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.
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.
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?
@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
@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
@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