Denied a checking account b/c of credit score?

[HERSEY]

I am sorry this happened to you. I know of several banks that do credit checks even for savings accounts. You would be surprised how many overdraw their accounts.

Yes credit is soo important. We all don't have the credit scores that we had even a couple of years ago.

 

[Carly_Roach]

I wonder how long it's going to be before companies stop relying so heavily on credit scores as they did in the past? Especially with so many credit card companies lowering their limits or raising their interest rates on people who pay on time (or have no balance at all).

 

[wvjules]

I really don't know what it was called. I just checked to make sure the info she had was correct, which it was. I'll check my credit report, since I am assuming they will send one of those nice "denied" letters in the mail soon. This definitely has made me decide to get those medical bills paid off ASAP. At least they will be marked as paid so it won't look so bad.

Marsha

Are the medical bills that you are paying in collections and you are paying the collection agency monthly?

If so, paying them regularly actually hurts your score b/c the file keeps updating monthly making the collection look current. Also a paid collection calculates in FICO scoring models just as negatively as an unpaid collection.

You can also obtain your credit report at www.annualcreditreport.com

Are you sure she was looking at your credit report/score? Maybe you had prior bounced checks and she was looking at chexsyx(sp) systems.

 

[dizluvah]

I just wanted to add that with the 3 major credit reporting agencies - you could have variation amongst the three with what they determine your credit score is. I don't know if that would account for such a large swing from over 700 to 613 - but I know there is difference amongst the reporting between Experian (formerly TRW), Equifax and TransUnion.

 

[jme829]

Are the medical bills that you are paying in collections and you are paying the collection agency monthly?

If so, paying them regularly actually hurts your score b/c the file keeps updating monthly making the collection look current. Also a paid collection calculates in FICO scoring models just as negatively as an unpaid collection.

You can also obtain your credit report at www.annualcreditreport.com

Are you sure she was looking at your credit report/score? Maybe you had prior bounced checks and she was looking at chexsyx(sp) systems.

I just opened a checking account at a credit union and they did BOTH, the girl who pulled it ( and I was told she would) actually showed me the credit report and score (it was fine)...so yes they do pull credit now at some places.

 

[torinsmom]

Are the medical bills that you are paying in collections and you are paying the collection agency monthly?

If so, paying them regularly actually hurts your score b/c the file keeps updating monthly making the collection look current. Also a paid collection calculates in FICO scoring models just as negatively as an unpaid collection.

You can also obtain your credit report at www.annualcreditreport.com

Are you sure she was looking at your credit report/score? Maybe you had prior bounced checks and she was looking at chexsyx(sp) systems.

Yes, they were in collections and I am paying them every month.

It was definitely a credit report. I think the only check I ever bounced was 19 years ago, so that wouldn't be it.

Marsha

 

[ctinct]

When you looked at your credit score and it was high, what company did you use? You can only get your actual credit score from MyFico. If you used anyone else, it was not your real score. Even now, I believe you can only get your credit score from two of the credit scoring agencies, although I forget which two. There are three...Equifax, Experian, and TransUnion. It stinks if you ask me--you used to be able to get all three, and credit is so important. Not fair that a credit bureau has this info and won't let the consumer have it.

I think it cost me $15-20 earlier this year to buy my credit score. Sometimes there are codes around that will bring the cost down. (Check creditboards dot com). Note that this will ONLY get you your scores. If you want a credit report and have already used your free ones from annualcreditreport dot com in the last 12 months, they will cost you extra. Do NOT use anything with "free" in its name. Hope this helped.

 

[Disney-Kim]

They didn't give me a copy of the form. I guess I should have looked at it more carefully. I am sure it said somewhere in small letters that I was giving permission for a credit check. That just isn't what the person told me.

Marsha

Really old collection bills paid or not will not affect your score much at all. even when they are paid off they will still count against you and still show the delinquency....unfortuneately....

your credit score redux is most likely due to the new FICO/others scoring models. Almost everyone has seen a credit score drop this year for no changes...its just that the economy has caused changes in the way they model the scores. I have read time and time again that good credit is going to be considered 750+.....and those #'s are going to be even harder to attain.

also...I am not sure how you knew what your score was earlier this year but there are FACO scores and FICO....FACO are scores you get when you "purchase" yoru credit reports or get your free ones. They are not true FICO scores unless you buy them thru Fico.com...or see them from your bank/lender/car dealer. These scores can be 50-100 points in difference. and lastly....there are 3 agencies and they all have different scoring models...perhaps your bank pulled your "low" one.

either way...it sucks. sorry it didn't work out. but I bet that bank is being super choosy before giving out $200

 

[NeverlandClub23]

It's becoming more and more popular for banks to start checking scores. When I worked at the bank many people with credit scores so low that they couldn't open an account (or they were on Chexsystem that notifies a bank when someone had a charged off account at another bank) would buy money orders to make car payments, utility payments, etc.

 

[torinsmom]

When you looked at your credit score and it was high, what company did you use? You can only get your actual credit score from MyFico. If you used anyone else, it was not your real score. Even now, I believe you can only get your credit score from two of the credit scoring agencies, although I forget which two. There are three...Equifax, Experian, and TransUnion. It stinks if you ask me--you used to be able to get all three, and credit is so important. Not fair that a credit bureau has this info and won't let the consumer have it.

I think it cost me $15-20 earlier this year to buy my credit score. Sometimes there are codes around that will bring the cost down. (Check creditboards dot com). Note that this will ONLY get you your scores. If you want a credit report and have already used your free ones from annualcreditreport dot com in the last 12 months, they will cost you extra. Do NOT use anything with "free" in its name. Hope this helped.

It was when I bought a car through Toyota, so it was my real credit report. The salesman told me what the numbers were.