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CU Rejection after CR Pull?

New Contributor

CU Rejection after CR Pull?

I'm working at getting our CS and CRs at optimum.  Part of that is maxing out savings opportunities, too.  I came across http://www.hustlermoneyblog.com/consumers-credit-union-rewards-checking-account/, and am interested in joining.  I see, however, that there's a HP involved in the process.  I thought CU and bank acceptances were automatic so long as you meet listed requirements.  I don't see minimum score as a requirement, but now I'm wondering if rejection due to score is a thing.  Anyone know?

Our Journey Click to read our storyOur Cards: Me:   Him:   Our Future Cards: USAA Limitless | AmEx BP | BJs Perks Elite | Chase Freedom | Sam's MC | Costco
05/17 - Me: 595EX 570EQ 602TU  Him: 740EX ???EQ ???TU  4/17 - Me:  558EX 546EQ 602TU 671TU surprisedHim: No CR/Score!
Short Term Goals: Me: All 640+, Refi Auto Loan | Him: All 650+, Mortgage-Approved | US: New house before April 2018
Long Term Goals: Me: All 850, 2 low util HELOCs, 2 new cars | Him: All 800+, new truck & mtrcl, dental work | US: 1 low util HELOC

Message 1 of 10
9 REPLIES
Community Leader
Valued Contributor

Re: CU Rejection after CR Pull?


laFenix wrote:

I'm working at getting our CS and CRs at optimum.  Part of that is maxing out savings opportunities, too.  I came across hustlermoneyblog and am interested in joining.  I see, however, that there's a HP involved in the process.  I thought CU and bank acceptances were automatic so long as you meet listed requirements.  I don't see minimum score as a requirement, but now I'm wondering if rejection due to score is a thing.  Anyone know?


No new CU or bank account is "automatic", banks and some CUs use services like Chex Systems or Early Warning System (EWS) to check if you have had banking problems, such as excessive NSFs, fraud, etc. Some CUs also require HP credit checks, but it's not so much a minimum score as it is looking for potential problems, such as a very recent BK, collection, judgement, etc. . You need to decide if a new account bonus is worth the HP. Personally I wouldn't take a HP just to collect a bonus. I've opened 4 bank accounts with new account bonuses over the past 2 years without any credit pull. The only risk of opening bank/CU  accounts that only review Chex/EWS is if you open too many new accounts. My guess would be more than 4-5 new accounts per year would raise a red flag, and may idenify you as a 'churner' just collecting new accounts bonuses and then close the account. I keep my new accounts for at least a year to avoid being identified as a churner, but I may be over cautious. 


Fico 08: 720/721/719 TU/EX/EQ
Message 2 of 10
New Contributor

Re: CU Rejection after CR Pull?

I wasn't even thinking about churners, just looking for a better checking, but it's eye-opening to understand that perspective.  Thanks for that info!

Our Journey Click to read our storyOur Cards: Me:   Him:   Our Future Cards: USAA Limitless | AmEx BP | BJs Perks Elite | Chase Freedom | Sam's MC | Costco
05/17 - Me: 595EX 570EQ 602TU  Him: 740EX ???EQ ???TU  4/17 - Me:  558EX 546EQ 602TU 671TU surprisedHim: No CR/Score!
Short Term Goals: Me: All 640+, Refi Auto Loan | Him: All 650+, Mortgage-Approved | US: New house before April 2018
Long Term Goals: Me: All 850, 2 low util HELOCs, 2 new cars | Him: All 800+, new truck & mtrcl, dental work | US: 1 low util HELOC

Message 3 of 10
Frequent Contributor

Re: CU Rejection after CR Pull?

When I was partially through my rebuild, I was declined a CU account because my 'BEACON' score was too low. That's an Equifax version for CUs, if I remember correctly. All that was on my report was a couple of old collections that were due to ID theft. I believe my score was around a 620.

 

Ask the CU if they base their decision on credit score. They'll tell you.

My Cards: NFCU NavChek 15k; NFCU Cash Rewards 4.6k; Ashley Furniture 7k; Lowes 3.3k; Home Furnishings 2.5k; Amazon 1.5k, Guitar Center 1.5k; Discover It 2k; Local CU 1k; PenFed PLOC 2.5k; PenFed OLOC 500; CapOne Quicksilver Platinum 800; CreditOne Platinum 300; Sears Citi 4k; Total 46.5k credit. 2 NFCU Auto loans @ 3.09%; and a mortgage!
Message 4 of 10
Valued Contributor

Re: CU Rejection after CR Pull?

BOA and WF I know in my area pull credit before opening accounts a well as chex.  One bank just down from our office requires a Fico score of 750 for remote deposits.  Beacon scores used and may very still be used by BOA .  It used to have some real weird stuff minus points for cell phone vs home "land "phone,  minus points very  heavy for using a P. O. Box for mailing address. I wonder if they ever took those out? 

Message 5 of 10
Frequent Contributor

Re: CU Rejection after CR Pull?


laFenix wrote:

I'm working at getting our CS and CRs at optimum.  Part of that is maxing out savings opportunities, too.  I came across http://www.hustlermoneyblog.com/consumers-credit-union-rewards-checking-account/, and am interested in joining.  I see, however, that there's a HP involved in the process.  I thought CU and bank acceptances were automatic so long as you meet listed requirements.  I don't see minimum score as a requirement, but now I'm wondering if rejection due to score is a thing.  Anyone know?


Do you have any negatives on Chexsystems? I joined CCU in December, and it was pretty painless. They'll also SP either EQ or EX (can't remember) for identity questions, and then HP TU. They'll use that same pull for credit products for 30 or 60 days, too. 

 

They're really friendly - I'd say call them and ask them about the requirements. Explain your situation, and I'm sure they'll be more than happy to help.

 

Good luck!

EQ: 755 (05)/798 (08)INQs: 4EX: 801 (08)!!! FINALLY!INQs: 12TU: 789 (08) (Split File - FIXED!)INQs: 9
AAoA: ~5.7 years, oldest account 17.7 years
Total Credit Line: ~$230K
Message 6 of 10
Community Leader
Senior Contributor

Re: CU Rejection after CR Pull?


Backwoods wrote:

BOA and WF I know in my area pull credit before opening accounts a well as chex.  One bank just down from our office requires a Fico score of 750 for remote deposits.  Beacon scores used and may very still be used by BOA .  It used to have some real weird stuff minus points for cell phone vs home "land "phone,  minus points very  heavy for using a P. O. Box for mailing address. I wonder if they ever took those out? 


From my understanding BoA does SPs to open bank accounts. I had a checking & savings account with them and I don't remember getting a HP for either. 

Gardening since xx/xx/xx Gardenversary xx/xx/xx Score: 08/21/17 EQ 781 TU 784 EXP 789
Current Score: 781
Goal Score: 800
Take the myFICO Fitness Challenge
Message 7 of 10
New Contributor

Re: CU Rejection after CR Pull?

ProfGoGetter - thank you for that advice! I will definitely call and ask. Such a simple suggestion, and yet I didn't think of it lol Those are the funniest to me.

 

Backwoods - it's interesting how it's done differently in different areas. My husband still does not have a credit score, yet he was able to open accounts at BoA and WF, including credit lines. That said, he does have amazing schmooze appeal and seems to attract a lot of positive outcomes, so who knows if his situation is rare or not.

 

heyryan - I don't believe I have any negatives on Chexsystems, but honestly, I don't know. I'm not even sure how I would get a negative. I do have membership at another CU, which is in the process of offering me a loan (fingers crossed!). I'm thinking this should be a good sign. The CU I'm contemplating is currently offering a $200 bonus if I transfer a loan to them, so I'm thinking of switching my no-late, 1 yr+ Chase Auto loan over to them, and hoping for a better rate, which I think they'll do. I have a feeling this will help my membership approval, too. I'm thinking I should know by this time next week. I'm keeping hopeful until then that they keep that promo going. I just don't want to risk the current loan I'm trying to put through, which is why I'm holding off until 3 days after those docs are signed lol. Thanks for the luck!! I'll take all I can get Smiley Happy Best to you, too.

 

beautifulblaquepearl - I'm really not sure about these. My WF accounts are all mostly from before they merged with another institution where I previously banked. I never thought twice about opening additional accounts, personal or business, as they never gave me a hard time about it.

Our Journey Click to read our storyOur Cards: Me:   Him:   Our Future Cards: USAA Limitless | AmEx BP | BJs Perks Elite | Chase Freedom | Sam's MC | Costco
05/17 - Me: 595EX 570EQ 602TU  Him: 740EX ???EQ ???TU  4/17 - Me:  558EX 546EQ 602TU 671TU surprisedHim: No CR/Score!
Short Term Goals: Me: All 640+, Refi Auto Loan | Him: All 650+, Mortgage-Approved | US: New house before April 2018
Long Term Goals: Me: All 850, 2 low util HELOCs, 2 new cars | Him: All 800+, new truck & mtrcl, dental work | US: 1 low util HELOC

Message 8 of 10
Frequent Contributor

Re: CU Rejection after CR Pull?


laFenix wrote:
heyryan - I don't believe I have any negatives on Chexsystems, but honestly, I don't know. I'm not even sure how I would get a negative. I do have membership at another CU, which is in the process of offering me a loan (fingers crossed!). I'm thinking this should be a good sign. The CU I'm contemplating is currently offering a $200 bonus if I transfer a loan to them, so I'm thinking of switching my no-late, 1 yr+ Chase Auto loan over to them, and hoping for a better rate, which I think they'll do. I have a feeling this will help my membership approval, too. I'm thinking I should know by this time next week. I'm keeping hopeful until then that they keep that promo going. I just don't want to risk the current loan I'm trying to put through, which is why I'm holding off until 3 days after those docs are signed lol. Thanks for the luck!! I'll take all I can get Smiley Happy 

A negative on Chexsystems is similar to a negative on your EX/TU/EQ credit reports. Usually, it means that someone had a checking account that went negative, and they didn't pay it back. There can be mistakes on there just like on your other credit reports, too. Some banks/CUs are as sensitive to Chex INQs as they are to credit pulls :\  I got denied at a CU because of too many chex inquiries, and they didn't even accept my explanation that one bank (who shall remain nameless despite Smiley Mad ) pulled Chex FOUR TIMES to open an account for some reason.

 

If you've never requested a copy of your report, it's worth checking out (pun intended?):

https://www.chexsystems.com/web/chexsystems/consumerdebit/otherpage/FACTAFreeReport

 

It'll show you any negative marks, as well as INQs.

 

Congrats on the other loan offer - $200 for switching sounds awesome!

 

 

EQ: 755 (05)/798 (08)INQs: 4EX: 801 (08)!!! FINALLY!INQs: 12TU: 789 (08) (Split File - FIXED!)INQs: 9
AAoA: ~5.7 years, oldest account 17.7 years
Total Credit Line: ~$230K
Message 9 of 10
Highlighted
New Contributor

Re: CU Rejection after CR Pull?

heyryan, thanks for that link!  Lots to learn here, for sure.

Our Journey Click to read our storyOur Cards: Me:   Him:   Our Future Cards: USAA Limitless | AmEx BP | BJs Perks Elite | Chase Freedom | Sam's MC | Costco
05/17 - Me: 595EX 570EQ 602TU  Him: 740EX ???EQ ???TU  4/17 - Me:  558EX 546EQ 602TU 671TU surprisedHim: No CR/Score!
Short Term Goals: Me: All 640+, Refi Auto Loan | Him: All 650+, Mortgage-Approved | US: New house before April 2018
Long Term Goals: Me: All 850, 2 low util HELOCs, 2 new cars | Him: All 800+, new truck & mtrcl, dental work | US: 1 low util HELOC

Message 10 of 10