DCU Savings Denial

Ragdollkitty · ‎07-21-2020

@folks19 wrote:
@Ragdollkitty wrote:
For a point of reference, I opened DCU after I opened two other accounts before it the day before.

You might as well check Chexsysterms. There's a thread on the forums that gives the link on how to do it online (though when I used it, it would only send me one in the mail).
Do you remember when you joined DCU?

End of June 2020

folks19 · ‎07-21-2020

@Clegga wrote:
I applied for DCU's primary savings account that gives you 6.17% interest on $1000, but I was denied because of my Chexsystem profile. I requested my credit report from Chex, but I don't know why I was denied yet. Is it possible to call DCU and get an appeal like a credit card recon line?

@Clegga Did you try reapplying for DCU? If yes, were you approved?

If you didn't reapply and plan to reapply in the future, would you mind sharing the results with us?

randomguy1 · ‎07-22-2020

@Clegga wrote:
I'm fairly certain it's just that I applied for a checking account recently, not that I have anything bad on there. Unless there's some kind of fraud going on, which I doubt.

You never know.

When you get the denial letter from DCU, it will give you information on how to get your Chex report. I suggest doing that.

randomguy1 · ‎07-22-2020

@CreditCuriosity wrote:
DCU is chex's very sensitive.. I have clean chexs and cant crack them granted alot of inquries and recently got into 2 other CU's that also pull Chexs.. Some CU's chexs will just ruin you even if you have 800+ scores and no negative marks other than inquiries on chexs (my case).

Is Chex scoring built up over time? Can some profiles support more recent inquiries than others? Reason why I am asking is I opened up a DCU account fine with plenty of new accounts.

PenFed (checking, had savings)	5/2020
Bank of America	6/2020
Northwest Federal Credit Union	6/2020
DCU	7/2020
Service Credit Union	7/2020

I also had 3 accounts opened in January, Feb, & March respectively.

folks19 · ‎07-22-2020

@randomguy1 wrote:
@CreditCuriosity wrote:
DCU is chex's very sensitive.. I have clean chexs and cant crack them granted alot of inquries and recently got into 2 other CU's that also pull Chexs.. Some CU's chexs will just ruin you even if you have 800+ scores and no negative marks other than inquiries on chexs (my case).
Is Chex scoring built up over time? Can some profiles support more recent inquiries than others? Reason why I am asking is I opened up a DCU account fine with plenty of new accounts.

PenFed (checking, had savings) 5/2020
Bank of America 6/2020
Northwest Federal Credit Union 6/2020
DCU 7/2020
Service Credit Union 7/2020

I also had 3 accounts opened in January, Feb, & March respectively.

I was actually wondering the same thing.

But I won't really understand how Chexs would build up over time because I didn't find any section on my report that lists all the bank accounts that I have opened of closed. It only lists inquiries from banks, but there you can't tell if the application was approved.

That may also be a good thing because that means that after 3 years, when the inquiries age off, no one has any clue how many bank accounts I have open.

Clegga · ‎08-05-2020

I'm planning on reapping soon, and I'll share my results when I do. My chexx didn't have anything except for inquiries from opening bank accounts. I don't remember seeing a score on the report, and I didn't even know chexx had a scoring system.

AllZero · ‎08-05-2020

@Clegga wrote:
I'm planning on reapping soon, and I'll share my results when I do. My chexx didn't have anything except for inquiries from opening bank accounts. I don't remember seeing a score on the report, and I didn't even know chexx had a scoring system.

Good luck. May the odds be ever in your favor!

DaveInAZ · ‎08-06-2020

@Clegga wrote:
I'm planning on reapping soon, and I'll share my results when I do. My chexx didn't have anything except for inquiries from opening bank accounts. I don't remember seeing a score on the report, and I didn't even know chexx had a scoring system.

Chex does have a scoring system, it runs from 100 to 899, and many banks use the score rather than # of inquiries. When DCU approved me in 2017 they sent me a PDF of my Chex report and I had a score of 815. But when a consumer requests their report from Chex they don't get a score, you have to request that separately:

The "Consumer Disclosure" is the standard report with inquiries and any negatives, and is now available online as a PDF. The "Consumer Score" is a separate report you have to make a separate request for and is only available as a printed report they mail to you.

Clegga · ‎09-15-2020

Thanks for the good luck, I finally reapplied. It didn't give me an immediate result, and I'd be kinda upset if they decline me again. I'm still hopeful though!

mrcraft · ‎09-15-2020

I got in with DCU though I can't remember at what point I applied with them. I opened a bunch of savings accounts with CU's these past few months. But, in the process I got denied just for inquiries on my Chex report. I agree that it's ridiculous that inquiries should matter when opening savings accounts. I had no idea why I was getting denied until I started researching and ordered a Chex report. Oh well. I'm "gardening" for couple years and have some CU's on my radar.