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@jl4 wrote:Hello my people,
We've run into a bit of an interesting issue. I bank with a local credit union, and have loads of products there (checking, savings, credit card, line of credit, auto loan) and as my partner and I start combining our finances, one of the tasks was to bring her into the fold and add her to my account(s) where necessary.
So in order to do that, the credit union (BECU) has to pull ChexSystems.
They did.
And they turned her down. He score was 0585, and their minimum was 0590 (ahah **bleep**!? 5 points? ) They gave us the response and it mentioned the reason for the score was (with my notes for context):
1. Current address change history (note: one change in 60 months)
2. No evidence of property ownership (note: we're renters, I've never owned property either)
3. No evidence of asset ownership (note: she's not the kind of person to own a boat or plane)
4. Non-derogatory public record history
5. Time since DDA inquiry activity (last inquiry before this event was March 2018)
Some other factoids:
- She's been with her current bank for a good 10 years
- There's nothing on her ChexSystems report besides the blob of info from LexisNexis
- BECU never turned me down and I don't have any of those things they mentioned, either, though I also don't have the LexisNexis blob.
What do we do? I'm stumped partially because LexisNexis doesn't even have info on my Chex report. Can we (she) dispute that section?
I've seen in other threads the response of "go bank somewhere else." I mentioned the surface area I occupy with BECU because banking somewhere else is going to _add_ complexity in one column that we're trying to eliminate.
Thoughts?
I've been getting turned down because of Chex Systems even though my score with them is 837, based on the credit union's view that the Chex report showed too many recent inquiries for new deposit accounts.
I don't think there is anything she can do about it, other than get a copy of her report, find out what's negative in it, and try to start getting rid of them.
I once got turned down for a checking account years ago because of the Chex Systems report. The negative was something I never even knew about. I went to the bank that had caused the negative thing, straightened it out with them, and kept hammering to have the negative removed, and eventually it was.
My ChexSystems Consumer Score is 0463. I also seen the score ranges from a low of 100 to a high of 899. Where does the 0463 falls into place? My score is a four digit number but the score ranges are three digit numbers.
I'm also curious about how CRAs other than EQ, EX, and TU operate. Can anyone offer insight?
@VanderSnoot wrote:I'm also curious about how CRAs other than EQ, EX, and TU operate. Can anyone offer insight?
All I know about Chex is that it deals with deposit accounts, rather than credit accounts, and it can be a royal pain.
I recently got turned down for a savings account, not because of anything negative in the report, but because I had applied for too many other savings accounts recently according to the credit union's standards.
It has a "score" with a scale that goes up to 899. I had an 837 out of 899 and it meant nothing so I would hazard a guess that the score is pretty meaningless.
I once had a negative in Chex, which I did not know existed, that was keeping me from opening a new checking account. The negative was entirely unfair and inappropriate, and I eventually got it taken off.
Chex is the bane of my existence.. Banks/CU are getting so sensitive about Chexs these days about accounts / inquiries. You can have a perfect check report and be denied a savings/checking account just due to inquiries. Banks will turn you down even if you aren't going after a bonus but just trying to become a member of say a cu or a bank and want to deposit money into them.. Seems kinda counter intuitive to me.
I have had nothing but issues with them since moving about 1.3 years ago and still getting denied some deposit accounts depending on sensitivity of lender.
That isnt a good chexs score though as alot of FI like seeing close to a 600, but there are exceptions to every rule and they can be overriden by managers at various banks as well depending so a YMMV thing if it is local if online, not near as easy and their decision usually stands. I am looking at you DCU currently.
I can pretty much get any CC I want with alot of inquiries, but bank accounts nope.. I do not heart chexs
Interesting, I didn't realize Chex had a score. I've never pulled a Chex report but DCU gave me a copy of their pulled for membership in Oct. 2017 when I joined to refi'd a recent car loan, it has "QualiFile Score: 0815".
I guess I'm lucky as a do chase bank account bonuses alot and have never had a problem opening an account, but then probably almost half of those use Early Warning System, which I have pulled and is clean, but compared to Chex ridiculous the amount of person info EWS has - my monthly ending account balances, email, cell phone. I'm almost embarrassed - I just checked and I currently have 16 banking accounts open. 6 of those will be closed by fall after the bonus hits and/or I've passed any account closing penalties.
@php111some where in the MyFico Forum is a break out of ChexSystem Scores by Thomas_Thumb who is a master at many analytics. A good search of the forum or our friend Google may be able to raise his research.
Thanks so much! I'll do that research now!
I attempted a Google search first than a search on the forums. However, I cannot find what you are referring too.