topic Re: ChexSystems Inquiries in Personal Finance

ChexSystems Inquiries

SouthJamaica — Wed, 13 Mar 2019 15:00:49 GMT

I was recently turned down for 2 different credit union savings accounts because of inquiries listed in my ChexSystems report.

I pulled the report, to see if there were any negatives of which I was not aware, and there were none.

I see that the inquiries, which are for deposit accounts, not credit applications, are carried for 3 years.

Do I need to wait 3 years for them to fall off, of is there some shorter cooling off period, after which I can safely apply for a new deposit account?

Re: ChexSystems Inquiries

Remedios — Wed, 13 Mar 2019 15:09:58 GMT

How long has it been since your last Chex inquiry?

I'd imagine 6 months to a year for less sensitive CUs would be sufficient.

Re: ChexSystems Inquiries

simplynoir — Wed, 13 Mar 2019 15:13:39 GMT

What @Remedios said. Not so much the amount of inquiries being the issue but how new they are. Like with credit card reports a little break while letting your Chex cool off should be good, note however some CUs are seriously sensitive to even a few accounts showing up like First Tech so plan accordingly.

Re: ChexSystems Inquiries

coldfusion — Wed, 13 Mar 2019 17:33:59 GMT

IME a common threshold appears to be the number of inquiries over the last 12 months and even institutions known to be sensitive can be more forgiving if applying in-branch vs online.

DoC does maintain an incomplete list of banks and credit unions with data-based indicators if they are sensitive or not.

Re: ChexSystems Inquiries

Gmood1 — Wed, 13 Mar 2019 23:50:52 GMT

There are a bunch of them that could care less about how many accounts you've opened.

I've opened 12 bank accounts since June 2018. I haven't been denied for any of them related to the Chex system.

US Bank denied me at the beginning because Sagestream is frozen. Eventually letting me in without needing to pull Sagestream.

I successfully opened a US bank, Chase, BB&T, BBVA Compass, BMO-Harris, Union Bank, DCU, Consumers Credit Union, RedNeck Bank, Wells Fargo, CitiBank and Marcus by Goldman Sachs in that period of time.

Re: ChexSystems Inquiries

CreditCuriosity — Thu, 14 Mar 2019 03:26:31 GMT

Chexs is the bane of my existence since moving a year back.. They are very sensitive to moving for whatever reason and your score tanks for buying a house shame on your for doing that sigh turned down for one CU for having 2 addresses in two yeras meaning my old address and my newly built house (head boggled)

anyways on subject chex inquiries remain on your report for 5 years.. some CU's and banks are more sensitive than other golden rule i have read is kinda apply for a bank or two or cu or two wait 3-6 months apply for another few banks or cu then wait 3-6 months. Banks and CU's are becoming alot more of cry babies to different degrees due to inquiries. Alot of people have clean chex reports with 800 plus scores than can't get into a bank or cu simply to the amount of chexs inquiries and seems to be getting worse for whatever reason just due to inquires where-as with credit inquiries really mean squat if your profile is robust enough, not the case with chexs . I was actually thinking about you when I was going through my denials SJC and wondering how you were still getting approved for CU's, but apparently they have caught up to you. Might want to request your score by fax or writting from them as well and if you are in the 500's it is certainly time to worry!

Most recently denied 2 months ago to DCU for Chexs.. Letting my chexs chill for anoth 3 months for a total of 5 before trying to open anohter CU account as just digging myself into a deeper hole. Some places that are local you can have them overturn a chexs denial, but most remote cu and/or banks not so easy.

Re: ChexSystems Inquiries

SouthJamaica — Thu, 14 Mar 2019 03:13:38 GMT

@Gmood1 wrote:
There are a bunch of them that could care less about how many accounts you've opened.
I've opened 12 bank accounts since June 2018. I haven't been denied for any of them related to the Chex system.
US Bank denied me at the beginning because Sagestream is frozen. Eventually letting me in without needing to pull Sagestream.

I successfully opened a US bank, Chase, BB&T, BBVA Compass, BMO-Harris, Union Bank, DCU, Consumers Credit Union, RedNeck Bank, Wells Fargo, CitiBank and Marcus by Goldman Sachs in that period of time.

Which Consumers Credit Union? There are multiple credit unions with that name.

Re: ChexSystems Inquiries

SouthJamaica — Thu, 14 Mar 2019 03:39:10 GMT

@CreditCuriosity wrote:
Chexs is the bane of my existence since moving a year back.. They are very sensitive to moving for whatever reason and your score tanks for buying a house shame on your for doing that sigh turned down for one CU for having 2 addresses in two yeras meaning my old address and my newly built house (head boggled)

anyways on subject chex inquiries remain on your report for 5 years.. some CU's and banks are more sensitive than other golden rule i have read is kinda apply for a bank or two or cu or two wait 3-6 months apply for another few banks or cu then wait 3-6 months. Banks and CU's are becoming alot more of cry babies to different degrees due to inquiries. Alot of people have clean chex reports with 800 plus scores than can't get into a bank or cu simply to the amount of chexs inquiries and seems to be getting worse for whatever reason just due to inquires where-as with credit inquiries really mean squat if your profile is robust enough, not the case with chexs . I was actually thinking about you when I was going through my denials SJC and wondering how you were still getting approved for CU's, but apparently they have caught up to you. Might want to request your score by fax or writting from them as well and if you are in the 500's it is certainly time to worry!

Most recently denied 2 months ago to DCU for Chexs.. Letting my chexs chill for anoth 3 months for a total of 5 before trying to open anohter CU account as just digging myself into a deeper hole. Some places that are local you can have them overturn a chexs denial, but most remote cu and/or banks not so easy.

According to the account denial letter my credit score was 837.

Re: ChexSystems Inquiries

CreditCuriosity — Thu, 14 Mar 2019 03:43:39 GMT

@SouthJamaica wrote:
@CreditCuriosity wrote:
Chexs is the bane of my existence since moving a year back.. They are very sensitive to moving for whatever reason and your score tanks for buying a house shame on your for doing that sigh turned down for one CU for having 2 addresses in two yeras meaning my old address and my newly built house (head boggled)

anyways on subject chex inquiries remain on your report for 5 years.. some CU's and banks are more sensitive than other golden rule i have read is kinda apply for a bank or two or cu or two wait 3-6 months apply for another few banks or cu then wait 3-6 months. Banks and CU's are becoming alot more of cry babies to different degrees due to inquiries. Alot of people have clean chex reports with 800 plus scores than can't get into a bank or cu simply to the amount of chexs inquiries and seems to be getting worse for whatever reason just due to inquires where-as with credit inquiries really mean squat if your profile is robust enough, not the case with chexs . I was actually thinking about you when I was going through my denials SJC and wondering how you were still getting approved for CU's, but apparently they have caught up to you. Might want to request your score by fax or writting from them as well and if you are in the 500's it is certainly time to worry!

Most recently denied 2 months ago to DCU for Chexs.. Letting my chexs chill for anoth 3 months for a total of 5 before trying to open anohter CU account as just digging myself into a deeper hole. Some places that are local you can have them overturn a chexs denial, but most remote cu and/or banks not so easy.
According to the account denial letter my credit score was 837.

wow that is high so purely inquiries if that was your chexs score and not your credit score from eq,ex or tu

Re: ChexSystems Inquiries

SouthJamaica — Thu, 14 Mar 2019 03:46:31 GMT

@CreditCuriosity wrote:
@SouthJamaica wrote:
@CreditCuriosity wrote:
Chexs is the bane of my existence since moving a year back.. They are very sensitive to moving for whatever reason and your score tanks for buying a house shame on your for doing that sigh turned down for one CU for having 2 addresses in two yeras meaning my old address and my newly built house (head boggled)

anyways on subject chex inquiries remain on your report for 5 years.. some CU's and banks are more sensitive than other golden rule i have read is kinda apply for a bank or two or cu or two wait 3-6 months apply for another few banks or cu then wait 3-6 months. Banks and CU's are becoming alot more of cry babies to different degrees due to inquiries. Alot of people have clean chex reports with 800 plus scores than can't get into a bank or cu simply to the amount of chexs inquiries and seems to be getting worse for whatever reason just due to inquires where-as with credit inquiries really mean squat if your profile is robust enough, not the case with chexs . I was actually thinking about you when I was going through my denials SJC and wondering how you were still getting approved for CU's, but apparently they have caught up to you. Might want to request your score by fax or writting from them as well and if you are in the 500's it is certainly time to worry!

Most recently denied 2 months ago to DCU for Chexs.. Letting my chexs chill for anoth 3 months for a total of 5 before trying to open anohter CU account as just digging myself into a deeper hole. Some places that are local you can have them overturn a chexs denial, but most remote cu and/or banks not so easy.
According to the account denial letter my credit score was 837.
wow that is high so purely inquiries if that was your chexs score and not your credit score from eq,ex or tu

That was my score from chex ... 837 out of 899.

The only reason given for the denial was "Number of recent inquiries on credit bureau report"

I couldn't find a single negative in the report.

Re: ChexSystems Inquiries

CreditCuriosity — Thu, 14 Mar 2019 12:48:38 GMT

tons of people have no negatives on chexs as i have none either and alot of other people that have trouble with chexs.. Really comes down to a fairly strict few cu's you have applied to recently w/regards to inquiries take 6 months off and i bet your results would change

Re: ChexSystems Inquiries

Gmood1 — Thu, 14 Mar 2019 09:08:39 GMT

It's the Consumers Credit Union of Illinois. https://www.myconsumers.org

Re: ChexSystems Inquiries

AverageJoesCredit — Fri, 15 Mar 2019 01:42:58 GMT

I love Rice

Re: ChexSystems Inquiries

CreditInspired — Sat, 16 Mar 2019 16:27:56 GMT

@SouthJamaica wrote:
I was recently turned down for 2 different credit union savings accounts because of inquiries listed in my ChexSystems report.

I pulled the report, to see if there were any negatives of which I was not aware, and there were none.

I see that the inquiries, which are for deposit accounts, not credit applications, are carried for 3 years.

Do I need to wait 3 years for them to fall off, of is there some shorter cooling off period, after which I can safely apply for a new deposit account?

I always thought ChexSystem reported poor banking relationships with banks and credit unions like bounced checks, overdrafts, non-sufficient funds, closed accounts with negative balance, etc. I didn’t realize it was for inquiries. Did this change?

Re: ChexSystems Inquiries

Anonymous — Sat, 16 Mar 2019 18:22:07 GMT

@CreditInspired wrote:
I always thought ChexSystem reported poor banking relationships with banks and credit unions like bounced checks, overdrafts, non-sufficient funds, closed accounts with negative balance, etc. I didn’t realize it was for inquiries. Did this change?

No. ChexSystem and its sister CRA Early Warning Services (EWS) have collected both inquiries and new accounts for many years. CRAs like Telecheck and Certegy focus more exclusively on derogs (though CS and EWS collect derogs too).

https://files.consumerfinance.gov/f/documents/cfpb_consumer-reporting-companies-list.pdf

Re: ChexSystems Inquiries

CreditInspired — Sat, 16 Mar 2019 19:52:13 GMT

@Anonymous wrote:
@CreditInspired wrote:
I always thought ChexSystem reported poor banking relationships with banks and credit unions like bounced checks, overdrafts, non-sufficient funds, closed accounts with negative balance, etc. I didn’t realize it was for inquiries. Did this change?
No. ChexSystem and its sister CRA Early Warning Services (EWS) have collected both inquiries and new accounts for many years. CRAs like Telecheck and Certegy focus more exclusively on derogs (though CS and EWS collect derogs too).

https://files.consumerfinance.gov/f/documents/cfpb_consumer-reporting-companies-list.pdf

Thanks for sharing this link @CreditGuyInDixie

Wow! so many. The Retail and Gaming reports surprised me. I guess there really is a report for everything.

Re: ChexSystems Inquiries

SouthJamaica — Sat, 16 Mar 2019 22:58:18 GMT

@CreditInspired wrote:
@SouthJamaica wrote:
I was recently turned down for 2 different credit union savings accounts because of inquiries listed in my ChexSystems report.

I pulled the report, to see if there were any negatives of which I was not aware, and there were none.

I see that the inquiries, which are for deposit accounts, not credit applications, are carried for 3 years.

Do I need to wait 3 years for them to fall off, of is there some shorter cooling off period, after which I can safely apply for a new deposit account?
I always thought ChexSystem reported poor banking relationships with banks and credit unions like bounced checks, overdrafts, non-sufficient funds, closed accounts with negative balance, etc. I didn’t realize it was for inquiries. Did this change?

1. I don't know whether it changed.

2. It does report all those bad things you mentioned.

3. It also reports inquiries for new deposit accounts.