topic Re: Membership with UNFCU & BECU in Personal Finance

Membership with UNFCU & BECU

Anonymous — Wed, 24 Mar 2021 21:27:24 GMT

Do these two credit unions (UNFCU and BECU) require any kind of pull from any other credit reporting agency aside from ChexSystems? If so, then which one? SP and HP? I have requested to become a member with these credit unions, not applied any kind of credit, and they both have declined me based on the information on Chexsystem. I contacted Chexsystem and obtained the copy of my report with them online and did discuss my report with their customer service. Believe it or not, there is no any information on my credit report with ChexSystem...nada...nothing...So if there is no any information, then how I was declined based on...what information made them to decline me??

I contacted these two CUs, they both are not giving me any reason at all, rather asking me to contact ChexSystem, but ChexSystem is saying that we don't make any credit decision, and they are also saying that they have no information on me which is good according to them. They have said that they keep only negative information on their report...So if no information then its good, as per them. By the way, I have locked my credit report with all 3 major reporting bureaus...Do you think this is the reason which made these CUs to not being able to do verification on mer?

I have recently joined and opened accounts with many CUs and bank, and I was never been declined especially based on the information in ChexSystem. But only yesterday I locked my credit report with all 3 major reporting agencies and then applied membership with these CUs, and they have both declined me now...Reason is given- Information on ChexSystem. So, what do you think the reason to decline my application for membership??

Re: Membership with UNFCU & BECU

AllZero — Wed, 24 Mar 2021 15:44:54 GMT

@Anonymous wrote:
I have recently joined and opened accounts with many CUs and bank, ... So, what do you think the reason to decline my application for membership??

Some CUs are sensitive with too many accounts opening in short order. You may want to garden and try again in 6-12 months.

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

https://www.doctorofcredit.com/banks-credit-unions-chexsystems-inquiry-sensitive/

Re: Membership with UNFCU & BECU

creditfan — Wed, 24 Mar 2021 15:44:08 GMT

@Anonymous wrote:
Do these two credit unions (UNFCU and BECU) are required to pull any kind of pull from any other credit reporting agency aside from Chexsystem? If so, then which one from? SP and HP? I have requested to become a member with these credit unions, not applied any kind of credit, and they both declined me based on the information on Chexsystem. I contacted Chexsystem and obtained the copy of my report with them online and did discuss my report with their customer service. Believe it or not, there is no any information on my credit report with ChexSystem...nada...nothing...So if there is no any information, then how I was declined based on...what information made them to decline me??

I contacted these two CUs, they both are not giving me any reason at all, rather asking me to contact ChexSystem, but ChexSystem is saying that we don't make any credit decision, and they are also saying that they have no information on me which is good according to them. They have said that they keep information only negative information on their report...So if no information then its good, as per them. By the way, I have locked my credit report with all 3 major reporting bureaus...Do you think this is the reason which made these CUs to not being able to check my ID verification or whatever?

I have recently joined and opened accounts with many CUs and bank, and I was never been declined especially based on the information in ChexSystem. But only yesterday I locked my credit report with all 3 major reporting agencies and then applied membership with these CUs, and they have both declined me now...Reason is given- Information on ChexSystem, but I obtained the copy and there is no information on me. I even talked with their customer service agent to know more information, but they said that there is nothing on me. So, what do you think the reason to decline my application for membership??

maybe the reason above get you declined.

my becu was sp since I apped for more than two years ago

Re: Membership with UNFCU & BECU

jwa77 — Wed, 24 Mar 2021 15:47:59 GMT

I am not familiar with UNFCU but I know that BECU does both a ChexSystems and an SP on Experian to open an account.

Re: Membership with UNFCU & BECU

Remedios — Wed, 24 Mar 2021 15:54:24 GMT

BECU has minimum chex score required for account approval, I believe it's 600.

They actually keep it on display in their branches.

Since you stated you "opened" many accounts, well they're really telling you is slow down.

Of course you don't have to, but you will need to look for those who don't mind about excessive DDA openings.

Re: Membership with UNFCU & BECU

Anonymous — Wed, 24 Mar 2021 16:55:55 GMT

@Remedios wrote:
BECU has minimum chex score required for account approval, I believe it's 600.
They actually keep it on display in their branches.

Since you stated you "opened" many accounts, well they're really telling you is slow down.

Of course you don't have to, but you will need to look for those who don't mind about excessive DDA openings.

My score with ChexSystem, provided on a denial letter by BECU, is 702 out 899. So, I think its a very good score. As for the inquiries, then according to the representative from ChexSystem I spoke with- there is nothing on my credit report. I asked many times that are you sure? And she answered yes. So, don't know exactly what is the reason. Nobody is telling the reason for denial. Just advising me to contact Chexsystem. Thank you anyway.

Re: Membership with UNFCU & BECU

jwa77 — Wed, 24 Mar 2021 17:03:14 GMT

At some point, you will get a letter from them explaining why they aren't opening an account for you. It just seems that many will never just tell you over the phone. You will most likely have to just wait until you get that letter before you do.

Re: Membership with UNFCU & BECU

Anonymous — Wed, 24 Mar 2021 17:04:54 GMT

@AllZero wrote:
@Anonymous wrote:
I have recently joined and opened accounts with many CUs and bank, ... So, what do you think the reason to decline my application for membership??
Some CUs are sensitive with too many accounts opening in short order. You may want to garden and try again in 6-12 months.

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

https://www.doctorofcredit.com/banks-credit-unions-chexsystems-inquiry-sensitive/

Thank you so much....

Re: Membership with UNFCU & BECU

Anonymous — Wed, 24 Mar 2021 17:09:52 GMT

@jwa77 wrote:
At some point, you will get a letter from them explaining why they aren't opening an account for you. It just seems that many will never just tell you over the phone. You will most likely have to just wait until you get that letter before you do.

I got denial letter thru email....BECU does state reasons like no derogatory information but it doesn't make sense. There is no mention of number of inquiries or anything like that. As for UNFCU, then their denial letter doesn't give any reason. It just states that they have denied based upon information thru ChexSystem and giving me instructions on how to contact ChexSystem. I have downloaded the latest report from Chexsystem and there is nothing..and spoke with agent too who confirmed as well...

Re: Membership with UNFCU & BECU

FinStar — Wed, 24 Mar 2021 19:30:44 GMT

Also, keep in mind, while they may be providing the primary denial on Chex, they also perform other checks elsewhere depending on any flags they may see from either Chex, LN or any other 'obscure' sources. That said, if they say no as far as opening accounts with them, then it's a no 🤷‍♂️. Try other CUs or FIs.

Re: Membership with UNFCU & BECU

Anonymous — Wed, 24 Mar 2021 22:46:10 GMT

All credit bureau reports out there on me are very clean....extremely clean...That's why I was able to open almost 10 accounts in last 2 weeks...almost $300k added to my total available credit line. Before I decided to apply a few credit accounts two weeks ago, I made sure that all credit reports on me are completely cleaned...I have not applied any credit in last 27 months except one which was almost 8 months back...that's why there was only one credit inquiry on my credit report which was on EQ...other two had zero inquiries...Didn't owe any money...zero utilization...and no baddies at all...credit score was in 813-831 across all three major CBS...

Anyway, I did contact underwriter of BECU just a while ago as I couldn't bear the curiosity as to why I was declined for...It was very nice and seems young lady...told me that it was their system that denied me than I was denied manually. Secondly, she told me that I have 4 inquiries in ChexSytem in 90 days which is the reason I was denied. I asked her- are 4 inquiries in 90 days too many??? She said no, but their system is programmed that more than 3 are too many. She said that I can/should apply after 6 months...I asked why not after 90 days? She said that it won't work as their system evaluate inquiries for the last 6 months...Oh well...will wait 6 months...Not a big deal...at least I have a closure now....

Lesson learned: Become a member with all prospective banks/CUs way before than all at one time. Further, do it 3-4 membership in every 6 months if one doesn't want to get denied. I thought I could able to get 6-7 more accounts because -(1) none of my newly opened accounts is showing up on my credit report with all three reporting agencies as of now as it would take 3-4 more weeks to be appeared, which means I could still apply more credit...but once they will appear on my CBs then it would be hard to get more credit because then they will say that new accounts are opened unless I wait 2-3 years more...(2) I am able to remove all the inquires from two of CBs yesterday thru someway...so, in two CBs I have zero inquiries, meaning I can easily apply more credit without worrying getting denied. Now I need to find out which banks I should go to apply for more credit which doesn't use ChexSystem. I do not know which those are, but will see...

Re: Membership with UNFCU & BECU

AllZero — Wed, 24 Mar 2021 22:30:36 GMT

@Anonymous see message 2. Last link

Re: Membership with UNFCU & BECU

Anonymous — Wed, 24 Mar 2021 22:46:45 GMT

Yes, I see it...Thank you so much...

Re: Membership with UNFCU & BECU

digitek — Thu, 25 Mar 2021 00:32:13 GMT

@Anonymous wrote:
That's why I was able to open almost 10 accounts in last 2 weeks...almost $300k added to my total available credit line.

@digitek Please be mindful of the images you post