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Established Member
Shellemilyrose
Posts: 56
Registered: ‎02-15-2009

I have a colorful history, but want to open a checking account... advice?

I'm 26, and years ago I had charged off B of A and Wells Fargo checking accounts, but I paid the B of A off 5 years ago, and the Wells Fargo I paid off a year ago.  About 2 yrs ago, I applied to open a checking account at my husband's credit union but was denied at the time because of the Wells Fargo account (the credit union used Chex Systems).  At the time, Wells Fargo said that as soon as I pay that off, that they would update or remove that record from the ChexSystems database.  I just ordered my free annual ChexSystems report, so within 5 days, I'll know whether they honored their promise.  Either way though, those accounts have been paid off in full.  In the meantime, I've been using a reloadable debit card through Metabank(good standing) but it's a pain in the butt when I want to deposit money and checks from relatives, so now I'm thinking of applying for a brand new account at Bank of America.  I have a security freeze placed on my Experian credit report (out of protest for denying access to my FICO not FAKO score). My Equifax fico score is 557 (hey, I've improved, it used to be 430), and if Credit Karma is right, then it looks like my TransUnion Score (not sure if it's FICO or FAKO) is 501. What are the odds that I would be denied if I applied for a MyAccess Checking account at Bank of America, and what do you think I should do before or as I proceed?  I'm trying to avoid putting a hard inquiry on my credit report from applying for a checking account until I know for sure what my chances are of approval or denial?  Thanks.


Starting Score: 487
Current Score: Equifax: 539
Experian: 567
Transunion: 584


Overall Goal Score: 700


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Frequent Contributor
MamboItaliano
Posts: 291
Registered: ‎03-17-2011

Re: I have a colorful history, but want to open a checking account... advice?

It's my personal experience that:

 

1. Wells Fargo didn't remove it and it's still on Chexsystems (if you got it in writing 5 years ago, you're a fax away from getting it removed. If not, you need to do some leg work). It's just the way these people work. It might say "paid" but it's there. 

 

2. Unless there is some sort of credt involved with that checking account, there shouldn't be a any credit inquiry, only a Chex inquiry. Chex inquiries don't affect anything and you can have as many as you want. 

 

3. Be prepared to find other things on your Chex report that you didn't even remember. They ALL have to be cleared up before you can get a checking account. 

 

Just went through this ordeal myself with an old Wachovia account. Now finally a member of a credit union. :-) But I had to take proof that I had cleared things up before I went in to the credit union and they had to override the request because Chex was still not updated. 

 

 

Re-entered the garden on 9/16/2013.


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Established Contributor
203bravo
Posts: 734
Registered: ‎08-25-2008

Re: I have a colorful history, but want to open a checking account... Advice?

BoA policy used to be -- I've not heard of any changes -- they will offer a 2nd chance checking IF 1 - all chexsystem accounts have been paid and 2 -- non are less than 2 years old.

 

You can find several blogs and discussion groups on the internet that will list banks that are not chexsystem members for you're state that can give you ideas of other options.

 

Many banks will do a credit hard pull when you open a checking account as is their policy -- I know Citibank, Wells Fargo, and Wachovia are examples of national banks that do.

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: I have a colorful history, but want to open a checking account... advice?


Shellemilyrose wrote:

I'm 26, and years ago I had charged off B of A and Wells Fargo checking accounts, but I paid the B of A off 5 years ago, and the Wells Fargo I paid off a year ago.  About 2 yrs ago, I applied to open a checking account at my husband's credit union but was denied at the time because of the Wells Fargo account (the credit union used Chex Systems).  At the time, Wells Fargo said that as soon as I pay that off, that they would update or remove that record from the ChexSystems database.  I just ordered my free annual ChexSystems report, so within 5 days, I'll know whether they honored their promise.  Either way though, those accounts have been paid off in full.  In the meantime, I've been using a reloadable debit card through Metabank(good standing) but it's a pain in the butt when I want to deposit money and checks from relatives, so now I'm thinking of applying for a brand new account at Bank of America.  I have a security freeze placed on my Experian credit report (out of protest for denying access to my FICO not FAKO score). My Equifax fico score is 557 (hey, I've improved, it used to be 430), and if Credit Karma is right, then it looks like my TransUnion Score (not sure if it's FICO or FAKO) is 501. What are the odds that I would be denied if I applied for a MyAccess Checking account at Bank of America, and what do you think I should do before or as I proceed?  I'm trying to avoid putting a hard inquiry on my credit report from applying for a checking account until I know for sure what my chances are of approval or denial?  Thanks.


 

Items fall off Chexsystems after 5 years.  I would wait to get your report before applying again.  When you apply and are declined, those also show up on Chexsystems.

 

Established Member
Shellemilyrose
Posts: 56
Registered: ‎02-15-2009

Re: I have a colorful history, but want to open a checking account... advice?

If the Chex system record for Wells Fargo says "paid" does it still hurt as badly as if it had never been paid?


Starting Score: 487
Current Score: Equifax: 539
Experian: 567
Transunion: 584


Overall Goal Score: 700


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Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: I have a colorful history, but want to open a checking account... advice?

Yes, it will still hurt.  But, since it is paid maybe WF will be willing to have it deleted.

 

My daughter paid her bank $25 to have a paid item removed from Chexsystems.  It took about 48 hours.

Established Member
Shellemilyrose
Posts: 56
Registered: ‎02-15-2009

Re: I have a colorful history, but want to open a checking account... advice?

Okay, enough guesswork.  I went to Bank of America in person today and got approved on the first try for a checking account, with a minimum deposit of $25.  Wow, it's been so long since I had a regular checking account.  It will be nice not having to pay moneygram $3.95 everytime I want to deposit money into my account.  The bank rep said I'm completely in the clear, no scarlet letter, LOL.  I even got a savings account too!  I guess WF kept their word and took me off of Chex after I finished paying them.


Starting Score: 487
Current Score: Equifax: 539
Experian: 567
Transunion: 584


Overall Goal Score: 700


Take the FICO Fitness Challenge
Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008

Re: I have a colorful history, but want to open a checking account... advice?

Frequent Contributor
payingoffdebt001
Posts: 406
Registered: ‎04-15-2011

Re: I have a colorful history, but want to open a checking account... advice?

Congrats I was in that position about 2 years ago and I remember how great it felt when I opened up my checking/savings account!


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