WTH is up with my ChexSystems????

[Thomas_Thumb]

@Dinosaur

Chexsystems only keeps records of reportable events for five years. If you have not had a reportable event in recent years your old events will fall off and you become unscoreable due to insufficient data.

Welcome to the 9999 club  Being unscoreable represents 45% of profiles so it's far from exclusive.

[Thomas_Thumb]

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@Anonymous wrote:

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I was recently denied for NASA credit union and Discover cashback checking.....I'm guessing DCU will deny me too *grumble* and guess why?? CHEXSYSTEMS!

When I ordered my report, I have:

Inquires: 8 (like 5 from 2017, then some from 2018 and 2015)

Time in months at inquiry address: 5 (should be 8)

Number of address changes reported in the last 12 months: 1

Number of address changes reported in the last 60 months: 6 (I like to move a lot)

Total number of properties owned: 0

Wealth Index: 0 (No information on file)

Total number of non-derogatory records: 1 (I want to know what the hell this means!!!! "Non derogatory", I've never burned a bank so I'm not sure what this is. When I called Chex they were as unhelpful as they ever are, and couldn't even tell me what it is)

 So I don't get it. And although Chex doesn't supply a score on the report in the mail, Discover just gave me a Chexsystems score with my denial: 528. Don't know if that's good or bad. But it's a bunch of BS. If I'm getting denied a bank account for my number of address changes, that is just infuriating.

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@Anonymous - Unfortunately 528 is bad to the bone. That score places you in untouchable territory.

The primary reason for the low score is 6 moves in 60 months. Frequent moves statistically correlate to increased fraud

Refer to the below posts earlier in this thread for information on scores.

https://ficoforums.myfico.com/t5/Personal-Finance/WTH-is-up-with-my-ChexSystems/m-p/5289950#M24651

https://ficoforums.myfico.com/t5/Personal-Finance/WTH-is-up-with-my-ChexSystems/m-p/5289696#M24631

[Anonymous]

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@Thomas_Thumb wrote:

@Anonymous

Chexsystems only keeps records of reportable events for five years. If you have not had a reportable event in recent years your old events will fall off and you become unscoreable due to insufficient data.

Welcome to the 9999 club  Being unscoreable represents 45% of profiles so it's far from exclusive.

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 Glad to know the info ... was wondering

[CreditCuriosity]

Well talked to simmons they wanted to run it again vs. overturning it i told them to pound sand.. Went to Pinnacle Financial and sure enough denied lol as chexsystem.. Manager overturned it although i did get a reason for the initial bs denial and got the checking acct today.

AI-Time at Current Address (BS excuse as people move all the time which lead to the following events)

AG-Time Since Non-DDA Inquiry Activity (DD stand for demand deposit account meaning several inquiries due to above new address issue and tried multiple accounts)

AH-Unique FI DDA Inquiry History (DD again which means demand deposit meaning seeking new accounts at multiple banks (gee cause i had no idea what was up) )

So long story short ChexSystem is a crock of crud IMO..  Really if I wouldn't of had it overwritten I probably would of had to do one of two things either live at new address for awhile and not do an inquiry for 3-6 months or went to a non chex system bank..  The system is broken IMO if a move causes a downward spiral of events.. Sorry I bought a house chexsystems and NFCU and PenFed two of the largest credit unions in the US don't report to your Bleeping service.   Report all history as a CRA or don't report is my theory on it kinda like EWS only certain banks report to them and innovis etc..   They don't show ones whole history thus a hack imho.    I really hate them.. I know so much about credit and the 3 mains CRAs then one such as chexsystem that is way outdated can really mess someones life up and they got to goto a local bank or cu, but that doesn't really solve it as they don't report to chex so a vicious cycle..  Only reason I chose Pinnacle vs. a non chexsys local bank like regions or the like is they will report to Chex and I will have a file other than what lexus nexis was so kinda to provide them such as my real estate accounts and wealth index and no bk's, or liens etc... Surprised more people aren't up in arms about these folks

/end rant and end of story at least my nightmare story

[FinStar]

What a nightmare CC. In a way I'm glad to hear it was nothing adverse or negative in the context of an unexpected "surprise".

Essentially, I've resigned to time things accordingly so that it doesn't impede my efforts with any SUBs or potential opportunities since just about everyone uses ChexSystems. Annoying, most definitely 😁

This reminds me, I gotta order mine lol. Lord knows what it looks like these days.

Citizens, Vantage West, Baxter and Consumers CU... I'm looking at you! 😎

[Anonymous]

Surprisingly, DCU accepted me for the savings account that I applied for. But after reading some stuff about DCU, I think they might reverse their decision if they don't like my Chexsystems. I get how "technically" moving a lot raises a red flag in the Chex stupid algorithm but honestly, many people move a lot. I move usually once a year. The lease ends and I move to another place. It keeps life more interesting and exciting. What's wrong with that? Everything, according to Chexsystems.

/end rant

[Anonymous]

I opened a checking account earlier this month and asked my banker to print me the ChexSystems report. My Qualifile score is on it and everything, including the "Recommended Actions" of "OPEN ACCOUNT" as pulled through FIS.

Reminder to everybody opening (or failing to open) a checking account at a branch with that little ChexSystems sign: ask for a copy of your report.

[Sbrooks1]

I was denied last year by a local CU that cited my CS report, however, I had just ordered and received it , and it was clean. So, I think banks use this as an excuse for whatever reason.

[Anonymous]

CC ... in reality this whole multi-credit bureau/information gather thing would likely not affect as many people as it seems (even though it is total darn waste of time) ... it is about the "churners" chasing rewards that get snagged in the net. For my part I have placed freezes on about twelve groups so far. It is so totally stupid. It is all about making a buck so everybody seems to create something to further subdivide the market place and sell our already hacked data. You want privacy while your state is probably distributing your voting record with date-of-birth right now (State of Minnesota's Office of the Secretary of State just received and order of the court to release ALL voting records past and present to include those who were registered to vote at one time and and are not even current along with all addresses and dates of birth to include active records). Won't rant as most of us that are in the know already know. Try this ... I moved nine times in the military (two year period) plus twenty-three other times ... and actually never was denied a bank account but ... many of those moves were before all of the digital automated market subdivided world (you want the digital automated world and you got it). With your brains and mine ...?   Why don't we start an "information gathering business" and collect "gossip" data like one of the major three used to do. Likely we could get people to pay us for such a service and that could include a fee for silence (you get my drift) turn the IT over to you and I will go forth into the world and snag unsuspecting victims

Now that I have side tracked you ... awhile back you mentioned presenting yourself in person at banks/credit unions to obtain in branch over-ride consideration! Great idea as I have had to do that with financials before ... and it is a lot harder to say "no" to a person standing there in person than online or the telephone. Com'mon and get on it ... enough belly aching. As you can see it is a measure of a person to "walk the walk" rather than 'talk the talk" (learned all this "bottom feeding in the elected world").

[Anonymous]

CC ... time for an update on this thread! You were going to be one of those people who: "walk the walk" on this! The whole situation is for the "birds" and it was my hope you could shoot through it all and give us some data points for success