Time In Between Opening Multiple Bank Accounts

[credit8502020]

---

@DaveInAZ wrote:

---

@credit8502020 wrote:

Hi All,

For those of you that have multiple bank accounts and/or focus on SUBs, what would you suggest as the ideal timeframe to open new bank accounts? Max number of accounts to open at the same time? 

I'm preparing to open accounts at DCU, Capital One and potentially SECU MD and PenFed. I haven't had a new account in some time and only have accounts with 2 CUs. Also are there any data points for if any of these banks, other than Capital One, somehow uses an old credit report? I want to make sure my scores are as optimal as possible, even if it's a soft pull. 

Thanks in advance! 

---

There are two different services banks/CUs use to check your banking history, Chex Systems and EWS (Early Warning System). Of those you mentioned I know DCU uses Chex, Capital One uses EWS, and I don't think Penfed uses either, I've never seen anything from Penfed on either report and I've been a member since 2017. I don't know anything about SECU MD, but most credit unions use Chex. So if you open an account with a bank that uses EWS and then open another account with a bank that uses Chex neither will know about the other new account. Very useful when you regularly do bank account SUBs, I opened 11 new account this year and never denied.

If a bank SPs your credit report to open an account it's primary to confirm you identity, your report report will confirm you Soc.Sec.#, DoB and mailing address. If you have a very recent collection or BK on your report that might get their attention and deny you. And if you have no current relationship with them it will always be a fresh SP, they don't store credit reports from folks who aren't a customer.

---

@DaveInAZ Thank you for your feedback. This actually reminds me of how to plan even better according to whether Chex Systems or EWS is used. 

[Anonymous]

Someone said SECU MD is slightly Chex sensitive IIRC, a bit more picky to people out of their region

[credit8502020]

---

@Anonymous wrote:

Someone said SECU MD is slightly Chex sensitive IIRC, a bit more picky to people out of their region

---

@Anonymous Ok. Thank you for mentioning that. I'll keep that in mind. 

[lyTENciL]

Doctor of Credit tracks DPs on which banks and CUs pull Chex/EWS and which are sensitive to inqs. 

https://www.doctorofcredit.com/bank-account-reference-pages/#ChexSystems

[credit8502020]

---

@lyTENciL wrote:

Doctor of Credit tracks DPs on which banks and CUs pull Chex/EWS and which are sensitive to inqs. 

https://www.doctorofcredit.com/bank-account-reference-pages/#ChexSystems

---

Thank you! @lyTENciL 

[lyTENciL]

No problem! I'm new to bank bonus chasing and DoC has been my bible. Generally it's the smaller CUs that might care about lots of accounts though I think that's a minority, and the big banks don't seem to care, if they even check.

My dp: Now up to 8/12 and 7/1 for checking, 15/12 total if they care about savings (I doubt they do but idk). So far no issues, but I did app for the reportedly Chex/EWS sensitive ones relatively early, when I was 3/12 for instance.

[credit8502020]

---

@lyTENciL wrote:

No problem! I'm new to bank bonus chasing and DoC has been my bible. Generally it's the smaller CUs that might care about lots of accounts though I think that's a minority, and the big banks don't seem to care, if they even check.

My dp: Now up to 8/12 and 7/1 for checking, 15/12 total if they care about savings (I doubt they do but idk). So far no issues, but I did app for the reportedly Chex/EWS sensitive ones relatively early, when I was 3/12 for instance.

---

@lyTENciL Thank you for sharing. What do the following numbers represent? 8/12, 7/1, 15/12. Which sensitive ones did you App for and what was your time frame for apping for those?

[lyTENciL]

---

@credit8502020 wrote:

---

What do the following numbers represent? 8/12, 7/1, 15/12. Which sensitive ones did you App for and what was your time frame for apping for those?

---

Those are shorthand for [# of accts]/[months' timeframe]. I opened 8 checking accts this year, 7 just this December.

I started my spree this month with a local CU and PNC, because they are reportedly sensitive to inquiries. I apped for DCU this summer, and they did inquire my Chex, are reportedly sensitive. Btw, Doctor of Credit's sensitive designation seems anything above zero caring and YMMV. i.e. people say they get denials for dozens of new accts in a year, and that gets marked as "sensitive." Others get denied for a just a few new accts (or inqs?) by some institutions, so as always, spree at your own risk.

My timeline (2020):

Feb: NFCU

July: DCU, NASA, Langley -all in same week

12/6: geofenced CU, US Bank

12/8: PNC, Cap One

12/18: geofenced bank

12/19: Citi, geofenced CU

Edited to redact some details

[credit8502020]

---

@lyTENciL wrote:

---

@credit8502020 wrote:

---

What do the following numbers represent? 8/12, 7/1, 15/12. Which sensitive ones did you App for and what was your time frame for apping for those?

---

Those are shorthand for [# of accts]/[months' timeframe]. I opened 8 checking accts this year, 7 just this December.

I started my spree this month with a local CU and PNC, because they are reportedly sensitive to inquiries. I apped for DCU this summer, and they did inquire my Chex, are reportedly sensitive. Btw, Doctor of Credit's sensitive designation seems anything above zero caring and YMMV. i.e. people say they get denials for dozens of new accts in a year, and that gets marked as "sensitive." Others get denied for a just a few new accts (or inqs?) by some institutions, so as always, spree at your own risk.

My timeline (2020):

Feb: NFCU

July: DCU, NASA, Langley -all in same week

12/6: geofenced CU, US Bank

12/8: PNC, Cap One

12/18: geofenced bank

12/19: Citi, geofenced CU

Edited to redact some details

---

Happy New Year All! 

@lyTENciL Thank you for sharing your feedback. I apped for DCU and SECU MD (Savings Accts). My DCU savings account is setup and funded. To make transferring more funds easier, I'm going to probably setup a checking account at DCU as well. Does anyone know if setting up a checking account at the same institution will typically cause another ChexSystems inquiry and be seen as negative? I'm planning to open other accounts after the freeze is removed, possible in 3 months or so, so I didn't want to negatively impact my chances of approval there.

On another note, my SECU app was declined. The email mentioned that my ChexSystems score was 9995, although scores range from 100-899...But it looks like the reason they declined my membership is because there is a THIRD-PARTY SECURITY FRZ ALERT on my account. I ordered my ChexSystems report. Hopefully it will list when this security freeze was placed on my account since I don't recall putting the freeze on. However, I find it interesting that DCU approved me and SECU did not. Has anyone experienced something similar to this?

[credit8502020]

UPDATE: I spoke with ChexSystems and apparently they did not see a security freeze so I'm not sure exactly where the third party security freeze is coming from. I ordered my report that will hopefully arrive soon.