topic Re: Chexsystems score in General Credit Topics

Chexsystems score

Snook_on_the_Line — Mon, 06 May 2024 04:33:21 GMT

So I finally got to read my chexsystems report.
I tried to open a savings acc with Penfed and they never got back to me.
so I tried with affinity

denied.
figured it must be a Chex issue

well...

I read my Chex report and there is nothing negative on it. In fact there's nothing on it at all, other than the inquiry from affinity.
My Chex score was 648. But that means nothing to me as I don't understand how they score.

I also have no clue what there reason codes mean.
One says not enough time since inq. The next says not enough inqs. What??

I am thinking that affinity denied my app citing not being able to verify the info on my app. I think this is because the Chex report lists my current address as the old address I had back when I opened my WF accounts.

so I updated my address with Chex online.
now I guess I'll wait a few months for that wasted Chex inq to age a bit so the score can rebound before I try for the affinity savings account again

on a side note 🎵

Penfed did not pull Chex so I'm gonna call them and see why they didn't approve my account.

Re: Chexsystems score

Snook_on_the_Line — Mon, 06 May 2024 04:39:02 GMT

And yes I'm aware that the pic in the above post is from the score report not the actual consumer data report.

I read the full report and it just has 1 hard inq

and a few soft inqs from Apple Card preapproval and some from credit karma

all the other headings: returned checks, check orders, account closures, ect.
All just say no information.

Re: Chexsystems score

Snook_on_the_Line — Mon, 06 May 2024 04:42:44 GMT

Also I guess there was no real question in my above ramblings.

so here it is.

is a Chex score of 648 good or bad ?

What is the number that banks /CUs want to see to approve a new account?

Re: Chexsystems score

GZG — Mon, 06 May 2024 05:15:50 GMT

@Snook_on_the_Line wrote:
is a Chex score of 648 good or bad ?
What is the number that banks /CUs want to see to approve a new account?

it's not great, but having no derogatory information is way more important than a high score. Under the 'inquires viewed by others' you only have one HP? and your score is only 648?

I have 30+ HPs and 10 in the last 12 months and my score is very similar - ha

I agree with your guess about it being an identity thing, hopefully you can get that updated with your current address to avoid discrepancies

any derog is pretty much an instant denial and then after that, it's just based on how chex sensitive they are:

super small CUs that expect you be no more than 1/12 months
relatively sensitive 3-4/12 months, don't like recent inquires (affinity is probably here now)
some isolated denials, but mostly insensitive < 10 inquires/12 months
and then everybody else where as long as your file is clean of derogs, you'll be approved regardless of how many inquires you have (BMO, 5th3rd)

affinity has become pretty chex sensitive, I'd go at least 2 months, maybe 3 before you apply again is affinity is big for you.

I'd also try to recon in the application status center being willing to provide ID/utility bill/ssn card as proof of identity

the reason codes just mean:

too recent of an inquiry - GB

recent inquiries - GE

of your inquires, they are with different banks, you ain't loyal -GD

Re: Chexsystems score

Snook_on_the_Line — Mon, 06 May 2024 13:00:27 GMT

@GZG Thanks for the breakdown

And there is actually two inqs under inquiries other can view.

affinity from last week

mission lane from January of '22

Re: Chexsystems score

Thomas_Thumb — Mon, 06 May 2024 15:51:56 GMT

@Snook_on_the_Line wrote:
Also I guess there was no real question in my above ramblings.

so here it is.

is a Chex score of 648 good or bad ?
What is the number that banks /CUs want to see to approve a new account?

Your Chex score is actually rather good, well above average.

DDA stands for Demand Deposit Account (i.e. checking account).

Your profile was flagged for multiple attempts at opening a checking account in a short period of time. It looks like you may also have been flagged for conflicting information when opening a checking account.

Some banks and credit unions don't use Chex for account opening. Do a search and try one of those.

FI = Financial Institution (bank).

Same FI => same bank

Re: Chexsystems score

TrapLine — Mon, 06 May 2024 19:11:26 GMT

Ha ... I got a score of 999 ... seems I really rate or not. Should have seen the expression on the banker's face. Note, the report was total devoid of any information. Will add after the shock, the bankers ignored it and we completed the new account. Besides, I have a face that a mother should love?

Re: Chexsystems score

Thomas_Thumb — Mon, 06 May 2024 22:49:46 GMT

You sure your score wasn't 9999. That's the default value for the 45 percent of the population deemed unscoreable.

Actually the scoring bracket assigned to the OP has a higher good/bad ratio than the unscorable bracket. However, since Chex was developed to detect/flag questionable behavior, I prefer not having any reported scoreable activity.

Re: Chexsystems score

FicoMike0 — Tue, 07 May 2024 00:18:14 GMT

Help, Mr wizard! I have in my hot hands a 10 page report from chex. I can't find a score anywhere. It lists "no information", followed by 8 inquiries.

Do I have to ask elsewhere for the score?

Re: Chexsystems score

Snook_on_the_Line — Tue, 07 May 2024 00:26:52 GMT

@FicoMike0 wrote:
Help, Mr wizard! I have in my hot hands a 10 page report from chex. I can't find a score anywhere. It lists "no information", followed by 8 inquiries.
Do I have to ask elsewhere for the score?

Yes

on the Chex website after you create a user account it will have a button somewhere that says request consumer disclosure score report.
fill out the form

choose online portal for delivery option and wait about a minute
Then refresh and you should see it in the document portal

its only one page.
looks like the screenshot I posted above

Re: Chexsystems score

Snook_on_the_Line — Tue, 07 May 2024 00:30:15 GMT

@FicoMike0 ,

Let us know the score when you find it

that way we'll get to see a comparison between no neg info and two inquiries & no neg and 8 inquiries

Re: Chexsystems score

FicoMike0 — Tue, 07 May 2024 02:44:51 GMT

Ok, the number is 662, range 100 to 899 the rest;

Consumer Score Disclosure ReportChexSystems Consumer ScoreScore:0662Date Score Was Created:05/06/2024Chex Systems, Inc. (ChexSystems) consumer scores range from 100 to 899, with a higher score indicating a lower risk. The ChexSystems consumer score and scoring model may be different than the score used by a recipient of your consumer report. Because a consumer score is merely a snapshot of a consumer report at the time the score was calculated, the score will change to reflect changes in the report. There are a wide variety of scores available, and each client may use a different score or may give more or less weight to the score they use in relation to other factors.NOTE: A score of 9999 is an indication that there is insufficient information in ChexSystems files to create a consumer score.Factors That Affected ScoreThe factors affecting the consumer score are listed below in order of impact, with number 1 being the greatest impact.Reason CodeDescription1.GB TIME SINCE DDA INQUIRY ACTIVITY2.GD INSUFFICIENT DDA INQUIRY ACTIVITY SAME

Re: Chexsystems score

FicoMike0 — Tue, 07 May 2024 03:10:06 GMT

So, 662, scale of 100 to 899,

Reason codes;

1.GB TIME SINCE DDA INQUIRY ACTIVITY

2.GD INSUFFICIENT DDA INQUIRY INQUIRY ACTIVITY SAME FI

Re: Chexsystems score

FicoMike0 — Tue, 07 May 2024 03:35:28 GMT

Update, the score 662 goes with a brand new report, still "No Information Found", now with 11 inquiries. I opened accounts with six of the 11. It's up to 11 pages now.

The soft inquiries are many repeats of two of the six banks plus TransUnion LLC and credit karma.

Re: Chexsystems score

masscredit — Sun, 01 Sep 2024 20:19:26 GMT

I'm wondering how quick Chex scores recover. Seems like it might be pretty quick. My scores over the last few months have been -

4/22/24 - 715 - Probably had 7-8 inquiries in a month (have been doing sign up bonuses)

7/12/24 - 596 - Don't know how many

8/30/24 - 673 - Just counted 13 in 5 months

Notes for the recent report are -

1.GD	INSUFFICIENT DDA INQUIRY ACTIVITY SAME FI
2.GB	TIME SINCE DDA INQUIRY ACTIVITY
3.GE	RECENT UNIQUE FIDDA INQUIRY HISTORY

Re: Chexsystems score

FicoMike0 — Mon, 02 Sep 2024 03:42:17 GMT

Btw, penfed didnt pull chex.

Re: Chexsystems score

Windchill92 — Mon, 02 Sep 2024 17:18:47 GMT

Locked my Chex after the recent NPD breach. Score is @ 665.

Re: Chexsystems score

NoHardLimits — Mon, 02 Sep 2024 23:22:08 GMT

@Windchill92 wrote:
Locked my Chex after the recent NPD breach. Score is @ 665.

I also froze my ChexSystems after the breach. My score was 9999. Reason code 1.Z3 Insufficient Data Found.

Re: Chexsystems score

Snook_on_the_Line — Tue, 03 Sep 2024 02:01:29 GMT

I also locked mine.

Not as easy as a cra freeze tho.

they provided a 12 character hex freeze id number and a 12 digit numerical PIN number needed to un freeze it.

Re: Chexsystems score

MissLiz — Tue, 03 Sep 2024 02:35:12 GMT

I pulled mine on 8/12/2024. Why on earth is my score so terrible?