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Fun with ChexSystems & BECU


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I have been trying to get an account/membership with BECU for a little while now. Every time I have tried to join online, it doesn't even get to the submission part of the process before it tells me my application can't be completed or something similar to that effect. I figured it had something to do with identity verification. As you may have seen, I recently posted about my DH getting a nice approval out of BECU for a $12.5k Visa Signature. We got him signed up for a membership, checking, and with the credit card with no trouble at all. Well, that made me decide to try adding myself as a joint owner to my DH's account the old fashioned way, as a backdoor membership method. Apparently, I am not qualified to even do that!

 

I got their response back in the mail today after we sent off all the documents. The response was pretty weird to me. I will post a photo of their letter below. For one, they are citing my Chexsystem score, something I didn't even know existed. It's 730 out of 899, so that seems decent to me. But who knows? The score factor reasons are what I thought was interesting. I think these are generated by Chexsystems, but I can't be certain they aren't from BECU.

 

The first reason makes no sense. They say no evidence of asset ownership. To my knowledge, Chexsystems doesn't keep track of any assets that a person owns, mainly just bank inquiries and debts. Reason number 2 (no evidence of property ownership) similarly makes no sense.

 

Reason 3 doesn't track either: they say time at current address is an issue. My Chex report doesn't show anything relating to when I moved into my current place, it simply just lists the address.

 

Reason 4 is more nonsense, IMO. Chex doesn't show any info about any of my open bank accounts, so how can they cite that as a reason? I don't think Chex even keeps those kind of records, and if they did, my deposit history would be far beyond sufficient. I don't think I can even count the number of bank accounts I own, LOL.

 

Reason 5 is the only plausible one. I do have quite a few inquiries on there, especially with creditors checking your Chexsystems now for credit cards and other loan products. It's easy to rack up some Chex inquiries these days.

 

So what do y'all think? Are they really citing my Chexsystems data or do you think this is coming from somewhere else? Do you think these are BECU's denial reasons or automatically generated ones? To me, a lot of the reasons they mention would make a lot more sense if they were talking about a LexisNexis report or an Early Warning Systems report, because those places keep this kind of data on their files. But most of this doesn't even fit with what Chexsystems does.

 

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Get a copy of your Chex report and see exactly what data they are collecting. Supposedly they only focus on adverse checking activity like bounced checks but the list in your letter far exceeds the data they are reported to collect. This is very strange because it lacks any normal reasons people have a problem with Chex Systems.

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28 minutes ago, cashnocredit said:

Get a copy of your Chex report and see exactly what data they are collecting. Supposedly they only focus on adverse checking activity like bounced checks but the list in your letter far exceeds the data they are reported to collect. This is very strange because it lacks any normal reasons people have a problem with Chex Systems.

Oh, I've got a copy of it handy. The info they have is my name, address, email, phone number, SSN, driver's license number, one recent order of a box of checks, and my Chex inquiries. But that's it! This stuff they are saying is just wild.

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First reaction:  This is really frak-ed up  ("frak" made it into the NYT Sunday crossword yesterday ... just trying it on for size ;) )

 

Second reaction:  DH's recent success with BECU not withstanding, do you really want to enter a long-term relationship with a nutcase CU?

 

Mind you, I'm really BIG on CU's.   I love the crap out of DCU and my smaller PA CU (where I've been a member for 41 years ... signed up at age 21).

 

I can see denying membership if you had adverse CS reporting (i.e. returned / NSF checks).  But your crime appears, at worst, to be a "thin" file, due to lack of reported info.

 

By the way, to address some of your questions, the score and "key factors" that you received are strictly generated by ChexSystems.  BECU had nothing to do with their generation and the factors relate only to generation of that reported score.  I presume (it's not explicitly stated) that the score represents your relative risk of incurring a NSF in the near future (paralleling a FICO Score, which represents relative risk of a serious delinquency in the near future).

 

The denial that you received from BECU reasonably cites this information.  However, their response should parallel any decision letter you receive from a credit grantor:  aside from the boilerplate score explanation, it should delineate BECU's reasons for the decline.  Those reasonably differ from the score factors, since they should be overlaying their own risk assessment when evaluating your application for membership.

 

Again, I'll stress that the reason you didn't score higher appears to be strictly a consequence of thin data on file with CS.

 

If, after reassessment, you decide you're still interested in pursuing an account relationship with BECU;, I advise writing to BECU with a request for reconsideration.  Provide data that appears to be missing from your CS report that has triggered a "Key Factor" for your score.  Provide a brief explanation of recent CS inquiries that "rationalizes" each related account application, to reduce any appearance that you're simply racking up new accounts for their own sake and/or bonuses, with no actual use.

 

If this CU is worth it's mettle, you'll get a response that demonstrates that you finally landed on someone's desk for personal (human) evaluation.  Since there's no serious impediment in your file, you should be approved.

 

If you receive ANY other response, kick these 'wipes to the curb.

 

------

 

btw, you've piqued my interest in my own ChexSystems report and score.  As you found, you can get download a report online.  The score must be mailed, for some reason.

 

Aside from echoing back the info that I provided in the request, every section of the report came back with "No Information Found".

 

I may consider that a badge of honor.   I'm going to guess that my score comes back with a 9000-9999 value, as suggested by their score narrative as what to expect if you have insufficient info on file.

 

If I didn't have huge fish to fry on the burner these days, I'd put in an account app with BECU and really screw with them! :rofl:

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12 hours ago, hdporter said:

First reaction:  This is really frak-ed up  ("frak" made it into the NYT Sunday crossword yesterday ... just trying it on for size ;) )

 

Second reaction:  DH's recent success with BECU not withstanding, do you really want to enter a long-term relationship with a nutcase CU?

 

Mind you, I'm really BIG on CU's.   I love the crap out of DCU and my smaller PA CU (where I've been a member for 41 years ... signed up at age 21).

 

I can see denying membership if you had adverse CS reporting (i.e. returned / NSF checks).  But your crime appears, at worst, to be a "thin" file, due to lack of reported info.

 

By the way, to address some of your questions, the score and "key factors" that you received are strictly generated by ChexSystems.  BECU had nothing to do with their generation and the factors relate only to generation of that reported score.  I presume (it's not explicitly stated) that the score represents your relative risk of incurring a NSF in the near future (paralleling a FICO Score, which represents relative risk of a serious delinquency in the near future).

 

The denial that you received from BECU reasonably cites this information.  However, their response should parallel any decision letter you receive from a credit grantor:  aside from the boilerplate score explanation, it should delineate BECU's reasons for the decline.  Those reasonably differ from the score factors, since they should be overlaying their own risk assessment when evaluating your application for membership.

 

Again, I'll stress that the reason you didn't score higher appears to be strictly a consequence of thin data on file with CS.

 

If, after reassessment, you decide you're still interested in pursuing an account relationship with BECU;, I advise writing to BECU with a request for reconsideration.  Provide data that appears to be missing from your CS report that has triggered a "Key Factor" for your score.  Provide a brief explanation of recent CS inquiries that "rationalizes" each related account application, to reduce any appearance that you're simply racking up new accounts for their own sake and/or bonuses, with no actual use.

 

If this CU is worth it's mettle, you'll get a response that demonstrates that you finally landed on someone's desk for personal (human) evaluation.  Since there's no serious impediment in your file, you should be approved.

 

If you receive ANY other response, kick these 'wipes to the curb.

 

------

 

btw, you've piqued my interest in my own ChexSystems report and score.  As you found, you can get download a report online.  The score must be mailed, for some reason.

 

Aside from echoing back the info that I provided in the request, every section of the report came back with "No Information Found".

 

I may consider that a badge of honor.   I'm going to guess that my score comes back with a 9000-9999 value, as suggested by their score narrative as what to expect if you have insufficient info on file.

 

If I didn't have huge fish to fry on the burner these days, I'd put in an account app with BECU and really screw with them! :rofl:

Hahahaha. Your response is hilarious! You have a thin Chex file situation on your hands, LOL. I imagine if your Chex isn't showing any information, you've probably been with the same bank for a very long time. They really do just keep track of inquiries, checks ordered, personal data, and when people default. I don't know if these BECU people are worth the trouble of dealing with them: I think you might have the right idea.

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