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clean_it_up

Can't get a checking account. Chex/EWS/Telecheck all clean

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I have been car shopping and trying to open a checking account. Chex/EWS/Telecheck all clean. I was just denied at 2 banks for a checking account based on Chex.

 

One denial letter gave a Chex score of 196 (100-899 scale). Denial reasons: 1. Delinquent/derogatory credit behavior; 2. Delinquent/derogatory credit behavior on installment trades; 3. Credit Activity: Excessive recent installment trades; 4. Previous debit history inquiry history; 5. Credit and Chex inquiries may have adversely impacted score; 6. Unfavorable debit history. This letter cited only Chex, no other bureau.

 

Second denial letter said I could write in for the specific reasons, but did give a similar Chex score. I just received another letter from this bank today saying they cancelled my application because they couldn't verify my information. This was strange because I have their denial letter from a couple weeks back. The denial letter cited Chex only, no other bureau.

 

I have a Chex report from the last fall, which was clean. I ordered a new one thinking something obviously changed. It is still clean but now loaded with 19 inquiries.

 

2015: 2 inquiries

 

2016: 3 inquiries. All three denied attempts at opening a checking account while I still had one negative old account.

 

2017: 5 inquiries. Three attempts to open a checking account about 3 months apart all denied with clean report and 2 more inquires from auto financing applications

 

2018: 9 inquiries. 2 inquiries for the above applications, and a third that says ordered by Trans Union on behalf of one of the above. 6 more inquiries that say ordered by Trans Union or Factor Trust on behalf of various finance companies that I recognize as being the ones dealerships have run my credit through. The dates match up from when I have submitted my auto finance applications. I don't understand what my Chex report has to do with financing a car, but I suppose they are free to look at whatever reports they wish. The problem is the 8 inquiries for my car shopping are now preventing me from opening a checking account. Otherwise, I would have just 3 inquiries in the last year. All denials. I have only been applying at one bank every three or four months and I keep getting denied. I know inquiries can have an impact, but inquiries for auto loans? Really?

 

I don't think I've been on any sort of app spree when it comes to these inquiries. They are spaced 3-4 months apart and I keep getting denied. I have no negative history.

 

Is there any way to get these auto finance company inquiries off?

 

Where can I open a checking account? Is there anywhere that isn't inquiry sensitive? I've tried two credit unions too. They ran a credit check and denied me based on my credit score, not Chex.

 

Based on prior history or recent denial, these aren't options for me:

BOA

Wells Fargo

USAA
TD Bank

US Bank

Capital One

Ally

Discover

America First CU

Charles Schwab

Fidelity

SCECU

 

I'm frustrated. I've been without a checking account for 2 years and nobody will approve me with clean reports. The auto loan inquiries just made a bad problem even worse. I don't want to keep wasting inquiries just to be denied.

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Excessive Chexsystems inquiries may result in denials. If the bank uses Chex scoring, your file may be clean - but excessive new account inquiries can lower the score. 

 

Just to confirm - EWS is clean?

 

Possible option:

Chime Bank

- (Internet Only)

Comes with Visa debit, routing and account number. The mobile app keeps you updated on your balance and transaction activity.  No NSF or monthly fees - www.chimebank.com 

 

What is your city and state? I'll check for local banks and credit unions.

 

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1 hour ago, tmcgill said:

Excessive Chexsystems inquiries may result in denials. If the bank uses Chex scoring, your file may be clean - but excessive new account inquiries can lower the score. 

 

Just to confirm - EWS is clean?

 

Possible option:

Chime Bank

- (Internet Only)

Comes with Visa debit, routing and account number. The mobile app keeps you updated on your balance and transaction activity.  No NSF or monthly fees - www.chimebank.com 

 

What is your city and state? I'll check for local banks and credit unions.

 

I’ve been financing cars for 30 years and this is truly a first that they pull my Chex report. Now that I have a clean Chex report, I have to wait until 2021 to open a checking account when all these inquiries fall off and I’m sure I’ll have more because I haven’t purchased a car yet. 

 

Yes, EWS and Telecheck are both clean. 

 

I currently use Chime and used Simple before that. I don’t like either because in order to send a check, there’s a 10 business day delay between when the funds are removed from my account until the recipient receives a check. That requires that I have rent money available in my account two weeks before it’s actually due in order for their check to be on time. I also was denied an auto loan based on the fact that I don’t have a “real” checking account. This lender requested my last statement and when I provided it I was told that Chime is a prepaid card, not a “real” checking account. Apparently with this lender a “real” checking account is required for approval. 

 

I live in Las Vegas. There aren’t many options here that I haven’t already tried. Both CUs I’ve been to denied me based on credit reports. Both said if I can’t qualify for a $1000 unsecured loan (that I didn’t ask for and didn’t want) the only account they will open is savings without an ATM card. 

 

Im just so frustrated that I had to wait out 5 years for Chex to be clean and now there are too many inquiries due to my needing a car. What does my Chex report have to do with auto finance anyway?

 

Even more frustrating is that the six reasons I was given by the first bank don’t reflect the report I received which only shows inquiries not any of the negative history described in the letter. 

 

Any suggestions are appreciated. Especially if there is somewhere that is not inquiry sensitive. 

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Unusual to pull Chexsystems for auto financing. 

 

There are other options for checking accounts. Credit unions are a good source, and some approve if you join an organization they are affiliated with. If you join one not in NV, you can still bank locally if there is a local branch in that network. There are also brokerage accounts that come with debit card and checks. I'll suggest more options once I'm through scanning the list.

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41 minutes ago, tmcgill said:

Unusual to pull Chexsystems for auto financing. 

 

There are other options for checking accounts. Credit unions are a good source, and some approve if you join an organization they are affiliated with. If you join one not in NV, you can still bank locally if there is a local branch in that network. There are also brokerage accounts that come with debit card and checks. I'll suggest more options once I'm through scanning the list.

My thoughts exactly on pulling Chex for auto loans. This is the first time in over 30 years financing cars that I’ve seen that. 

 

Also, I forgot to mention BBVA Compass is not an option either. They were unable to verify my identity.

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I would try to freeze your LexisNexis reports and dispute the public information lexis contributes to your Chex report as that also contributes to a low qualifile Chex score. Also if you didn’t authorize inquiries on your report I would dispute them .. as inquiries on chex reports do matter and if you don’t recognize them then their removal would greatly increase your score.

 

Meanwhile I would go talk to someone at Mountain America Credit Union.. I believe they have a LV branch. They are based here in Utah and have been known to open a savings account to people in Chex but also give them a MyExpress debit card which is essentially a checking account without overdraft abilities but mobile and ATM deposits allow $500 available first business day. An upgrade to a regular checking is possible if you show a branch manager longevity. Then, after 60 days of regular checking then all deposits up to $5k are available immediately. Part of shared branching CO OP network as well and they instant issue debit cards. Good luck.

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Good suggestion from Stevensmileyx about Lexis.

 

Possible Nevada options to check out:

Nevada:

 

Bank of the West

https://www.bankofthewest.com/

(Has a fresh start account. If your Chex entries are older than a year,  you might qualify.

Also, they require no fraud entries)

 

West Star Credit Union

http://www.weststar.org/
Requirements: https://www.weststar...e-a-member.html

 

Clark County Credit Union - www.ccculv.org

Requirements: https://www.ccculv.o...o-Can-Join.aspx

 

One Nevada Credit Union - www.onenevada.org

Requirements: https://onenevada.org/open/

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Regarding the above list:

Always call and find out the approval requirements so you don't have another useless inquiry.  

 

The plus about credit unions:

Even if you have to travel to open, you can bank locally with other CUs in their network. 

 

Keep us posted.

 

 

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On 8/23/2018 at 11:08 PM, clean_it_up said:

I have been car shopping and trying to open a checking account. Chex/EWS/Telecheck all clean. I was just denied at 2 banks for a checking account based on Chex.

 

One denial letter gave a Chex score of 196 (100-899 scale). Denial reasons: 1. Delinquent/derogatory credit behavior; 2. Delinquent/derogatory credit behavior on installment trades; 3. Credit Activity: Excessive recent installment trades; 4. Previous debit history inquiry history; 5. Credit and Chex inquiries may have adversely impacted score; 6. Unfavorable debit history. This letter cited only Chex, no other bureau.

 

Second denial letter said I could write in for the specific reasons, but did give a similar Chex score. I just received another letter from this bank today saying they cancelled my application because they couldn't verify my information. This was strange because I have their denial letter from a couple weeks back. The denial letter cited Chex only, no other bureau.

 

I have a Chex report from the last fall, which was clean. I ordered a new one thinking something obviously changed. It is still clean but now loaded with 19 inquiries.

 

2015: 2 inquiries

 

2016: 3 inquiries. All three denied attempts at opening a checking account while I still had one negative old account.

 

2017: 5 inquiries. Three attempts to open a checking account about 3 months apart all denied with clean report and 2 more inquires from auto financing applications

 

2018: 9 inquiries. 2 inquiries for the above applications, and a third that says ordered by Trans Union on behalf of one of the above. 6 more inquiries that say ordered by Trans Union or Factor Trust on behalf of various finance companies that I recognize as being the ones dealerships have run my credit through. The dates match up from when I have submitted my auto finance applications. I don't understand what my Chex report has to do with financing a car, but I suppose they are free to look at whatever reports they wish. The problem is the 8 inquiries for my car shopping are now preventing me from opening a checking account. Otherwise, I would have just 3 inquiries in the last year. All denials. I have only been applying at one bank every three or four months and I keep getting denied. I know inquiries can have an impact, but inquiries for auto loans? Really?

 

I don't think I've been on any sort of app spree when it comes to these inquiries. They are spaced 3-4 months apart and I keep getting denied. I have no negative history.

 

Is there any way to get these auto finance company inquiries off?

 

Where can I open a checking account? Is there anywhere that isn't inquiry sensitive? I've tried two credit unions too. They ran a credit check and denied me based on my credit score, not Chex.

 

Based on prior history or recent denial, these aren't options for me:

BOA

Wells Fargo

USAA
TD Bank

US Bank

Capital One

Ally

Discover

America First CU

Charles Schwab

Fidelity

SCECU

 

I'm frustrated. I've been without a checking account for 2 years and nobody will approve me with clean reports. The auto loan inquiries just made a bad problem even worse. I don't want to keep wasting inquiries just to be denied.

Langley FCU will approve you regardless. If you have a Equifax FICO above a 600 you can get an account with shared branching, debit card, checks, free account, online banking, mobile deposit. and can make ATM deposits at most PNC Banks. However, if the score is below 600, they will still open you one, called an essential account. You will get debit card, checks, mobile/online banking. However, you wont be able to do shared branching, mobile deposits, or initiate ACH transfers from Langley. Join one of their associations and you will be able to join.  I been with them since Feb 2018 and i started with an essential account myself, worked my way up to a FICO 600 in April 2018 and they changed my account for me.  www.langleyfcu.org 

 

First Commonwealth Bank - they have been approving online applications no matter where you live, full fledged account. You can make ATM deposits at US Bank ATMs. Try them as well. www.fcbanking.com 

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1 hour ago, mckbulldog02 said:

Langley FCU will approve you regardless. If you have a Equifax FICO above a 600 you can get an account with shared branching, debit card, checks, free account, online banking, mobile deposit. and can make ATM deposits at most PNC Banks. However, if the score is below 600, they will still open you one, called an essential account. You will get debit card, checks, mobile/online banking. However, you wont be able to do shared branching, mobile deposits, or initiate ACH transfers from Langley. Join one of their associations and you will be able to join.  I been with them since Feb 2018 and i started with an essential account myself, worked my way up to a FICO 600 in April 2018 and they changed my account for me.  www.langleyfcu.org 

 

First Commonwealth Bank - they have been approving online applications no matter where you live, full fledged account. You can make ATM deposits at US Bank ATMs. Try them as well. www.fcbanking.com 

Thanks but that doesn’t work for me. I only have 2 student loans reporting. Pretty low score in 500’s as a result. 

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18 hours ago, stevensmileyx said:

I would try to freeze your LexisNexis reports and dispute the public information lexis contributes to your Chex report as that also contributes to a low qualifile Chex score. Also if you didn’t authorize inquiries on your report I would dispute them .. as inquiries on chex reports do matter and if you don’t recognize them then their removal would greatly increase your score.

 

Meanwhile I would go talk to someone at Mountain America Credit Union.. I believe they have a LV branch. They are based here in Utah and have been known to open a savings account to people in Chex but also give them a MyExpress debit card which is essentially a checking account without overdraft abilities but mobile and ATM deposits allow $500 available first business day. An upgrade to a regular checking is possible if you show a branch manager longevity. Then, after 60 days of regular checking then all deposits up to $5k are available immediately. Part of shared branching CO OP network as well and they instant issue debit cards. Good luck.

Thanks but this is essentially the same as Chime which I already have. No checks available. 

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8 hours ago, clean_it_up said:

Thanks but this is essentially the same as Chime which I already have. No checks available. 

Had to reread your original post to see you needed checks... but I see Fidelity in your list of denials and as they are a NON EWS / NON CHEX institution.. is there a reason you cant get approved? They normally only deny if you have bad past with them or they find public records (criminal / judgments) of fraud. Also, US Bank usually is fine about inquiries if you go in a branch and apply for an account.

 

It seems like you really need to attack your Chex and EWS inquiries because you are looking for a place right now to walk in and hand you a debit card and checks with a low FICO, horrible banking history (if you cant even get a Fidelity account) and if you consider the banks point of view.. you are a risk if you have 19 inquiries.. which means from their perspective is the possibility that you could have tons of account and are a blow out risk, which means they are worried you could be kiting checks back and forth from banks. The reason why second chance accounts are checkless. 

 

First Commonwealth Bank suggestion earlier is not based on credit score.. and to be honest your going to have to try some of these alternative options until you get your report cleared up. Bill Pay services at some of these second chance banks are available to send a check out to whoever you need it sent to. Also, a service called Plastiq would allow you to use your credit or debit card to sent a bill pay check out to a party as well. 

 

At this point in time, your options are limited and you need a temporary solution until you fix your reports.

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On 8/25/2018 at 10:02 AM, tmcgill said:

Good suggestion from Stevensmileyx about Lexis.

 

Possible Nevada options to check out:

Nevada:

 

Bank of the West

https://www.bankofthewest.com/

(Has a fresh start account. If your Chex entries are older than a year,  you might qualify.

Also, they require no fraud entries)

 

West Star Credit Union

http://www.weststar.org/
Requirements: https://www.weststar...e-a-member.html

 

Clark County Credit Union - www.ccculv.org

Requirements: https://www.ccculv.o...o-Can-Join.aspx

 

One Nevada Credit Union - www.onenevada.org

Requirements: https://onenevada.org/open/

I checked with Weststar today and I don’t qualify to join, as I don’t work in the gaming industry. The only other way in is to join AAA Nevada for $56. 

 

Bank of the West approved a second chance account only for $12/month. I asked why only a second chance account if there’s nothing negative on my report. They said it’s based on what the computer gives them for a decision and cannot be overridden. 

 

Ill check with with the other two tomorrow. 

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You mentioned one of the banks where you applied could not verify your identity. I've seen this before when there was a problem with SSN verification, or the CRA could not confirm a license or state ID format. 

 

As Stevensmilexy mentioned, pull your Lexis and carefully review your identifying information. The big 3 CRAs - as well as Chexsystems pull from Lexis, as it is a major data aggregator.

 

I would also get your free annual reports from the Big 3 and check for ID discrepancies. www.annualcreditreport.com

Note: If the process is unable to verify identity, you may need to send in a copy of your ID and get copies by mail.

 

Until you pinpoint and correct the issue, you will have to use one of the alternative banking solutions.

Edited by tmcgill

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18 hours ago, tmcgill said:

You mentioned one of the banks where you applied could not verify your identity. I've seen this before when there was a problem with SSN verification, or the CRA could not confirm a license or state ID format. 

 

As Stevensmilexy mentioned, pull your Lexis and carefully review your identifying information. The big 3 CRAs - as well as Chexsystems pull from Lexis, as it is a major data aggregator.

 

I would also get your free annual reports from the Big 3 and check for ID discrepancies. www.annualcreditreport.com

Note: If the process is unable to verify identity, you may need to send in a copy of your ID and get copies by mail.

 

Until you pinpoint and correct the issue, you will have to use one of the alternative banking solutions.

I have my Lexis-Nexis report as well as reports from Chexsystems, Telecheck, EWS, and the big 3. My names, DOB, and what I can see of my SSN are correct on all of them. I’ve been able to open other types of accounts and my ID has been verified. Bank of the West had no problems when I applied there yesterday.

 

Maybe a clerical error on the bank’s part. It’s been almost a year since I tried BBVA (the one that couldn’t verify my identity). Perhaps I’ll try them again. 

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On 8/28/2018 at 3:42 PM, clean_it_up said:

I have my Lexis-Nexis report as well as reports from Chexsystems, Telecheck, EWS, and the big 3. My names, DOB, and what I can see of my SSN are correct on all of them. I’ve been able to open other types of accounts and my ID has been verified. Bank of the West had no problems when I applied there yesterday.

 

Maybe a clerical error on the bank’s part. It’s been almost a year since I tried BBVA (the one that couldn’t verify my identity). Perhaps I’ll try them again. 

I tried BBVA again and they could verify my identity this time, but they would not accept my opening deposit. They said it cannot come from a prepaid card or account. Considering that’s all I have at the moment this is not an option. 

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