in May (Penfed). 

So, my question is that if I open another one, it reports, I was told, to the chex system as a red flag. I don't know if that is checking or for accounts in general.

 

In other words, if i open up another credit union account, that will be 3 accounts in, roughly, if I open it next month (July) in 6 months. I hope this clear??

 

Can anyone confirm this to be true?

 

FYI- I read every link on chex systems in the search button...

 

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: Chex systems and opening new accounts?

I'm assuming at this point, this may not be Fico forums question???

Message 2 of 8
llecs
Moderator Emeritus

Re: Chex systems and opening new accounts?

I haven't followed my inquiries on Chex lately, but I do know that not every bank or CU will even check your Chexsystems report. I opened bank accounts with Wachovia, BofA, and Penfed and none of them looked at Chex. I do have a derog entry (well, had by now) on Chex and BB&T, NASA, Alliant, and maybe (?) Justice FCU and was denied due to that derog entry and they (not sure about JFCU) checked Chexsystems. YMMV based on lender. Let's say that a creditor will get jittery by seeing multiple inquiries over a short period of time. It won't hurt any other than being turned down if that was the reason. You can always try them down the road. Plus, at least IME and mine only, those that did turn me down due to Chex, pulled Chex first over a CRA so I didn't lose any inquiries on TU, EQ, or EX.

Message 3 of 8
Anonymous
Not applicable

Re: Chex systems and opening new accounts?

Thanks.

 

I found that extremely interesting.

 

So, another way to do this now is...Does anyone know if Alliant actually reports on the Chex system?

 

What does IME stand for?

 

Cheers

Message 4 of 8
MarineVietVet
Moderator Emeritus

Re: Chex systems and opening new accounts?

IME= In My Experience

Message 5 of 8
Anonymous
Not applicable

Re: Chex systems and opening new accounts?

Ok, cheers.

Message 6 of 8
MarineVietVet
Moderator Emeritus

Re: Chex systems and opening new accounts?

Here's a list of Abbreviations although for some reason IME is not on there.

 

 

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
6/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Whats In Your FICO Score

Message 7 of 8
Anonymous
Not applicable

Re: Chex systems and opening new accounts?

Thanks, I had that list, but the IME wasn't there.

Cheers

Message 8 of 8
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