Recently open a Charles Schwab checking acct?

jasonbourne84 · ‎07-12-2020

Has anyone had any recent experience opening a Charles Schwab checking account (along with a new brokerage account)? I know they do a HP and am trying to get a sense of how stingent their requirements are, etc.

Anonymous · ‎07-13-2020

Not sure what requirements you are referring to but I opened one last December (with brokerage account) and it was super easy. I think I funded it with $100 or something to start. But they did a HP on EQ for me.

jasonbourne84 · ‎07-13-2020

I'm trying to figure out what their credit requirements are, in terms of FICO score, derogs/delinquencies on reports, etc.

Brian_Earl_Spilner · ‎07-13-2020

They didn't HP my first 2 accounts. They HP for the third. I had scores in mid-600s with collections and chargeoffs. Also applied for 2 other Banks prior.

Guyatthebeach · ‎07-13-2020

jasonborne84,

I just opened a brokerage and checking account. I didn't get a HP. I didn't see a SP on my CR's, but that doesn't mean they didn't and it hasn't updated yet.

I just got confirmation that my signatue card arrived and they have ordered the debit card and checks.

Hope this helps.

Guyatthebeach

jasonbourne84 · ‎07-13-2020

Thanks for the info @Brian_Earl_Spilner and @Guyatthebeach. Do you mind sharing how old your baddies were at time of application?

Guyatthebeach · ‎07-13-2020

The negative thing on my CR is my chapter 7 bankruptcy from Nov 2011.

I have not had any issues issues since then.

Guyatthebeach

jasonbourne84 · ‎07-13-2020

@Guyatthebeach wrote:
The negative thing on my CR is my chapter 7 bankruptcy from Nov 2011.

I have not had any issues issues since then.

Guyatthebeach

Very nice work! Unfortunately, I've got some fairly recent delinquencies from a really rough period in 2018 that have me worried. I REALLY want this checking/brokerage option! But I don't want to apply only to have it closed a few days later. Sigh.

M_Smart007 · ‎07-13-2020

@jasonbourne84 wrote:
@Guyatthebeach wrote:
The negative thing on my CR is my chapter 7 bankruptcy from Nov 2011.

I have not had any issues issues since then.

Guyatthebeach
Very nice work! Unfortunately, I've got some fairly recent delinquencies from a really rough period in 2018 that have me worried. I REALLY want this checking/brokerage option! But I don't want to apply only to have it closed a few days later. Sigh.

My opinion is they would not open it, if your report was'nt up to their requirements.

I doubt they would open it just to close it. If you really want the account(s), you are going to have to risk a HP for it.

jasonbourne84 · ‎07-13-2020

@M_Smart007 wrote:
My opinion is they would not open it, if your report was'nt up to their requirements.
I doubt they would open it just to close it. If you really want the account(s), you are going to have to risk a HP for it.

It sounds strange, but the majority of rejections appear to happen after the fact.