I applied for a construction loan. I let the loan lady know that I had some bad things on my credit report, but that I paid everything off, and that I had not had anything negative in at least two years. She said that sounded fine. As this is a construction loan she said there will be draws and that they will set up an account at their bank which I will draw from. Now about a year and a half ago I tried to get a checking account at Wachovia (I already had a checking account at Bank of America, but wanted to switch). I got turned down because the guy said I had some non-sufficient funds items on my report. In college I did bounce a lot of checks but I also paid everything off. He told me that these items supposedly come off in five years. I think by now it has been close to five years (but maybe not quite); I am worried that when they go to set up this account they will see this and it might make me not get the loan. Any thoughts or advice; will this be a problem? I ordered a report from ChexSystems, but now Iâ??m stressed. Iâ??m wondering if the bank I am going through will use Chexsystems or not. (Also the guy at Wachovia said he was surprised I got an account at Bank of America in the first place and that someone basically slipped up (the jerk!)).
I had a similar situation happen when applying to Wells Fargo for a checking account. I had not bounced a check in several years, did have a checking account at another bank, and - like you - was simply trying to switch. ChexSystems had something negative on my record. I never looked into what it was, I just went to another bank. Apparently, some banks are more restrictive than others. I was more shocked and irritated than embarrassed since my credit was over 700 at the time. I'd let the dice roll and see what happens - especially since you've 'been good' for 5 years or so.
