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

[Burgerwars]

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.

 

[tmcgill]

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 September 14 by tmcgill