How do Bank-Depositor Behavior Scores affect you applying for credit

[natasjlp]

How do Bank-Depositor Behavior Scores affect you applying for credit. Is there a way to modify my behavior in order to improve my chances of being approved for credit besides my FICO score?

FICO now markets bank-depositor behavior scores, which are used by banks to assess their own customers. What can I do to see these scores and improve them? What are these behaviors and how are they assessed?

[llecs]

Hi natasjlp, I found some info on FICO's website:

http://www.fico.com/en/Industries/Banking/Deposits/Pages/default.aspx

The link is to the right just above the videos. You may have to register, but it doesn't cost anything.

Unless your bank uses them, I don't think you would have access to them. Even if you bank did give it to you, you'd need future scores for an accurate comparison to find trends, changes, etc. Heck, I don't even know where the data comes from.

I wouldn't rely on FICO, but would focus on Chexsystems because many banks and CUs use it. On that report, stuff generally reports if bad.

[natasjlp]

alright so wait - Chexsystems is just like a FICO? seems like they record info and negatives like a credit report and affects any application for a line of credit through a back or CU?

I have 3 different banks right now, BOFA, Sovereign and Citizens. looks like you can also get a free annual Chexsystems report just like a credit report and dispute items just like a credit report...

Yeesh, just when I thought I was getting a hold of my financial world another door opens to never before seen factors affecting my financial life.

thanks for the info llecs! time to do some more research, who knows what's in there.

[Anonymous]

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@natasjlp wrote:

alright so wait - Chexsystems is just like a FICO? seems like they record info and negatives like a credit report and affects any application for a line of credit through a back or CU?

I have 3 different banks right now, BOFA, Sovereign and Citizens. looks like you can also get a free annual Chexsystems report just like a credit report and dispute items just like a credit report...

Yeesh, just when I thought I was getting a hold of my financial world another door opens to never before seen factors affecting my financial life.

thanks for the info llecs! time to do some more research, who knows what's in there.

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Hi nata,

Yeah.  Chexsystems was an eye-opener for me, too.  Bit of a panic until I read my reports and all was fine. 

Sounds like you're a researching type - but for other readers, a great resource is the search box in the upper right corner.

Entering 'Chexsystem' yields a bunch of helpful threads about Chexsystems from these Forums:

http://ficoforums.myfico.com/t5/forums/searchpage/tab/message?filter=location&location=Board%3Agener...

[natasjlp]

yup, been going through the threads and researching - just ordered my Chexsystems report and now trying to figure out if I should put a freeze on my reports. Guessing I probably should but am not sure of all the pros and cons... I am in MA and am allowed to, sounds like some states you can't?

[llecs]

Just when you thought it couldn't get any more confusing...the other CRAs: 

http://ficoforums.myfico.com/t5/General-Credit-Topics/Some-of-the-Lesser-Known-Evils/m-p/16946/highl...

Chexsystem is a CRA. It is a very simple report. It is used by quite a few banks and CUs. When I had derog info reporting (clean now ), I had been turned down at NASA FCU, Alliant FCU, Apple FCU (local CU), CCCU, BB&T Bank, and a couple of others because of non-descrip info on my Chex.

The only other CRA mentioned commonly in here is Innovis. I ordered mine and is was pretty plain. Seems like Discover, CapOne and a few others reported monthly but I never ever got turned down due to negative info on them so I never worried about it. I ordered it this year for the curiosity factor.

There are other CRAs, but I never bothered.

Freezing? I think you can do it anywhere, though some states have fees and others don't IIRC. I never saw a need to. It won't stop bad stuff from reporting and makes it harder to apply.

[natasjlp]

it is interesting, makes me wonder if Chexsystems or some other CRA system is the reason my recent CC initial CL are so low. My FICO's are all above 700 and income/bill ratio is good... hmmm... well, now waiting for the Chex report and won't freeze it just yet. Will work on disputing neg info (just assuming there is some, had an unpleasant relationship with BOFA for a few years. We didn't see eye to eye.)

I guess now I will have to check out Innovis as well, however sounds more benign than Chexsystems. One of these day I will have a handle on all of this - myFICO definitely shining a light on the pathway.

thanks again for all the help llecs! just saw your thread on CMS - good stuff! I have found CCT very useful.

http://ficoforums.myfico.com/t5/General-Credit-Topics/Credit-Monitoring-Service-CMS-Guide/td-p/66254...