Regular Contributor
jacred
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! :smileyhappy:

Thanks in advance for any info!!
Valued Contributor
casinoannie97
Posts: 1,986
Registered: ‎08-17-2007
Re: Applying for ING Direct Electric Orange checking account - minimum score/requirements?
since you got turned down you can get them for free.
Regular Contributor
jacred
Posts: 104
Registered: ‎09-21-2008
Re: Applying for ING Direct Electric Orange checking account - minimum score/requirements?

casinoannie97 wrote:
since you got turned down you can get them for free.




Do you mean my credit reports? Unfortunately I'm not within the 90 day window anymore, since this was nearly a year ago... I'll be checking the reports/scores anyway though. :smileyhappy:

Just curious if anyone might know if it's worth trying again with my 6-8 month credit history, or if ING is so strict I'd really need to wait longer.

Thanks!
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008
Re: Applying for ING Direct Electric Orange checking account - minimum score/requirements?
Do you happen to have a savings account with them? I had a savings account with them for about two years before I applied and they didn't even pull my credit AT ALL. It seems odd they would deny you for a checking account, that's all it is and I have never had ANY bank deny me for a checking account after my BK in 2001.

A month after it I opened my checking with Bank of America, then about 10 months after it, I opened the checking account with HSBC and then about a year after I got my ING Direct Orange account and now just a couple of week ago I got an account with WAMU and I am telling you honestly, NONE of them EVER pulled a credit report on me, I checked. They did however ALL pull a Chexsystem on me which was clean except for a National Bank account which was included in BK but I got removed by disputing with Chexsystem and got it removed on the second try.

I am thinking something else is involved here, anyone?

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Frequent Contributor
niecey89
Posts: 401
Registered: ‎05-01-2007
Re: Applying for ING Direct Electric Orange checking account - minimum score/requirements?
I have an ING account (savings), they did not run a any report on me as well. I have had the account since March of this year. Maybe if you call them and see if you can get an account that way. I also have a Wachovia and Paragon FCU accounts, they do not show up on my reports at all.
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490
9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642
ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679
1/2/09 EX 668 2/13/09 669
AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED :smileyhappy: ~
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008
Re: Applying for ING Direct Electric Orange checking account - minimum score/requirements?


niecey89 wrote:
I have an ING account (savings), they did not run a any report on me as well. I have had the account since March of this year. Maybe if you call them and see if you can get an account that way. I also have a Wachovia and Paragon FCU accounts, they do not show up on my reports at all.



That's what I thought, thank you for confirming it. Have you considered opening a savings account with them and THEN opening a checking with them? If you already have a savings and then I would call them and in its purest form say what the heck is going on? What you are experiencing shouldn't happen as I have not experienced it myself.

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Regular Contributor
jacred
Posts: 104
Registered: ‎09-21-2008
Re: Applying for ING Direct Electric Orange checking account - minimum score/requirements?
Hello everyone!

Thank you for the replies, and I apologize for any confusion. I do have ING savings accounts, which is why I would really like to also open the checking account. The savings accounts do not involve credit checking at all.

The checking account itself does not exactly require a credit check, BUT the Overdraft Line of Credit (which is a required component of the Electric Orange checking account) DOES require a credit check. I wish there was a way to open JUST the checking account, but there is not! :smileysad:

From the ING Electric Orange FAQ:
"Do you pull my credit if I apply for Electric Orange and the Overdraft Line of Credit?
Yes, As part of your application, ING DIRECT will obtain information about you from a consumer credit reporting agency (a “hard pull”) to confirm that you are eligible for Electric Orange.
"


I have a "hard pull" inquiry on my credit report from ING from last year, so they do appear to be actually checking :smileyhappy:

From searching around online it appears that initially ING did NOT require a credit check for the Overdraft LOC but it seems this ended up being a bad idea for them, and they ended up pulling credit reports and closing a LOT of Electric accounts people had opened before they started checking credit.

So does anyone have any idea how strict their guidelines are? They rejected me when I had zero credit history, but I have a little now and am hoping it might be enough!
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008
Re: Applying for ING Direct Electric Orange checking account - minimum score/requirements?
That's the thing, the over draft is not really credit and it comes with the checking account (its one of their brag points) which is why I don't understand if you have a savings account with them why they are even checking the credit. They didn't check mine and it comes with a $1000 overdraft. I can honestly say at that time, my credit scores were not the greatest EX 570 EQ 655 TU 605 so why would they grant me the account (without pulling anything) and not you? I am confused (not because of anything you have done, just based on everything)

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800


Regular Contributor
jacred
Posts: 104
Registered: ‎09-21-2008
Re: Applying for ING Direct Electric Orange checking account - minimum score/requirements?
From what I've been able to find, it looks like when ING first offered the Electric Orange accounts they made a big deal of saying they didn't require a credit check, but were giving you free access to a LOC.

But then it looks like they had second thoughts :smileyhappy: There were a few blog posts I found about this, such as http://www.consumerismcommentary.com/2007/10/10/check-your-ing-direct-overdraft-protection/

It looks like they started checking credit and closing existing accounts AND requiring credit checks for anyone trying to open an Electric Orange account. I'm really not sure exactly how long this has been going on, but at least a year!

So you certainly may have "gotten lucky" in a way, if you got the account before they started doing credit checks, or then if they did check later you were deemed "worthy" and didn't get your account closed - so that is fantastic.

I'm hoping that there aren't really strict requirements, and it was just the fact that I had ZERO credit history that made them turn me down before. I will report back what happens when I apply again... :smileyhappy:

If anyone has applied since these restrictions started, please do let me know!
Valued Contributor
Guardian
Posts: 1,148
Registered: ‎04-23-2008
Re: Applying for ING Direct Electric Orange checking account - minimum score/requirements?
Thanks for telling me that, I appreciate it. I guess I did get lucky then, I have had an account with them since 2003 (Savings) but only have had my checking since (let me check - Jan 07) and still have it. Lucky then, since they haven't taken it away and I see no checks from them on my credit reports. I must have been grandfathered in when they changed their policy.

Common Abbreviations|FDCPA|FCRA
Take the FICO Fitness ChallengeStarting Score: TU:695 - EQ:719 - EX:630
Current Score: TU:712 - EQ:755 - EX:712
Goal Score: TU:800 - EQ:800 - EX:800