@IcyCool7227 wrote:I have a puzzling question. Since some banks and credit unions are chex systems inquiry sensitive, if you happened to apply at like 20 different ones in a day all day would they all be approved and opened at once being you have clean record, being too fast for each bank to notice you just opened accounts? Or would that not work?
I'm sure it wouldn't work.
Less likely. Chex score seems to be super-sensitive to inquiries. In a rare case that you may bypass it, a possible future "soft inquiry" to unveil your recent chex score can result closing the account(s).
I suggest to open the accounts that you really need to minimize hit on chex. Too many inquiries may prevent to open a key account for e.g. loan in some future. The inquiries remain ~3-5 years.
Fico8: EX~EQ~TU~840 (12 month goal~850).
@north1 wrote:Highly incorrect on all accounts.
Chex score is based on a proprietary set of information that Chexsystems scores you on like number of inquiries, real estate holdings, time at address, non-negative reporting status, and a variety of other statistics.
I churn and burn bank account bonuses like no other and I'm on track for nearly 300-ish inquiries in the last 2 years. Approval is completely dependent upon the bank/credit union opening the account, and many are only sensitive to inquiries made in the last 30/60/90 days as they won't even show up on the report pulled most of the time after that.
Yes, there are a few that will review your Chex history afterwards and may close your account based upon that, but I've found that the number is incredibly slim and to just move on if it occurs.
The official inquiry record itself only stays on file for 2 years and is then deleted. Only negative information like fraud or abuse account closures are held for 5 years.
Even despite my enormous number of inquiries, my Chex score still remains in the 720-780 range.
I'm not even sure the number of inquiries goes into the Chex score. The last time I looked at my report I had a great score, but I had been turned down for a bank account because of the number of Chex inquiries.
I've opened and attempted to open plenty of accounts in a 2yr window and I've only been turned down by the inquiry sensitive credit unions or banks as the reason. After I reviewing the account in question more closely, it was for the my good that I didn't open it anyway.
Outside of that, I don't think it matters unless there's fraud or something. Ymmv
