Time In Between Opening Multiple Bank Accounts

[credit8502020]

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! 

[AllZero]

DCU will be sensitive to ChexSystems inquiries. I'm not sure on the others.

In general, 3 months interval between checking account opening is a tentative guide with CUs.

[Anonymous]

Opened AOD CU in Apr, US Bank in Aug, PNC & BBVA in Oct, Cap 1 in Nov, Union Bank & Comerica in Dec and all were instant approvals. Have no idea if CUs do not like new accts in a short period of time.

[credit8502020]

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@AllZero wrote:
DCU will be sensitive to ChexSystems inquiries. I'm not sure on the others.

In general, 3 months interval between checking account opening is a tentative guide with CUs.

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@AllZero Thank you. Do you know if DCU credit reports that may be a few months old? 

[credit8502020]

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@Anonymous wrote:

Opened AOD CU in Apr, US Bank in Aug, PNC & BBVA in Oct, Cap 1 in Nov, Union Bank & Comerica in Dec and all were instant approvals. Have no idea if CUs do not like new accts in a short period of time.

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@Anonymous Thank you

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[AllZero]

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@credit8502020 wrote:

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@AllZero wrote:
DCU will be sensitive to ChexSystems inquiries. I'm not sure on the others.

In general, 3 months interval between checking account opening is a tentative guide with CUs.

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@AllZero Thank you. Do you know if DCU credit reports that may be a few months old? 

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Can you clarify your question?

DCU will probably SP your EQ5 credit report too at time of membership application.

[credit8502020]

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@AllZero wrote:

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@credit8502020 wrote:

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@AllZero wrote:
DCU will be sensitive to ChexSystems inquiries. I'm not sure on the others.

In general, 3 months interval between checking account opening is a tentative guide with CUs.

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@AllZero Thank you. Do you know if DCU credit reports that may be a few months old? 

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Can you clarify your question?

DCU will probably SP your EQ5 credit report too at time of membership application.

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@AllZero Sure. Capital One used an old credit report when I applied for a CLI. I was wondering if somehow other banks also use old credit reports when applying for credit cards, memberships, etc or if they were only able to do so because I had a credit card already with them. 

I had a charge off removed this month from my Equifax report and just want to make sure it was not going to show up with DCU or other banks that use Equifax that I may be interested in. To help ensure this, I planned to wait to apply for memebership with DCU until January, but did not want to wait if it was unnecessary for me to do so. 

[AllZero]

Since you will have no prior relationship with DCU in regards to credit or membership, no, DCU will not have that information.

DCU should SP a fresh report at time of membership. They will probably HP a fresh report for credit application.

[credit8502020]

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@AllZero wrote:
Since you will have no prior relationship with DCU in regards to credit or membership, no, DCU will not have that information.

DCU should SP a fresh report at time of membership. They will probably HP a fresh report for credit application.

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@AllZero Ok. Thank you! 

[DaveInAZ]

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@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! 

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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.