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Discover Money Market Checking?

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I was denied in February for Discover Regular Checking based on Chex. My Chex was clear except for an insane amount of inquiries from car shopping the year before. I was just approved for Money Market Checking. Is it likely to get closed later or maybe the extra 6 months or so aged the inquiries enough?

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Posted (edited)

DIscover Bank is thorough and picky about identity at initial screening.  If there is a closure for some reason, it usually occurs shortly after the account is open. With them, multiple inquiries factor in approval. 

 

The straight Discover Bank checking versus the Money Market with checks are separate products, with individual approval criteria. If there is an approval override and closure, it occurs shortly after opening. 

 

 

 

 

Edited by tmcgill

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Posted (edited)
On 7/27/2020 at 12:18 PM, clean_it_up said:

I was denied in February for Discover Regular Checking based on Chex. My Chex was clear except for an insane amount of inquiries from car shopping the year before. I was just approved for Money Market Checking. Is it likely to get closed later or maybe the extra 6 months or so aged the inquiries enough?

Chex inquiries are for applying for bank accounts (checking, savings).  I would be surprised if Chex inquiries result from car shopping/financing.  Some banks are picky about Chex/EWS inquiries, and some are less picky.  The less picky only look at the past three to six months (in my experience).  Many years ago I applied for a checking account at a bank that looked at inquiries going back a few years.  They literally threw me out of the branch.  Fortunately, this is the exception.  

Edited by Burgerwars

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On 7/30/2020 at 7:37 AM, Burgerwars said:

Chex inquiries are for applying for bank accounts (checking, savings).  I would be surprised if Chex inquiries result from car shopping/financing.  Some banks are picky about Chex/EWS inquiries, and some are less picky.  The less picky only look at the past three to six months (in my experience).  Many years ago I applied for a checking account at a bank that looked at inquiries going back a few years.  They literally threw me out of the branch.  Fortunately, this is the exception.  

That was my thought as well until I saw my report.

 

There are nearly a dozen that say: Transunion on behalf of Ally, Transunion on behalf of GM Financial, etc.

 

They line up to the actual inquiries on my TU.

 

Other than inquiries the report is blank.

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1 hour ago, clean_it_up said:

That was my thought as well until I saw my report.

 

There are nearly a dozen that say: Transunion on behalf of Ally, Transunion on behalf of GM Financial, etc.

 

They line up to the actual inquiries on my TU.

 

Other than inquiries the report is blank.

Interesting.  Maybe there's something different with car shopping.  Did they think you were going to write a check to buy a car?  I wonder if they're soft, not hard, inquiries.  There's usually an explanation in there of which inquiries are visible to others and which aren't.  Last year, I leased a car through Chase financing.  Nothing for that appeared on my Chex, but I ended up with two hard inquiries on my TransUnion (one from Chase and one from the car dealer).  The lease itself shows as an installment loan on my credit reports.

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2 hours ago, Burgerwars said:

Interesting.  Maybe there's something different with car shopping.  Did they think you were going to write a check to buy a car?  I wonder if they're soft, not hard, inquiries.  There's usually an explanation in there of which inquiries are visible to others and which aren't.  Last year, I leased a car through Chase financing.  Nothing for that appeared on my Chex, but I ended up with two hard inquiries on my TransUnion (one from Chase and one from the car dealer).  The lease itself shows as an installment loan on my credit reports.

I paid cash for a down payment, which they knew I would do when I began shopping.

 

The inquiries appear under the section "Inquiries Viewed By Others".

 

I recall some of the adverse action letters noted odd combinations of bureaus. EX and Sage Stream, TU and Factor Trust, EX and Lexis Nexis, and some other strange ones. I never before had inquiries to Chex for an auto loan and generally past AA letters have just been based on the big 3.

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22 hours ago, Burgerwars said:

Interesting.  Maybe there's something different with car shopping.  Did they think you were going to write a check to buy a car?  I wonder if they're soft, not hard, inquiries.  There's usually an explanation in there of which inquiries are visible to others and which aren't.  Last year, I leased a car through Chase financing.  Nothing for that appeared on my Chex, but I ended up with two hard inquiries on my TransUnion (one from Chase and one from the car dealer).  The lease itself shows as an installment loan on my credit reports.

I used to work in the Payday Loan lending industry and they would use tele-track ( not telecheck )  and they also ran chexsysems sometimes to find any negative information such as account closures and the reasons why it was closed and how many were closed. They also used micro-built to validate a bank account owner and transactions. 

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