topic Re: How many ChexSystems Inquiries are considered ALOT? in Personal Finance

How many ChexSystems Inquiries are considered ALOT?

ItsThatEasy — Sun, 05 Jan 2025 20:42:58 GMT

So I have 4 ChexSystems inquiries and they seem to be causing me problems with obtaining other bank accounts as 4 seems to be too many for most places. I have nothing negative on my ChexSystems so I know the problem is the amount of inquiries. What would be considered a lot of inquiries on Chex? All 4 inquiries were in 2024.

P.S one of the 4 inquiries is from a CC application with Navy which is weird to me why pull my Chex for a CC app..

Re: How many ChexSystems Inquiries are considered ALOT?

GZG — Sun, 05 Jan 2025 21:00:14 GMT

@ItsThatEasy wrote:
So I have 4 ChexSystems inquiries and they seem to be causing me problems with obtaining other bank accounts as 4 seems to be too many for most places. I have nothing negative on my ChexSystems so I know the problem is the amount of inquiries. What would be considered a lot of inquiries on Chex? All 4 inquiries were in 2024.

P.S one of the 4 inquiries is from a CC application with Navy which is weird to me why pull my Chex for a CC app..

for some places 4 is too many and they expect no more than 1/12 or 1/24

for some places, it's more about the number of inquires in the last 30, 60 or 90 days

for some, they don't care if you're LOL/24 assuming there's no otherwise derogatory information

what accounts have you been declined from and is there any otherwise derogatory information reported to your chexsystems report?

Re: How many ChexSystems Inquiries are considered ALOT?

Realist — Mon, 06 Jan 2025 04:46:14 GMT

Did you pull your chexsystems score?

I have a bunch of inquiries or reports that appear to be non-issues, but it's your score that I believe is going to matter most. From what I was able to tell, I had the second highest score they provide, which means to me I'm still in the good. No negative remarks, but credit karma was a player on the report. CK is stuffed on almost every report if you use them often enough.

CK is a love and hate relationship, pulling as often as they do.

Re: How many ChexSystems Inquiries are considered ALOT?

GZG — Mon, 06 Jan 2025 04:52:29 GMT

@Realist wrote:
Did you pull yourchexsystemss score?

I have a bunch of inquiries or reports that appear to be non-issues, but it's your score that I believe is going to matter most. From what I was able to tell, I had the second highest score they provide, which means to me I'm still in the good. No negative remarks, but credit karma was a player on the report. CK is stuffed on almost every report if you use them often enough.

CK is a love and hate relationship, pulling as often as they do.

CK pulls are soft pulls, don't impact chex/credit score and they aren't seen by lenders when they pull your report

Re: How many ChexSystems Inquiries are considered ALOT?

Realist — Mon, 06 Jan 2025 05:19:01 GMT

While I agree CK doesn't affect lending standards or weighted against you for use with a lender, thier access and some information is certainly seen by lenders. Not only was my last Checksystems report showing a number of these, but while I was sitting in front of a potential lender, quite literally a half page printed sheet displayed credit karma information, probably a solid 40 accounts closed deep, and a half page of credit karma logins and updates. That was visible to both myself, and the lender. It didn't hinder my loan at the time, but it is noted.

CK is pulling up information as quickly as you access their site at minimum. Your access to them, is documented on your credit report, whether good, bad, or indifferent.

Re: How many ChexSystems Inquiries are considered ALOT?

ItsThatEasy — Mon, 06 Jan 2025 05:41:24 GMT

Thank you for this I figured a lot only wanted toe see 1 or none at all. Hard two find good ones that aren't sensitive to inquiries.

Re: How many ChexSystems Inquiries are considered ALOT?

ItsThatEasy — Mon, 06 Jan 2025 05:44:26 GMT

Yeah I think my Chex score was around 665 last time I pulled it may be off a lil but I don't know what's even considers a good ChexSystems score or what the Chex score is even used for. Nothing bad on Chex tho just 4 little inquiries

Re: How many ChexSystems Inquiries are considered ALOT?

ItsThatEasy — Mon, 06 Jan 2025 05:45:51 GMT

So the lender was able to see your "soft" ChexSystems inquiries as well?

Re: How many ChexSystems Inquiries are considered ALOT?

Realist — Mon, 06 Jan 2025 05:56:34 GMT

No this is going to be bank information. They will see the information provided, to determine if you are a good individual to do business with.

The point of Chexsystems, is to determine whether you skate on debts, whether you overdraft a lot, whether you provide adverse activities that cost the bank financially. And each bank/credit union, determines the weight of allowance. With eight billion people on the planet, divided upon how many in it's local sphere, they're willing to drop a bad apples in exchange for an unknown. As far as I see it, don't be a bad apple and the world of finance is always open to you.

Re: How many ChexSystems Inquiries are considered ALOT?

Pppoolboy — Mon, 06 Jan 2025 07:56:42 GMT

When it comes to Chexsystems, over 650 is good. Under 600 is bad.

You'll be fine.

Re: How many ChexSystems Inquiries are considered ALOT?

OCONUS — Wed, 08 Jan 2025 11:48:54 GMT

@ItsThatEasy wrote:
Yeah I think my Chex score was around 665 last time I pulled it may be off a lil but I don't know what's even considers a good ChexSystems score or what the Chex score is even used for. Nothing bad on Chex tho just 4 little inquiries

Two things. Many banks are inq sensitive and when they pull your CHEXS, four in past 6 months are too many for them. I have dealt with this issue. Qualifile- a system they use returns two different outputs of a Chexs pull. It is a score and a detailed report. Some get your scores and will aprove you if it is above 600. I have even gotten in with 584 at SigFCU with 12 inq, US BANK etc.

Then there are those who get a report and and heavily rely upon inq to assess risk. Mostly small banks and CU comes in this braket. They scrutinize the inq.I was denied by few for just 4 in the past 90 days.

Bear in mind some double pull Chexs and EWS. This has happened to me. But I have always had a posityive outcome in branch vs online forexample I was denied by NBT online. I went in and it was approved.

Just so you know only you can see SP, no one else.

What does the AAN says?

Let us know what are you targetting and may be we can help.