No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Hi all, I really need some help. I have been trying to apply for a small business checking account for my LLC. Last year I applied to several banks, but got denied because I had a some ID thief that fraudulently opened an account with Bank of America in 2015. I disputed with it recently and got it cleared from the BofA as well as chex systems and early warning. I confirmed this with updated consumer reports. I reapplied to banks last week and still got denied. Of course the banks and reporting agencies say they cant give info. Anyone have any idea why i might still be getting rejected?
Are these banks you had applied with before cleaning up your record? Sometimes, if it's recent enough, banks will re-use a previous pull.
And "recent enough" can vary greatly from FI to FI.
@Anonymous wrote:Hi all, I really need some help. I have been trying to apply for a small business checking account for my LLC. Last year I applied to several banks, but got denied because I had a some ID thief that fraudulently opened an account with Bank of America in 2015. I disputed with it recently and got it cleared from the BofA as well as chex systems and early warning. I confirmed this with updated consumer reports. I reapplied to banks last week and still got denied. Of course the banks and reporting agencies say they cant give info. Anyone have any idea why i might still be getting rejected?
I would suggest taking your cleared documentation into a branch and speak with a branch manager if possible?
or search for banks that do not use ChexSystems/EWS?
@Anonymous wrote:Hi all, I really need some help. I have been trying to apply for a small business checking account for my LLC. Last year I applied to several banks, but got denied because I had a some ID thief that fraudulently opened an account with Bank of America in 2015. I disputed with it recently and got it cleared from the BofA as well as chex systems and early warning. I confirmed this with updated consumer reports. I reapplied to banks last week and still got denied. Of course the banks and reporting agencies say they cant give info. Anyone have any idea why i might still be getting rejected?
They have to send a letter to you giving a reason for denial of the account.
That letter will probably give you a good clue as to what you need to do next.
Part of your problem may be that you reapplied to "banks" rather than to a single bank. A flurry of applications will get you denied at most institutions.
@SouthJamaica wrote:
@Anonymous wrote:Hi all, I really need some help. I have been trying to apply for a small business checking account for my LLC. Last year I applied to several banks, but got denied because I had a some ID thief that fraudulently opened an account with Bank of America in 2015. I disputed with it recently and got it cleared from the BofA as well as chex systems and early warning. I confirmed this with updated consumer reports. I reapplied to banks last week and still got denied. Of course the banks and reporting agencies say they cant give info. Anyone have any idea why i might still be getting rejected?
They have to send a letter to you giving a reason for denial of the account.
That letter will probably give you a good clue as to what you need to do next.
Part of your problem may be that you reapplied to "banks" rather than to a single bank. A flurry of applications will get you denied at most institutions.
what do we call a " flurry of applications" ?
2 bank apps in a week/month/year?
6 chexsys inquiries within a 6 month period
I have the following & wonder if i will be approved with Chexsys banks? i need CU for auto refinancing in August/Sep 2020. DCU or RBFCU is my preference for auto refinance.
is that a flurry of apps for chexsys.
05/30/2020; BECU inquiry; no approval.
03/2019 ; FT FCU inquiry; Auto loan inquiry.
02/2018 ; SDFCU inquiry
12/27 & 12/28 2017 FT FCU inquiry
@debts wrote:
@SouthJamaica wrote:
@Anonymous wrote:Hi all, I really need some help. I have been trying to apply for a small business checking account for my LLC. Last year I applied to several banks, but got denied because I had a some ID thief that fraudulently opened an account with Bank of America in 2015. I disputed with it recently and got it cleared from the BofA as well as chex systems and early warning. I confirmed this with updated consumer reports. I reapplied to banks last week and still got denied. Of course the banks and reporting agencies say they cant give info. Anyone have any idea why i might still be getting rejected?
They have to send a letter to you giving a reason for denial of the account.
That letter will probably give you a good clue as to what you need to do next.
Part of your problem may be that you reapplied to "banks" rather than to a single bank. A flurry of applications will get you denied at most institutions.
what do we call a " flurry of applications" ?
2 bank apps in a week/month/year?
6 chexsys inquiries within a 6 month period
I have the following & wonder if i will be approved with Chexsys banks? i need CU for auto refinancing in August/Sep 2020. DCU or RBFCU is my preference for auto refinance.
is that a flurry of apps for chexsys.05/30/2020; BECU inquiry; no approval.
03/2019 ; FT FCU inquiry; Auto loan inquiry.02/2018 ; SDFCU inquiry
12/27 & 12/28 2017 FT FCU inquiry
I applied for 3 accounts in one month. Approved for 2 of 3, including DCU who was the last.
@debts wrote:is that a flurry of apps for chexsys.
05/30/2020; BECU inquiry; no approval.
03/2019 ; FT FCU inquiry; Auto loan inquiry.02/2018 ; SDFCU inquiry
12/27 & 12/28 2017 FT FCU inquiry
Nah, that's certainly not a flurry of Chex INQs by anyone's definition except maybe Charles Schwab. Looks very reasonable to me. You could try disputing the 12/27 FT FCU's as duplicates but they are so old I'm not sure I'd bother.
I have a good example of a flurry of Chex pulls: 12 inquiries over the course of 9 days. I was rather ticked off because I "only" applied for 10 accounts but received 12 INQs. Axos bank duplicate pulled me on two different accounts for a total of 4 INQs from them.
All of those accounts got opened eventually, too! (with some trouble, I might add) Except Schwab closed mine days later. Stingy Schwab.
@core wrote:
@debts wrote:is that a flurry of apps for chexsys.
05/30/2020; BECU inquiry; no approval.
03/2019 ; FT FCU inquiry; Auto loan inquiry.02/2018 ; SDFCU inquiry
12/27 & 12/28 2017 FT FCU inquiryNah, that's certainly not a flurry of Chex INQs by anyone's definition except maybe Charles Schwab. Looks very reasonable to me. You could try disputing the 12/27 FT FCU's as duplicates but they are so old I'm not sure I'd bother.
I have a good example of a flurry of Chex pulls: 12 inquiries over the course of 9 days. I was rather ticked off because I "only" applied for 10 accounts but received 12 INQs. Axos bank duplicate pulled me on two different accounts for a total of 4 INQs from them.
All of those accounts got opened eventually, too! (with some trouble, I might add) Except Schwab closed mine days later. Stingy Schwab.
If you were 10 for 10 in opening accounts, well, 9 for 10 since Schwab circled back and closed theirs, over a 9 day stretch you should probably consider yourself fortunate and that warrants a congrats. I'm not surprised you had some trouble.