Application Denied to Open a New Checking Account

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Topic Author
AlwaysLearning101
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Joined: Mon Jun 29, 2020 8:25 pm

Application Denied to Open a New Checking Account

Post by AlwaysLearning101 » Mon Jun 29, 2020 8:39 pm

I recently tried opening a new checking account and was denied. The bank checked my Early Warning Services report. I’ve looked at my FICO score and factors impacting my score. They seem to line up with Early Warning Services’ concerns about my credit.

Current FICO score: 803

Factors impacting my score:
1. Amount owed on revolving accounts is too high
2. Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high

I have 3 credit cards:
1. A solo Fidelity credit card with a credit limit of $5,000. I typically spend $750-1,200/month on the card (occasionally up to $2,000 for a big purchase). It is automatically paid off monthly in full by me. I previously had a credit limit of $1,000 and successfully applied for an increase in Oct 2019.

2. I’m an authorized user on my mom’s Fidelity credit card with a credit limit of $10,000. I don’t spend anything on it and it is automatically paid off monthly in full by my mom.

3. I’m an authorized user on my mom’s Capital One credit card with a credit limit of $20,000. It is not used by either party unless they are out of the country – to utilize the card’s international benefits. If there is a balance, it will be paid off in full.

Background:
My gross income is approximately $15,000/month. Beyond my credit card spending, my monthly expenses are an additional $1,000/month. I have 0 debt. I'm hoping to purchase a house within the next 2 years with my partner.

My questions:
1. Should I remove myself from my mom’s Fidelity credit card so it does not show I have a higher amount owed on revolving accounts than I really do? Will that cause my proportion of balances to credit limits to be higher?

2. Is it worth trying to apply for another credit limit increase even though I was approved in Oct 2019? I believe the consensus is to wait 2 years before applying for an increase again.

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CyclingDuo
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Re: Application Denied to Open a New Checking Account

Post by CyclingDuo » Tue Jun 30, 2020 8:02 am

AlwaysLearning101 wrote:
Mon Jun 29, 2020 8:39 pm
I recently tried opening a new checking account and was denied. The bank checked my Early Warning Services report. I’ve looked at my FICO score and factors impacting my score. They seem to line up with Early Warning Services’ concerns about my credit.

Current FICO score: 803

Factors impacting my score:
1. Amount owed on revolving accounts is too high
2. Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high

I have 3 credit cards:
1. A solo Fidelity credit card with a credit limit of $5,000. I typically spend $750-1,200/month on the card (occasionally up to $2,000 for a big purchase). It is automatically paid off monthly in full by me. I previously had a credit limit of $1,000 and successfully applied for an increase in Oct 2019.

2. I’m an authorized user on my mom’s Fidelity credit card with a credit limit of $10,000. I don’t spend anything on it and it is automatically paid off monthly in full by my mom.

3. I’m an authorized user on my mom’s Capital One credit card with a credit limit of $20,000. It is not used by either party unless they are out of the country – to utilize the card’s international benefits. If there is a balance, it will be paid off in full.

Background:
My gross income is approximately $15,000/month. Beyond my credit card spending, my monthly expenses are an additional $1,000/month. I have 0 debt. I'm hoping to purchase a house within the next 2 years with my partner.

My questions:
1. Should I remove myself from my mom’s Fidelity credit card so it does not show I have a higher amount owed on revolving accounts than I really do? Will that cause my proportion of balances to credit limits to be higher?

2. Is it worth trying to apply for another credit limit increase even though I was approved in Oct 2019? I believe the consensus is to wait 2 years before applying for an increase again.
Why not just use the checking account feature from the cash management account you use at Fidelity for your brokerage account?
"Everywhere is within walking distance if you have the time." ~ Steven Wright

PaunchyPirate
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Re: Application Denied to Open a New Checking Account

Post by PaunchyPirate » Tue Jun 30, 2020 8:09 am

I'll admit I know nothing about an Early Warning Services report. I would think with a FICO of 803 you'd have no problems with setting up accounts, but not all financial establishments will necessarily look at FICO scores.

My only comment on being on your Mom's cards is that with your income, I don't see the reasoning for this. It's probably time to move on to establishing all financial matters in your name only.

Finally, when credit cards report your numbers to the credit bureaus, they send the credit limit and the balance owed at the end of each month. They do not send anything that shows you pay off your card every month. So the credit bureaus see you as having utilized $2000 of your $5000 credit. That is a pretty high percentage. Hence the factors impacting your score.

If I were you, I would attempt to open 2 additional credit cards (one at a time) in your name. I'm a fan of having 3 or 4 cards (all of which are used now and then and all of which are paid off each month). Through time, this will establish better credit. I would also request an increase in the credit limit whenever they permit it. I don't know how often cards allow that, but it can't hurt to try.

Again, though, I'm puzzled why someone with a FICO of 803 can't open a checking account. You might try a different bank.

simas
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Re: Application Denied to Open a New Checking Account

Post by simas » Tue Jun 30, 2020 8:14 am

Use a different bank/financial organization, consider a credit union in your area

Remove yourself from your moms card, with the income mentioned (which is 3 times national income), no need for it.

if you already have relationship with Fidelity, their cash management account features are pretty good. Couple this with local/small institution and you have almost everything you may want from the 'bank' covered.

Silk McCue
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Re: Application Denied to Open a New Checking Account

Post by Silk McCue » Tue Jun 30, 2020 8:22 am

Welcome to Bogleheads!

If you really want to know (and I would) you can submit the request found in the following link. It appears it will take a couple of weeks to process.

https://www.earlywarning.com/consumer-information

If you do this and don't mind sharing what you find it will be helpful for others in the future.

The first video also provides a number you can call to request a report be mailed to you. 800-745-1560

Cheers
Last edited by Silk McCue on Tue Jun 30, 2020 8:28 am, edited 2 times in total.

Mr.Chlorine
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Re: Application Denied to Open a New Checking Account

Post by Mr.Chlorine » Tue Jun 30, 2020 8:22 am

simas wrote:
Tue Jun 30, 2020 8:14 am
Use a different bank/financial organization, consider a credit union in your area

Remove yourself from your moms card, with the income mentioned (which is 3 times national income), no need for it.

if you already have relationship with Fidelity, their cash management account features are pretty good. Couple this with local/small institution and you have almost everything you may want from the 'bank' covered.
+1 to removing yourself from parent's cards. Then I would look into signing up for another card (presumably your backup CC).

With your income and no debt, I cannot believe you could not get a checking account. Seems like the bank made a mistake IMO. Now, if you are denied a new line of credit as well, then you may bigger problems like identity theft.

Topic Author
AlwaysLearning101
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Joined: Mon Jun 29, 2020 8:25 pm

Re: Application Denied to Open a New Checking Account

Post by AlwaysLearning101 » Tue Jun 30, 2020 8:36 am

Silk McCue wrote:
Tue Jun 30, 2020 8:22 am
Welcome to Bogleheads!

If you really want to know (and I would) you can submit the request found in the following link. It appears it will take a couple of weeks to process.

https://www.earlywarning.com/consumer-information

If you do this and don't mind sharing what you find it will be helpful for others in the future.

The first video also provides a number you can call to request a report be mailed to you. 800-745-1560

Cheers
Thank you!
I also wanted to know and requested my report a week ago! Will update when it arrives.

Jack FFR1846
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Re: Application Denied to Open a New Checking Account

Post by Jack FFR1846 » Tue Jun 30, 2020 8:43 am

As a tradeline seller, I'm very, very aware of my utilization on both my entire list of credit cards and for each single credit card. I do not let any card get above 10% of it's limit. That doesn't mean I don't spend.....just that when the card reports, it's below 10%.

What do I mean here? Say that on my main card, I pay my insurance bill, for a new water heater and for the deductible for body shop work on my car. The total is $10k and my card limit is $20k. Well, how do I deal with this? I pay off $8k of this bill long before the closing date. So when it reports, it's no more than 10%. I may have made 6 payments during the period which nobody but me and the card company sees. The report shows $2k for the month. Golden.

As for being an AU on someone else's card....you are exposed to potential higher % utilization because that person may spend more and not really pay any attention. So if that person goes above 10% (look at credit karma, they put % in order), then get off their card. You'll lose the age of credit and the credit limit of that card, but if their utilization is too high, it's not helping you.

Look at more cards that will give you a bonus to open. Do only one at a time. This increases your overall credit limit and number of accounts (both of which help) at the expense of age of credit.

At this point, it's a balancing act for you. Adding cards helps later but for now, you'll get a dip in your credit score.

Another easy thing you can do is to contact every card company you use and ask for credit limit increases. They may tell you that they have to do a hard pull for more than some certain amount. For example, if you're at $10k and ask for $20k, they may tell you that they can do $17.5k without a pull and any higher, they need to pull. Take the $17.5k and move on.
Bogle: Smart Beta is stupid

Topic Author
AlwaysLearning101
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Re: Application Denied to Open a New Checking Account

Post by AlwaysLearning101 » Tue Jun 30, 2020 8:52 am

PaunchyPirate wrote:
Tue Jun 30, 2020 8:09 am
I'll admit I know nothing about an Early Warning Services report. I would think with a FICO of 803 you'd have no problems with setting up accounts, but not all financial establishments will necessarily look at FICO scores.

My only comment on being on your Mom's cards is that with your income, I don't see the reasoning for this. It's probably time to move on to establishing all financial matters in your name only.

Finally, when credit cards report your numbers to the credit bureaus, they send the credit limit and the balance owed at the end of each month. They do not send anything that shows you pay off your card every month. So the credit bureaus see you as having utilized $2000 of your $5000 credit. That is a pretty high percentage. Hence the factors impacting your score.

If I were you, I would attempt to open 2 additional credit cards (one at a time) in your name. I'm a fan of having 3 or 4 cards (all of which are used now and then and all of which are paid off each month). Through time, this will establish better credit. I would also request an increase in the credit limit whenever they permit it. I don't know how often cards allow that, but it can't hurt to try.

Again, though, I'm puzzled why someone with a FICO of 803 can't open a checking account. You might try a different bank.
Thank you everyone for the helpful comments so far!

I mainly use Fidelity and I utilize a local credit union for my checking/savings accounts.

I’ll remove myself from my mom’s credit cards. I’ll also open a new credit card to decrease my high utilization percentage. Any suggestions for a new credit card?

I was trying to open a Capital One 360 Performance checking account for one of the promotions posted on here. I was hoping to park some money there to be used for a future house down payment.
Last edited by AlwaysLearning101 on Tue Jun 30, 2020 9:05 am, edited 1 time in total.

Jack FFR1846
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Re: Application Denied to Open a New Checking Account

Post by Jack FFR1846 » Tue Jun 30, 2020 8:58 am

Cap One and Chase are infamous for their difficulties to get their cards. Look an Dr. of Credit for current offers. Wells Fargo, Bank of America, HSBC, BBVA are all much easier to attain and have at one time or another had bonus offers. I know.....I've received the sign on bonus for all of them, yet been denied for a Cap One Savor. I have 2 dozen active cards and a fico of about 825.
Bogle: Smart Beta is stupid

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Cheez-It Guy
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Re: Application Denied to Open a New Checking Account

Post by Cheez-It Guy » Tue Jun 30, 2020 9:07 am

Is your ChexSystems record frozen?

LOL at $15,000 monthly income and a $5,000 credit limit.

Topic Author
AlwaysLearning101
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Joined: Mon Jun 29, 2020 8:25 pm

Re: Application Denied to Open a New Checking Account

Post by AlwaysLearning101 » Tue Jun 30, 2020 9:10 am

Jack FFR1846 wrote:
Tue Jun 30, 2020 8:43 am
As a tradeline seller, I'm very, very aware of my utilization on both my entire list of credit cards and for each single credit card. I do not let any card get above 10% of it's limit. That doesn't mean I don't spend.....just that when the card reports, it's below 10%.

What do I mean here? Say that on my main card, I pay my insurance bill, for a new water heater and for the deductible for body shop work on my car. The total is $10k and my card limit is $20k. Well, how do I deal with this? I pay off $8k of this bill long before the closing date. So when it reports, it's no more than 10%. I may have made 6 payments during the period which nobody but me and the card company sees. The report shows $2k for the month. Golden.

As for being an AU on someone else's card....you are exposed to potential higher % utilization because that person may spend more and not really pay any attention. So if that person goes above 10% (look at credit karma, they put % in order), then get off their card. You'll lose the age of credit and the credit limit of that card, but if their utilization is too high, it's not helping you.

Look at more cards that will give you a bonus to open. Do only one at a time. This increases your overall credit limit and number of accounts (both of which help) at the expense of age of credit.

At this point, it's a balancing act for you. Adding cards helps later but for now, you'll get a dip in your credit score.

Another easy thing you can do is to contact every card company you use and ask for credit limit increases. They may tell you that they have to do a hard pull for more than some certain amount. For example, if you're at $10k and ask for $20k, they may tell you that they can do $17.5k without a pull and any higher, they need to pull. Take the $17.5k and move on.
Thank you for your detailed response.
Both my mom’s and my Fidelity credit cards were opened in Sept 2015. Before that we had another credit card which was canceled to simplify finances for my mom since she also mainly uses Fidelity.
Looking at the past year, my mom’s credit card utilization rate is anywhere between 4.5% - 14.8%.

Katietsu
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Re: Application Denied to Open a New Checking Account

Post by Katietsu » Tue Jun 30, 2020 9:15 am

I do not think any of us have any idea why you were denied. Nothing you presented here is a red flag for opening a checking account, in my opinion. Your very high credit score makes it seem even more unlikely that you should have been denied an account because of your credit history. I think all your proposed actions are useful in any case - though may be unrelated to the reason you were denied.

ChicagoBear7
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Re: Application Denied to Open a New Checking Account

Post by ChicagoBear7 » Tue Jun 30, 2020 9:18 am

My understanding is that Early Warning reports on banking relationships - NOT credit. Your credit cards have nothing to do with this type of report.

While the report will tell you what the issue is, it likely relates to either many bounced checks or other account handling issues such as closing an account without paying final fees/charges. Sometimes you might think you closed an account when you zero out the account, but the bank might not consider it closed and then assesses a low balance fee. If you don't pay the fee and the bank charges it off - you might be reported as customer that caused a loss.

A lesson to all is if you want to close a bank account, don't just zero it out and assume the bank will consider it closed! And if you get a statement with a fee - don't ignore it!

lstone19
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Re: Application Denied to Open a New Checking Account

Post by lstone19 » Tue Jun 30, 2020 10:25 am

AlwaysLearning101 wrote:
Mon Jun 29, 2020 8:39 pm
Current FICO score: 803

Factors impacting my score:
1. Amount owed on revolving accounts is too high
2. Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high
With a FICO above 800, I would ignore the reasons. Every credit score reporting service I've gives reasons why it's not the maximum but as you approach the maximum, the reasons become silly (e.g. if your score is one point short of the maximum, if the reason is because you have a balance (e.g. $1), then the reason gets reported as "amount owed ... is too high". Yes, it's too high to get the maximum score but for any reasonable definition of "too high", it's not).

I agree with another posted that it's much more likely to be due to past checking account history.

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rterickson
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Re: Application Denied to Open a New Checking Account

Post by rterickson » Tue Jun 30, 2020 10:43 am

Be aware that if you remove yourself as an authorized user on your mother's accounts your available credit is going to drop from $35,000 to $5,000. That is also going to hurt your score. I would focus on adding additional cards of your own first.

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AlwaysLearning101
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Re: Application Denied to Open a New Checking Account

Post by AlwaysLearning101 » Tue Jun 30, 2020 10:46 am

ChicagoBear7 wrote:
Tue Jun 30, 2020 9:18 am
My understanding is that Early Warning reports on banking relationships - NOT credit. Your credit cards have nothing to do with this type of report.

While the report will tell you what the issue is, it likely relates to either many bounced checks or other account handling issues such as closing an account without paying final fees/charges. Sometimes you might think you closed an account when you zero out the account, but the bank might not consider it closed and then assesses a low balance fee. If you don't pay the fee and the bank charges it off - you might be reported as customer that caused a loss.

A lesson to all is if you want to close a bank account, don't just zero it out and assume the bank will consider it closed! And if you get a statement with a fee - don't ignore it!
I don’t think that’s ever happened. I will look into that and keep it in mind for the future.

ChicagoBear7
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Re: Application Denied to Open a New Checking Account

Post by ChicagoBear7 » Tue Jun 30, 2020 10:59 am

AlwaysLearning101 wrote:
Tue Jun 30, 2020 10:46 am
ChicagoBear7 wrote:
Tue Jun 30, 2020 9:18 am
My understanding is that Early Warning reports on banking relationships - NOT credit. Your credit cards have nothing to do with this type of report.

While the report will tell you what the issue is, it likely relates to either many bounced checks or other account handling issues such as closing an account without paying final fees/charges. Sometimes you might think you closed an account when you zero out the account, but the bank might not consider it closed and then assesses a low balance fee. If you don't pay the fee and the bank charges it off - you might be reported as customer that caused a loss.

A lesson to all is if you want to close a bank account, don't just zero it out and assume the bank will consider it closed! And if you get a statement with a fee - don't ignore it!
I don’t think that’s ever happened. I will look into that and keep it in mind for the future.
Some other items that might get reported would be the frequent depositing/cashing of checks that bounced or potential fraudulent activity on the account. If the reported items are not correct, you will want to dispute the information - just like a credit report. More and more banks and credit unions are using services like this in an attempt to limit losses on deposit accounts. Good luck.

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BolderBoy
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Re: Application Denied to Open a New Checking Account

Post by BolderBoy » Tue Jun 30, 2020 10:59 am

AlwaysLearning101 wrote:
Mon Jun 29, 2020 8:39 pm
I recently tried opening a new checking account and was denied. The bank checked my Early Warning Services report.
1. Ask the bank why they denied you.
2. Ask the bank for a copy of the EWS report.

Between 1 & 2 you'll have your answer.
"Never underestimate one's capacity to overestimate one's abilities" - The Dunning-Kruger Effect

LFS1234
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Re: Application Denied to Open a New Checking Account

Post by LFS1234 » Tue Jun 30, 2020 11:08 am

AlwaysLearning101 wrote:
Mon Jun 29, 2020 8:39 pm
My gross income is approximately $15,000/month. Beyond my credit card spending, my monthly expenses are an additional $1,000/month. I have 0 debt. I'm hoping to purchase a house within the next 2 years with my partner.
Could there be something else going on here? Does your income/spending profile put you into a group that banks prefer not doing business with?

Unless I missed it, you didn't mention your age or your line of work. People who have signature authority on parents' accounts are usually either very young, or upper middle-aged with declining parents. $15K/monthly income could raise eyebrows, especially for a very young person, unless it is understood where the money comes from. There are businesses - cannabis comes to mind - which are legal in some states but illegal under federal law. Most banks generally want nothing to do with such businesses. The same could apply to anything looking like money-laundering or fencing stolen goods, even though there are perfectly legitimate businesses that at first glance might look somewhat similar to a bank.

Is the $15,000/month W-2 income, 1099 income or some other kind of income?

Getting off your mother's accounts seems to be the first thing to do if there isn't any good reason for you to be on them, but perhaps the real problem lies elsewhere?

Topic Author
AlwaysLearning101
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Re: Application Denied to Open a New Checking Account

Post by AlwaysLearning101 » Tue Jun 30, 2020 11:44 am

LFS1234 wrote:
Tue Jun 30, 2020 11:08 am
AlwaysLearning101 wrote:
Mon Jun 29, 2020 8:39 pm
My gross income is approximately $15,000/month. Beyond my credit card spending, my monthly expenses are an additional $1,000/month. I have 0 debt. I'm hoping to purchase a house within the next 2 years with my partner.
Could there be something else going on here? Does your income/spending profile put you into a group that banks prefer not doing business with?

Unless I missed it, you didn't mention your age or your line of work. People who have signature authority on parents' accounts are usually either very young, or upper middle-aged with declining parents. $15K/monthly income could raise eyebrows, especially for a very young person, unless it is understood where the money comes from. There are businesses - cannabis comes to mind - which are legal in some states but illegal under federal law. Most banks generally want nothing to do with such businesses. The same could apply to anything looking like money-laundering or fencing stolen goods, even though there are perfectly legitimate businesses that at first glance might look somewhat similar to a bank.

Is the $15,000/month W-2 income, 1099 income or some other kind of income?

Getting off your mother's accounts seems to be the first thing to do if there isn't any good reason for you to be on them, but perhaps the real problem lies elsewhere?
I don’t think so?
I’m in my late 20’s and a doctor. It’s a W-2 income. I’ve been working for about 2 years now - I graduated from professional school 2 years ago.

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AlwaysLearning101
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Re: Application Denied to Open a New Checking Account

Post by AlwaysLearning101 » Tue Jun 30, 2020 11:49 am

ChicagoBear7 wrote:
Tue Jun 30, 2020 9:18 am
My understanding is that Early Warning reports on banking relationships - NOT credit. Your credit cards have nothing to do with this type of report.

While the report will tell you what the issue is, it likely relates to either many bounced checks or other account handling issues such as closing an account without paying final fees/charges. Sometimes you might think you closed an account when you zero out the account, but the bank might not consider it closed and then assesses a low balance fee. If you don't pay the fee and the bank charges it off - you might be reported as customer that caused a loss.

A lesson to all is if you want to close a bank account, don't just zero it out and assume the bank will consider it closed! And if you get a statement with a fee - don't ignore it!
I found what Early Warning Services said as to major factors impacting my score:
1. The status of the relationship with the inquiring bank as compared to the age of the established relationship with any bank
2. The total number of days the consumer's account has been open and present in the last 2 years

At this point, I may just have to wait and see what their Consumer Report states when it arrives.
In the mean time, I’ll open a new credit card as suggested by everyone.

rich126
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Re: Application Denied to Open a New Checking Account

Post by rich126 » Tue Jun 30, 2020 12:26 pm

Cheez-It Guy wrote:
Tue Jun 30, 2020 9:07 am
Is your ChexSystems record frozen?

LOL at $15,000 monthly income and a $5,000 credit limit.
Yeah, that seems strange. You'd expect a minimum of $10K. And when I was earning much less than that I still had cards that gave me $15-20K.

Although it is strange, often having more ccs is better than having only 1-2 for utilization and credit scores. I have a bunch (12-20) and my credit score is quite high.

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AlwaysLearning101
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Re: Application Denied to Open a New Checking Account

Post by AlwaysLearning101 » Tue Jun 30, 2020 12:53 pm

Cheez-It Guy wrote:
Tue Jun 30, 2020 9:07 am
Is your ChexSystems record frozen?

LOL at $15,000 monthly income and a $5,000 credit limit.
Just pulled a ChexSystems Report.
For all categories it states: “No Information Found”.

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Cheez-It Guy
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Re: Application Denied to Open a New Checking Account

Post by Cheez-It Guy » Tue Jun 30, 2020 1:19 pm

Do you currently have any other deposit (checking or savings) accounts?

illumination
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Re: Application Denied to Open a New Checking Account

Post by illumination » Tue Jun 30, 2020 7:46 pm

I keep my credit frozen all the time and sometimes that has created problems with accounts, even already established ones.

I had one online bank (Synchrony) that routinely flagged me and wouldn't let me access my account. The customer service rep said they thought it was over credit being frozen. I closed the account over it, it just happened too many times and my other bank accounts never had an issue with it.

Maybe the OP's credit is frozen?

mhalley
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Re: Application Denied to Open a New Checking Account

Post by mhalley » Tue Jun 30, 2020 9:42 pm

Check out the fidelity as a one stop shop and Schwab as a one stop shop threads, maybe go with one of those. You could get the Fido cc since you are in the market for a new cc.
I have my credit frozen and had to go in person to the bank I’ve done business with for 40 years to open a new account, but didn’t have to thaw.
Fidelity one stop
viewtopic.php?t=266538


Schwab one stop
viewtopic.php?t=287311

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Re: Application Denied to Open a New Checking Account

Post by Mudpuppy » Tue Jun 30, 2020 9:50 pm

I also received a denial at applying for a checking account, claiming an issue with my Equifax credit report. Originally, I thought it was due to a technical issue I had while trying to fill out the application. But the official letter said it was the credit report. I have impeccable credit, with scores near perfect. I can't see any plausible reason why the Equifax report would generate a denial. And from what the OP has provided, I don't see why any of those items would generate a denial either.

I've noticed a sharp uptick in people reporting denials for new credit card and new checking account applications, particularly when those applications come with some sort of sign-up bonuses. My cynical side says they just didn't want to give out the new account bonuses now that the economy is turning south, so they looked for any reason to deny people, even people with high credit scores.

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Re: Application Denied to Open a New Checking Account

Post by Mudpuppy » Tue Jun 30, 2020 10:06 pm

I just had a thought about the only thing on my credit report that might be odd. My student loans have no payment status since the CARES act suspended all automatic payments on student loans. It's not good or bad, it's null... I wonder if the banks are treating "null" as "bad", which technically means they're in violation of the federal legislation, since they're supposed to treat that suspension as the account being in good standing. OP, do you have any student loans that are currently in automatic payment suspension?

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Re: Application Denied to Open a New Checking Account

Post by 2pedals » Tue Jun 30, 2020 10:17 pm

AlwaysLearning101 wrote:
Tue Jun 30, 2020 12:53 pm
Cheez-It Guy wrote:
Tue Jun 30, 2020 9:07 am
Is your ChexSystems record frozen?

LOL at $15,000 monthly income and a $5,000 credit limit.
Just pulled a ChexSystems Report.
For all categories it states: “No Information Found”.
This doesn't seem right. You may need to contact and file a complaint with consumer protection division in your state or contact a consumer protection attorney.

Mudpuppy
Posts: 6142
Joined: Sat Aug 27, 2011 2:26 am
Location: Sunny California

Re: Application Denied to Open a New Checking Account

Post by Mudpuppy » Thu Jul 02, 2020 2:19 pm

So I just got off the phone with the customer service number where I tried to open an account and they said they couldn't even pull the credit report, which was why they denied the application. Equifax was not frozen at the time of application and the free report I pulled the other day also does not show any pull attempts from that bank. I can't determine if this is a technical glitch on their end or Equifax's end. I have to wonder if the OP is experiencing a similar glitch since they can't even pull their own report.

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