topic Re: ChexSystems Consumer Score in Personal Finance

Bank account denied because of chexsystems score (but a clean report)

jl4 — Tue, 26 Mar 2019 00:24:45 GMT

Hello my people,

We've run into a bit of an interesting issue. I bank with a local credit union, and have loads of products there (checking, savings, credit card, line of credit, auto loan) and as my partner and I start combining our finances, one of the tasks was to bring her into the fold and add her to my account(s) where necessary.

So in order to do that, the credit union (BECU) has to pull ChexSystems.

They did.

And they turned her down. He score was 0585, and their minimum was 0590 (ahah **bleep**!? 5 points? ) They gave us the response and it mentioned the reason for the score was (with my notes for context):

1. Current address change history (note: one change in 60 months)

2. No evidence of property ownership (note: we're renters, I've never owned property either)

3. No evidence of asset ownership (note: she's not the kind of person to own a boat or plane)
4. Non-derogatory public record history
5. Time since DDA inquiry activity (last inquiry before this event was March 2018)

Some other factoids:

- She's been with her current bank for a good 10 years

- There's nothing on her ChexSystems report besides the blob of info from LexisNexis

- BECU never turned me down and I don't have any of those things they mentioned, either, though I also don't have the LexisNexis blob.

What do we do? I'm stumped partially because LexisNexis doesn't even have info on my Chex report. Can we (she) dispute that section?

I've seen in other threads the response of "go bank somewhere else." I mentioned the surface area I occupy with BECU because banking somewhere else is going to _add_ complexity in one column that we're trying to eliminate.

Thoughts?

Re: Bank account denied because of chexsystems score (but a clean report)

Remedios — Tue, 26 Mar 2019 00:37:50 GMT

Here are a couple of useful threads from others with similar experience as yours.

https://ficoforums.myfico.com/t5/Personal-Finance/WTH-is-up-with-my-ChexSystems/m-p/5289348#M24623

https://ficoforums.myfico.com/t5/Personal-Finance/ChexSystems-Inquiries/m-p/5536979#M72115

Re: Bank account denied because of chexsystems score (but a clean report)

CreditCuriosity — Tue, 26 Mar 2019 01:39:00 GMT

oh dont get me started with these people.. I bought a house and was penalized lol.. Other than that inquiries and been turned down by several CU's/Banks.. Long story short just sitting on my hands till i have lived at my new house for a year (shame on me for buying a house) and let some of the inquries age (while I was trying to figure out why i was being denied aka see house so tried a few local financial institutions). No bad marks on my Chex's report at all other than inquiries and recently moving. One messed up system IMO i understand if you write a bad check or what not, but moving really? Inquiries fine i understand that to an extent.. Moving and Inquiries other than the obvious bad checks are the things they ding you on most on.. She will either have to find another place that doesnt use chex's or chill for awhile then try a later time basically.

Keep in mind I have approx 800 credit scores across the board as well..

Re: Bank account denied because of chexsystems score (but a clean report)

Remedios — Tue, 26 Mar 2019 01:35:03 GMT

That first link CC is all about you lol

Re: Bank account denied because of chexsystems score (but a clean report)

jl4 — Tue, 26 Mar 2019 01:57:53 GMT

@Remedios wrote:
Here are a couple of useful threads from others with similar experience as yours.

https://ficoforums.myfico.com/t5/Personal-Finance/WTH-is-up-with-my-ChexSystems/m-p/5289348#M24623
https://ficoforums.myfico.com/t5/Personal-Finance/ChexSystems-Inquiries/m-p/5536979#M72115

yeah I saw those. We're in a similar boat. We haven't even moved in over a year. Christ, I'm terrified to know what would happen if I was applying fresh, today. I'm pretty sure I don't even have enough info to score.

We're going to pull her Lexis Nexis file to see what's up with the public record information. Fat chance it'll be anything useful, though.

Also considering calling the corporate office and making a stink based on them taking the lazy way out (trusting a known flawed score), but I doubt that'll do much. ¯\_(ツ)_/¯

Re: Bank account denied because of chexsystems score (but a clean report)

Remedios — Tue, 26 Mar 2019 02:03:11 GMT

Chex seem terribly bothered by even a single address change

Out of curiosity, have you reached out to BECU to see if there is anything you could do directly with them to make them reverse the decision

Do you know what they meant by "Non-derogatory public record history"?

I recently requested copy of LN report, and it was five things on repeat for 150 pages, nothing was incorrect, but nothing in there, also. They seemed bothered I dont own a boat or a plane. Extra shrug.

Re: Bank account denied because of chexsystems score (but a clean report)

Anonymous — Tue, 26 Mar 2019 04:04:35 GMT

My friend was denied based on chexsystems when she applied online but was approved when she applied a few weeks later in the branch in Everett. Did you apply online?

Re: Bank account denied because of chexsystems score (but a clean report)

Anonymous — Tue, 26 Mar 2019 09:40:12 GMT

Remedios ... great post! Often wondered about savings and you found the info! Appreciate it ...

Re: Bank account denied because of chexsystems score (but a clean report)

jl4 — Tue, 26 Mar 2019 22:25:49 GMT

@Remedios wrote:
Chex seem terribly bothered by even a single address change

Out of curiosity, have you reached out to BECU to see if there is anything you could do directly with them to make them reverse the decision

Do you know what they meant by "Non-derogatory public record history"?

I recently requested copy of LN report, and it was five things on repeat for 150 pages, nothing was incorrect, but nothing in there, also. They seemed bothered I dont own a boat or a plane. Extra shrug.

So the information I originally posted came directly from the summary BECU generated for us when we went in the branch (@SnowMountain you had asked about that). They decided exclusively based on the score (also from that same report). What I shared was verbatim the reasons for "why the score was the way it was."

They have a hard policy (read: cut off) of 0590 and don't do "second-chance" style accounts so if it's below, it's a no-go.

We'll find out in a week or two what's on her LN report. I'm not opposed to disputing its contents, either.

We'll also likely go back in a month or two and try again; if they put up the same resistance, we'll ask to speak with a manager. I would think they could pull the entire file and see nothing derogatory on said file. Does that seem like a conversation that's worth having with them?

Re: Bank account denied because of chexsystems score (but a clean report)

Remedios — Tue, 26 Mar 2019 22:33:11 GMT

I think that's a conversation worth having. There is nothing to lose by having it anyway.

See what's in LN report first, tho. Maybe it's something a simple dispute will resolve.

I really hope it all works out for you!

Re: Bank account denied because of chexsystems score (but a clean report)

SouthJamaica — Tue, 26 Mar 2019 22:34:26 GMT

@jl4 wrote:
Hello my people,

We've run into a bit of an interesting issue. I bank with a local credit union, and have loads of products there (checking, savings, credit card, line of credit, auto loan) and as my partner and I start combining our finances, one of the tasks was to bring her into the fold and add her to my account(s) where necessary.

So in order to do that, the credit union (BECU) has to pull ChexSystems.

They did.

And they turned her down. He score was 0585, and their minimum was 0590 (ahah **bleep**!? 5 points? ) They gave us the response and it mentioned the reason for the score was (with my notes for context):

1. Current address change history (note: one change in 60 months)
2. No evidence of property ownership (note: we're renters, I've never owned property either)
3. No evidence of asset ownership (note: she's not the kind of person to own a boat or plane)
4. Non-derogatory public record history
5. Time since DDA inquiry activity (last inquiry before this event was March 2018)

Some other factoids:

- She's been with her current bank for a good 10 years
- There's nothing on her ChexSystems report besides the blob of info from LexisNexis
- BECU never turned me down and I don't have any of those things they mentioned, either, though I also don't have the LexisNexis blob.

What do we do? I'm stumped partially because LexisNexis doesn't even have info on my Chex report. Can we (she) dispute that section?

I've seen in other threads the response of "go bank somewhere else." I mentioned the surface area I occupy with BECU because banking somewhere else is going to _add_ complexity in one column that we're trying to eliminate.

Thoughts?

I've been getting turned down because of Chex Systems even though my score with them is 837, based on the credit union's view that the Chex report showed too many recent inquiries for new deposit accounts.

I don't think there is anything she can do about it, other than get a copy of her report, find out what's negative in it, and try to start getting rid of them.

I once got turned down for a checking account years ago because of the Chex Systems report. The negative was something I never even knew about. I went to the bank that had caused the negative thing, straightened it out with them, and kept hammering to have the negative removed, and eventually it was.

ChexSystems Consumer Score

php111 — Sat, 22 Jun 2019 09:39:45 GMT

My ChexSystems Consumer Score is 0463. I also seen the score ranges from a low of 100 to a high of 899. Where does the 0463 falls into place? My score is a four digit number but the score ranges are three digit numbers.

Re: ChexSystems Consumer Score

VanderSnoot — Sat, 22 Jun 2019 14:55:58 GMT

I'm also curious about how CRAs other than EQ, EX, and TU operate. Can anyone offer insight?

Re: ChexSystems Consumer Score

SouthJamaica — Sat, 22 Jun 2019 16:38:41 GMT

@VanderSnoot wrote:
I'm also curious about how CRAs other than EQ, EX, and TU operate. Can anyone offer insight?

All I know about Chex is that it deals with deposit accounts, rather than credit accounts, and it can be a royal pain.

I recently got turned down for a savings account, not because of anything negative in the report, but because I had applied for too many other savings accounts recently according to the credit union's standards.

It has a "score" with a scale that goes up to 899. I had an 837 out of 899 and it meant nothing so I would hazard a guess that the score is pretty meaningless.

I once had a negative in Chex, which I did not know existed, that was keeping me from opening a new checking account. The negative was entirely unfair and inappropriate, and I eventually got it taken off.

Re: ChexSystems Consumer Score

CreditCuriosity — Sun, 23 Jun 2019 06:26:16 GMT

Chex is the bane of my existence.. Banks/CU are getting so sensitive about Chexs these days about accounts / inquiries. You can have a perfect check report and be denied a savings/checking account just due to inquiries. Banks will turn you down even if you aren't going after a bonus but just trying to become a member of say a cu or a bank and want to deposit money into them.. Seems kinda counter intuitive to me.

I have had nothing but issues with them since moving about 1.3 years ago and still getting denied some deposit accounts depending on sensitivity of lender.

That isnt a good chexs score though as alot of FI like seeing close to a 600, but there are exceptions to every rule and they can be overriden by managers at various banks as well depending so a YMMV thing if it is local if online, not near as easy and their decision usually stands. I am looking at you DCU currently.

I can pretty much get any CC I want with alot of inquiries, but bank accounts nope.. I do not heart chexs

Re: ChexSystems Consumer Score

DaveInAZ — Sat, 22 Jun 2019 22:13:11 GMT

Interesting, I didn't realize Chex had a score. I've never pulled a Chex report but DCU gave me a copy of their pulled for membership in Oct. 2017 when I joined to refi'd a recent car loan, it has "QualiFile Score: 0815".

I guess I'm lucky as a do chase bank account bonuses alot and have never had a problem opening an account, but then probably almost half of those use Early Warning System, which I have pulled and is clean, but compared to Chex ridiculous the amount of person info EWS has - my monthly ending account balances, email, cell phone. I'm almost embarrassed - I just checked and I currently have 16 banking accounts open. 6 of those will be closed by fall after the bonus hits and/or I've passed any account closing penalties.

Re: ChexSystems Consumer Score

Anonymous — Sun, 23 Jun 2019 00:18:43 GMT

@php111some where in the MyFico Forum is a break out of ChexSystem Scores by Thomas_Thumb who is a master at many analytics. A good search of the forum or our friend Google may be able to raise his research.

Re: ChexSystems Consumer Score

php111 — Sun, 23 Jun 2019 00:28:51 GMT

Thanks so much! I'll do that research now!

Re: ChexSystems Consumer Score

php111 — Sun, 23 Jun 2019 00:39:18 GMT

I attempted a Google search first than a search on the forums. However, I cannot find what you are referring too.

Re: ChexSystems Consumer Score

Remedios — Sun, 23 Jun 2019 01:03:26 GMT

Try this and this