Simple.com Bank app Declined--What do these reasons mean?

[jhall1255]

Hi I just applied for the bank Simple.com online and was declined.

 

The Reasons from chexsystems were as followed:

 

Credit Score: 0532 Score Date: 7/30/2014 5:25:52 PM

The key factors that adversely affected your score are as follows:

ASSET OWNERSHIP HISTORY
CURRENT ADDRESS CHANGE HISTORY
DDA CLOSURE PAYMENT HISTORY
DDA CLOSURE(S)
1 previous inquiries by 1 Fl(s)

 

My credit score has never been this low before and I just had a credit report done 2 years ago and it didn't say any of these things. So i'm curious what these mean. I know I have a bad bank account with a Small bank in another state that I had but Im working on paying that off. we recently moved but at the end of our lease so im confused on the current address change history.

 

Any help on what all of these mean would be greatly appreciated!

 

Thanks

[Burgerwars]

I've read they decline for an assortment of small reasons, including for having just two ChexSystems inquiries. I'll probably be denied too, even though I have an 800+ FICO.

 

I would just forget about them. There are plenty of other accounts like this, including GoBank, Bluebird and Moven.

[tmcgill]

Keep in mind that is Chexsystem's internal scoring system, not your FICO.

I would contact them and get them to clarify.

 

In the past, below are reasons others have told me they were given:

 

- Unable to verify your address

- Too many inquiries

- Recent account closure for fraud or abuse

- Recent NSF activity

Edited July 31, 2014 by tmcgill