I've been gardening for a while and now thinking its time to start tapping into some new cards... specifically Credit Unions. In my research I noticed a particular point in which CUs/Banks use ChexSystems or LexisNexis for new accts.
Apparently opening too many accts in ChexSystems is a huge red flag. My question is how many accounts can you open before it becomes an issue? 3? 5? 9!?
My strategy was based around a few inquiries based on each bureau but new cards require new accounts. Regardless of TU, EX, & EQ I'm seeing that Chex/LexNex will be tapped per new account.
Does anyone have any insight on what is too much?
I know the community likes to go on App Sprees opening multiple accounts but has this negatively affected anyone?
Feedback Much Appreciated🙏
@TG10X wrote:I've been gardening for a while and now thinking its time to start tapping into some new cards... specifically Credit Unions. In my research I noticed a particular point in which CUs/Banks use ChexSystems or LexisNexis for new accts.
Apparently opening too many accts in ChexSystems is a huge red flag. My question is how many accounts can you open before it becomes an issue? 3? 5? 9!?
My strategy was based around a few inquiries based on each bureau but new cards require new accounts. Regardless of TU, EX, & EQ I'm seeing that Chex/LexNex will be tapped per new account.Does anyone have any insight on what is too much?
I know the community likes to go on App Sprees opening multiple accounts but has this negatively affected anyone?
Feedback Much Appreciated🙏
1. It's a "huge red flag" for some institutions, mainly credit unions. For others it's nothing.
2. As near as I can gather from the posts in this forum and from my own experience as a too-many-Chex-inquiries reject, the question isn't how many inquiries is too many, but really how recent the inquiries are. It seems to me that if you go more than 3 months without a Chex inquiry, you're good to go, even with the 'sissy' institutions.
3. I'm not sure I understand your reference to 'cards'; Chex Systems is totally focused on deposit accounts, not credit accounts. It's got to do with how many new checking/savings accounts you've tried to open with different institutions. It's relevant to those of us who like to cultivate multiple credit union relationships.
@SouthJamaica wrote:
3. I'm not sure I understand your reference to 'cards'; Chex Systems is totally focused on deposit accounts, not credit accounts. It's got to do with how many new checking/savings accounts you've tried to open with different institutions. It's relevant to those of us who like to cultivate multiple credit union relationships.
AKA: Sign Up bonus for opening an account 
$300 here and $150 there !
Just moved some money for $350 from Cap1 
Only some places are chex sensitive and not all places pull chex. In addition to your chex report, I suggest to request your chex score. The score request is separate and they will send it by post.
I started a new topic on chex, to check its compoentns and the startegies to improve the score (I found my score to be very low today):
Fico8: EX~EQ~TU~840 (12 month goal~850).
@SouthJamaica wrote:
@TG10X wrote:I've been gardening for a while and now thinking its time to start tapping into some new cards... specifically Credit Unions. In my research I noticed a particular point in which CUs/Banks use ChexSystems or LexisNexis for new accts.
Apparently opening too many accts in ChexSystems is a huge red flag. My question is how many accounts can you open before it becomes an issue? 3? 5? 9!?
My strategy was based around a few inquiries based on each bureau but new cards require new accounts. Regardless of TU, EX, & EQ I'm seeing that Chex/LexNex will be tapped per new account.Does anyone have any insight on what is too much?
I know the community likes to go on App Sprees opening multiple accounts but has this negatively affected anyone?
Feedback Much Appreciated🙏
1. It's a "huge red flag" for some institutions, mainly credit unions. For others it's nothing.
2. As near as I can gather from the posts in this forum and from my own experience as a too-many-Chex-inquiries reject, the question isn't how many inquiries is too many, but really how recent the inquiries are. It seems to me that if you go more than 3 months without a Chex inquiry, you're good to go, even with the 'sissy' institutions.
3. I'm not sure I understand your reference to 'cards'; Chex Systems is totally focused on deposit accounts, not credit accounts. It's got to do with how many new checking/savings accounts you've tried to open with different institutions. It's relevant to those of us who like to cultivate multiple credit union relationships.
Thank you for your feedback on this! Somehow I missed being notified that someone responded to my post lol.
This was helpful because I was able to look at specific credit unions that required I had to open a deposit account in order to get a credit card and see whether Chex would be notified. It turned out that some of them did not report to Chex, which was helpful. I try to open multiple accounts around the same time then garden for a long time. Then rinse, wash, repeat!
@xenon3030 wrote:Only some places are chex sensitive and not all places pull chex. In addition to your chex report, I suggest to request your chex score. The score request is separate and they will send it by post.
I started a new topic on chex, to check its compoentns and the startegies to improve the score (I found my score to be very low today):
Thank for sharing this!
