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Chex Systems?

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Frequent Contributor

Chex Systems?

I'm going in for pre-approval soon. My credit scores should be 720+ at the end of this month. I had a Chex Systems entry from US Bank from a few years ago that I paid in full with a Collection agency. They sent me a paid letter which I have not sent to chex systems yet, but does this hurt me when qualifying for a mortgage? I've been able to get bank accounts since then... The sum was over 1400 dollars but I don't know if it shows paid on my report or not.

Starting: EQ: 490 TU: ??? EX: ???
Current: EQ: 717 TU: 757 EX: 736 (lender)
Goal: 800+
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Amex: Zync, Gold Delta
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Established Member

Re: Chex Systems?

You should check your report before you begin the process anyways, so you should be able to see if it is marked as paid. As others will state, sometimes paying something brings it current again, which is not good. If it is already marked paid, and your scores are still where they are, then you shouldnt have any major problems. That collection will probably be brought up at some point, but since it is older it should be pretty easy to explain and have it overlooked without to much penalty. You may want to compile some good compensating factors just in case though. A larger downpayment or a good DTI will certainly help them be a bit more forgiving.


Starting Score: 628 EQ June 20, 2011 - 714 TU June 27, 2011
Current Score: 709 EQ, 714 TU
Goal Score: 725 - All


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Message 2 of 4
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Frequent Contributor

Re: Chex Systems?

Well, do they check Chex systems report? There is nothing on my 'traditional' credit report. This only exists on chex systems.

Starting: EQ: 490 TU: ??? EX: ???
Current: EQ: 717 TU: 757 EX: 736 (lender)
Goal: 800+
=============
Amex: Zync, Gold Delta
Discover More
Chase Slate
Discover More
Message 3 of 4
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Community Leader
Super Contributor

Re: Chex Systems?

Chex Systems is not checked.

Helping people with mortgages (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Orange County, CA and lending in all 50 states
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