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Burgerwars

Just opened a credit union account. Be careful with Chex inquiries.

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I had to open my account in person with Los Angeles Federal Credit Union. When I applied online their system said it couldn't fully verify my identity so I needed to go to a branch to complete things. Basically, anyone living in Southern California can apply by donating $5 to some organization. 

While at the branch the representative asked me about my Chex inquiries. I was thinking there was only one inquiry in the last six months, but there might be two. She asked me about them and I replied I took advantage of a bonus offer. Afterwards, I thought that was a bad response, but she was ok with that. She said the credit union thinks having three in the past six months is too many, but they can see the past five years. They also did a hard inquiry on Trans Union. I knew I was ok there. Only one hard inquiry on TU in the last two years, that now is two after opening this account.

As I've mentioned before, inquiries do matter on Chex and EWS. I can't forget being literally thrown out of a bank branch three years ago because of this. Don't go hog-wild opening bank accounts.

As far as this credit union, I may apply for their credit card in the future. I'm also thinking maybe a home improvement or car loan, but I don't have a need just yet.

 

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Thanks for the update on Los Angeles Federal Credit Union.

Keep us posted on any operational or customer service issues.

 

Yes, inquiries can adversely affect a new checking or savings approval. I post often about randomly applying to banks and credit unions, without finding out their approval process.

 

Always map out a strategy for account applications based on your Chex, EWS and Telecheck files.

 

 

Edited by tmcgill

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I had another thread about this but I had apped with a couple CU's in the hopes of getting their Secured Cards.  First was State Department, they pulled Chex twice and EX hard and then denied me for not being able to validate my address.  Furnished them my DL a lease etc., but not enough..  "come into a branch" was their suggestion.  I have since ordered my Chex and while clean, I do have 4 inquiries there in the last year, .  Two from SDFCU and one each from Affinity (denial for same reason as SDFCU) and Andigo which was an instant approval.  I had never seen my Chex report but it was definitely worth the effort to order it and review it.  You are entitled to one free report each year and it took about 4 days to receive the actual paper report.

 

Annual Chex report

Edited by sgleich
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On 9/11/2018 at 3:57 PM, Burgerwars said:

I had to open my account in person with Los Angeles Federal Credit Union. When I applied online their system said it couldn't fully verify my identity so I needed to go to a branch to complete things. Basically, anyone living in Southern California can apply by donating $5 to some organization. 

While at the branch the representative asked me about my Chex inquiries.

 

I had a similar experience there.  I got turned down, and was surprised to have an. inquiry on my credit report for a checking account!

 

I have opened a buncos extra accounts in case I get a lien again.  Maybe that wasn't a good strategy after all?

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45 minutes ago, NVuLakLnez7d said:

I had a similar experience there.  I got turned down, and was surprised to have an. inquiry on my credit report for a checking account!

 

I have opened a buncos extra accounts in case I get a lien again.  Maybe that wasn't a good strategy after all?

Maybe. I can't stress enough that inquiries do matter with Chex and EWS. Maybe my very high credit score offset the extra inquiries they were concerned about.

Edited by Burgerwars

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37 minutes ago, Burgerwars said:

Maybe. I can't stress enough that inquiries do matter with Chex and EWS.

Matter how exactly?  To whom?  I guess they could be disputed right?

 

Do you mean, at some point, I might be denied an account because of inquiries?

 

They fall off after two year anyway per FCRA right?

 

Being denied a checking account isn't really a big deal especially if you have a bunch of other ones, which is the reason for denial right?

Edited by NVuLakLnez7d

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3 hours ago, NVuLakLnez7d said:

Matter how exactly?  To whom?  I guess they could be disputed right?

 

Do you mean, at some point, I might be denied an account because of inquiries?

 

They fall off after two year anyway per FCRA right?

 

Being denied a checking account isn't really a big deal especially if you have a bunch of other ones, which is the reason for denial right?

I think Chex shows them for three years. I've never tried disputing them. Do look at your EWS. Even if there aren't recent inquiries, there's a lot of account history. Issuers could question what's up with all those accounts.

 

One account I opened earlier this year (Denizen/BBVA) I regretted, but no biggie. They did give me a $100 opening bonus.

 

Yes, it's no big deal if I'm denied.  I have enough.

 

One other thing I want to mention, is I heard Chex has a notification service.  If you open an account and they checked Chex, they may notify the issuer for a period of time if you go out and immediately apply for other accounts. That new account could get closed, from what I read. You can open just about any account, but you can't have them all. My conservative rule of thumb is you're usually safe opening one account every three months, but there are no guarantees.

Edited by Burgerwars

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