Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! What is CHEXSYSTEMS in business for??? CHEXSYSTEMS only tracks check writing... A credit report can have a lower score because of HIGH UTILIZATION!!! Using credit is NOT a legitimate reason for checking account denial!!!
Re: Re: Re: Re: Re: Open checking pull credit!!!!!! The big difference is a checking account is the customers money not the banks.
Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! 1*This is closer to the truth than you may think. Same goes for when you borrow from a bank.
Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! After I opened a checking account last year I saw that the hard one was pulled. I called the bank rep and she said "well, it's not really hard and it's not really soft." Hmmmmmmm.
Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! If ever there was a definition of someone who needs VIAGRA, that's it - not really hard, not really soft.
Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! "I DID NOT HAVE SEXUAL RELATIONS WITH THAT WOMAN...." W.J.C.
Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! When Wells Fargo pulls a credit report, only a PASSIVE INQUIRY should be reported, or a "soft" inquiry. No hard pulls - unless it is for an actual credit application. FYI, as for the profit numbers quoted earlier, it is BECAUSE of the precautions that we take that we are able to be a profitable company DESPITE the dishonest people that are out to fraud us.
Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! Yes. It is because FINANCIAL RESPONSIBILITY must be verified. Financial responsibility comes in how well you handle your banking accounts as well as your credit accounts. I can tell you that you can open a bank account if your credit scores are lower than most. You can have some late payments reported, but any charged-off accounts, or bankrupcy's will most likely prevent you from opening a new account. If it DOES prevent you from opening an account, our computers tell us "Negative Equifax Report" and have to decline your new account.
Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! "HIGH UTILIZATION" will cause a lower score... But... NEVER LATE NEVER OVER-LIMIT NO COLLECTIONS NO BK 25+ YEARS Won't get any "BONUS POINTS" for a checking account??? THAT IS WRONG!!! MY OPINION FOR WHAT IT IS WORTH...
Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! THIS BEING 100% TRUE...A credit report can neither CAUSE A CHECK TO BOUNCE nor PREVENT ONE FROM BOUNCING!!! ...THEN WHY ALIENATE THE CUSTOMER??? THEN WHY NOT TELL THE CUSTOMER IN ADVANCE (BEFORE YOU EVEN ASK ONE QUESTION) THAT YOU WILL PULL A CREDIT REPORT FOR A CHECKING ACCOUNT TO GIVE THE CUSTOMER THE CHOICE TO WALK OUT THE DOOR!?!?!?!?!
Re: Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! We do (after properly identifying the prospective customer). It's called the Privacy Policy. Before we pull the report, we inform the customer that in order to open the account, Wells Fargo requires that we explain our privacy policy about sharing customer information within Wells Fargo AND that we will pull a credit report when opening any deposit account. It is REQUIRED that we do this to be regulatory compliant.
Re: Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! At Wells Fargo, you might get a GOLD ATM & Check card instead of the regular card. At BofA, you might get a PLATINUM ATM & Check card instead of their regular gold card. But you're right - no "bonus points". $ = potential bonus points (depending on the balance you bring over)
Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! Dear David: If any of teh above is true, then why did wells Fargo Bank open not one, but TWO checking accounts and a savings account for me in the past 3 years? My credit is trash and has a bankruptcy (I was in an active Chapter 13 when I opened the first account). My credit is trash but my CHEXSYSTEMS is clear. That's why the accounts were opened. And with a Bankruptcy on my credit file, Compass Bank and US Bank also approved me for bank accounts. The banks aren't pulling credit reports for the sake of seeing if I can handle a bank account responsibly, I contend they are pulling it for no permissible purpose under FCRA and if they do, I will sue without notice. Hey, I just got a copy of my Equifax credit report today and what do I see there? TWO unauthorized inquiries by Wells Fargo - one on December 13, 2002 and the other on May 5th. Now, I know I didn't apply for any credit with Wells Fargo, so they have no permissible purpose to pull my credit. Guess I'm just going to have to sue for $1000 statutory damages per FCRA (and don't think for a second I won't, I did it with Sherman Acquisitions, am doing it with Arrow Financial and will do it Monday with Wells Fargo).
Re: Re: Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! The fisrt part may be true, but the part about being required to pull a credit report in order to be regulatory compliant I suspect is bullsh**. Ok, David, what regulation requires it?
Re: Re: Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! Nothing personal, David, but BFD.
Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! You're misunderstanding me. It isn't that we pull the report to be regulatory compliant, but that we tell you that we will BEFORE we open the account.
Re: Re: Re: Re: Re: Re: Re: Re: Re: Re: Open checking pull credit!!!!!! Yeah, I know. I don't care either about those little perks - they're NOTHING. But that's the only difference.
Re: Open checking pull credit!!!!!! I am still snickering over the viagra. Actually when amsouth pulled what looks to me like a hard (when they opened my checking account) because everyone else can see it too....they said it was a soft. Soft maybe only because myfico score didn't seem to add it in to my scoring. I totally agree with you guys but after watching Catch me if you can last night...good movie about Frank Abagnale, I can understand from a business perspective why they check our credit. We *could* take advantage of them like he did.
