Regular Contributor
Posts: 104
Registered: ‎09-21-2008
Applying for ING Direct Electric Orange checking account - minimum score/requirements?
Hello! I have just barely started building credit history, and would really like to open an ING Direct Electric Orange checking account. I was turned down when I applied in October 2007 because I hadn't realized that an established credit history is required (since it automatically comes with an Overdraft line of credit).

Unfortunately, we're unable to extend the Overdraft Line of Credit to you for the reason(s) listed below:

* Your credit score, which we requested from a consumer reporting agency, does not meet our requirements; it was either too low or not available.

The Overdraft Line of Credit is a necessary feature of our electronic checking account and it's not possible to have one without the other. Because you are ineligible for the Overdraft Line of Credit, you cannot open Electric Orange.

So I've been waiting patiently! Next month it will be a year since I applied for the ING account, so I would like to try again, and am curious if anyone here has any sense of how strict ING's requirements are for opening the Electric accounts. I've heard stories of them closing accounts due to credit issues, so I don't want to take any chances!

I have no idea what my FICO scores are currently, as I've never been able to obtain one in the past - but I will be checking them next month once the other ING inquiry hits the one year mark, before I actually apply again.

My basic history at this point is a Discover card opened in February ($1000 limit) and a Capital One card opened in April ($500 limit), which I've been using lightly and paying in full each month to build payment history. There are likely 2-4 inquiries that will be within a year timeframe (I can't recall exactly, but will be checking my credit reports next month as well so I'll know for sure). I have nothing "bad" on my credit report, it's basically a lack of credit history.

So basically I'm wondering, when I check my reports/scores next month, is there a minimum score I should hope for to try applying again? Any other particular info anyone knows about what ING looks for to approve for this checking account? I don't care if I have the tiniest LOC possible, I don't *want* the LOC, I just want the checking account! Smiley Happy

Thanks in advance for any info!!