topic Re: Credit cards (EWS & CHEXSYSTEM) in Rebuilding Your Credit

Credit cards (EWS & CHEXSYSTEM)

Thundercat333 — Fri, 19 Aug 2022 05:51:55 GMT

If I am on early warning systems & maybe Chex systems every time I apply for a credit card it just gets denied ?(I've applied to capital one, Bank of America.) If there are any credit card companies that does not use EWS or CHEX SYSTEMS PLEASE Let me know ! Thankyou

Re: Credit cards (EWS & CHEXSYSTEM)

blindambition — Fri, 19 Aug 2022 16:34:34 GMT

There are other agencies used when applying for cards, Innovis, Lexis Nexis, Clarity, Sagestream are a few that come to mind, besides Experian, Equifax, and Trans Union. EWS and ChexSystems is only used for banking accounts, checking and savings.

What are the top reasons for denial on AA letters?

Re: Credit cards (EWS & CHEXSYSTEM)

Thundercat333 — Fri, 19 Aug 2022 16:47:33 GMT

It never tells me why with capital one but with My equifax I have 671 fico do you know where I can apply that just handles with fico and (I also have 12 inquiries) also I heard penfed uses neither EWS & CHEXSYSTEMS is this true ?

Re: Credit cards (EWS & CHEXSYSTEM)

Remedios — Fri, 19 Aug 2022 16:58:37 GMT

Which reason are you being denied for?

Cap1 is EWS participating bank, and so are most major lenders and quite a few CU, NFCU being one of them.

It's not possible to have this discussion without knowing a reason for denials.

Re: Credit cards (EWS & CHEXSYSTEM)

Credit12Fico — Fri, 19 Aug 2022 17:01:44 GMT

@Thundercat333 wrote:
If I am on early warning systems & maybe Chex systems every time I apply for a credit card it just gets denied ?(I've applied to capital one, Bank of America.) If there are any credit card companies that does not use EWS or CHEX SYSTEMS PLEASE Let me know ! Thankyou

Most all consumers have a Chex report and an EWS report if they've opened bank accounts with a few of the major banks. Having a report, is not a negative. However, having negative information in those reports can be a negative (like overdrafts, cashing bad checks, etc).

Re: Credit cards (EWS & CHEXSYSTEM)

Thundercat333 — Fri, 19 Aug 2022 17:19:29 GMT

Yes I cashed a bad check back in 2020, I got scammed when I lost my job to Covid (found the fake job online.) but I for a credit card I get told I have lack of installment loans but I need a bank account to get a loan. it's so backward because I can't get a bank account anywhere. I heard I should try pen fed which I am doing today.

Re: Credit cards (EWS & CHEXSYSTEM)

coldfusion — Fri, 19 Aug 2022 17:31:46 GMT

@Thundercat333 wrote:
Yes I cashed a bad check back in 2020, I got scammed when I lost my job to Covid (found the fake job online.) but I for a credit card I get told I have lack of installment loans but I need a bank account to get a loan. it's so backward because I can't get a bank account anywhere. I heard I should try pen fed which I am doing today.

Have you tried to get what is known as a second chance checking account? They specifically target individuals with tarnished ChexSystems reports who are trying to get themselves jumpstarted and some (mostly smaller) banks and credit unions offer them. The account names often use terms like 'second chance' or 'fresh start'.

Re: Credit cards (EWS & CHEXSYSTEM)

Remedios — Fri, 19 Aug 2022 17:34:31 GMT

@Thundercat333 wrote:
Yes I cashed a bad check back in 2020, I got scammed when I lost my job to Covid (found the fake job online.) but I for a credit card I get told I have lack of installment loans but I need a bank account to get a loan. it's so backward because I can't get a bank account anywhere. I heard I should try pen fed which I am doing today.

It's going to be a while.

Because your EWS and checks report show invalid/bounced check, lenders do not want to get paid with bounced payments.

Also, your EWS report has every deposit, every transaction, average daily balance, closing balance, transfers from one to another EWS participating lenders, every overdraft, every NSF etc

While EWS report can be used, it is relatively rare to get a denial based on EWS report unless it's total carnage.

Hopefully you were able to keep your checking account, if not, focus on second chance checking accounts instead of credit cards.

Re: Credit cards (EWS & CHEXSYSTEM)

coldfusion — Fri, 19 Aug 2022 17:45:19 GMT

To give an example, Wells Fargo has a second chance checking account offering.

https://www.wellsfargo.com/checking/clear-access-banking/

After 1 year of clean history WF will allow you to convert the account into a standard checking account.

Re: Credit cards (EWS & CHEXSYSTEM)

Thundercat333 — Sat, 20 Aug 2022 14:48:44 GMT

I was able to open a penfed account ! Unfortunately I was not able to get a auto loan nor credit card through them for these reasons .

Key factors that adversely affected your credit score:
• Too few accounts currently paid as agreed
• Lack of recent bank/national revolving information • Too many inquiries last 12 months
• Lack of recent revolving account information

I have a installment loan through self I think that should help build my history. Could I refinance my vehicle within 7 months and get any interest a dealership throws at me. Because I really need a car.

Re: Credit cards (EWS & CHEXSYSTEM)

Remedios — Sat, 20 Aug 2022 15:59:44 GMT

@Thundercat333 wrote:
I was able to open a penfed account ! Unfortunately I was not able to get a auto loan nor credit card through them for these reasons .
Key factors that adversely affected your credit score:
• Too few accounts currently paid as agreed
• Lack of recent bank/national revolving information • Too many inquiries last 12 months
• Lack of recent revolving account information

I have a installment loan through self I think that should help build my history. Could I refinance my vehicle within 7 months and get any interest a dealership throws at me. Because I really need a car.

I'm going to move this thread to RYC, it appears you have bigger issues than just opening checking.

No one can address your concerns if you do not share more info about your profile.

Re: Credit cards (EWS & CHEXSYSTEM)

FireMedic1 — Sat, 20 Aug 2022 16:15:45 GMT

@Thundercat333

I was in your position yrs ago. I Googled non ChexSystem banks. I was able to at the time open an account with SunTrust and get a CC. Which is now Truist. Google also non-EWS banks. Compare the 2 and go from there. Your not in the dark yet. Good Luck!

Re: Credit cards (EWS & CHEXSYSTEM)

Thundercat333 — Sat, 20 Aug 2022 16:40:37 GMT

Thankyou ! For gifting me hope , can I ask which credit card you applied for at the time ?

@FireMedic1 wrote:
@Thundercat333
I was in your position yrs ago. I Googled non ChexSystem banks. I was able to at the time open an account with SunTrust and get a CC. Which is now Truist. Google also non-EWS banks. Compare the 2 and go from there. Your not in the dark yet. Good Luck!

Re: Credit cards (EWS & CHEXSYSTEM)

FireMedic1 — Sat, 20 Aug 2022 18:03:08 GMT

Back then was Suntrust Cash Rewards and BB&T Spectrum Cash Rewards. They both merged and became Truist. Now its 2 Truist cards....