Jackie Lavielle
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ChexSystems
ChexSystems
ChexSystems is like a report card for your banking history. It keeps track of how many bank accounts you've opened and if you've done anything bad with those accounts. Banks use ChexSystems to check if you've had any problems with other banks before they let you open a new account.
The report only shows the bad stuff, like if you've done anything wrong with your bank accounts or if there have been any suspicious activities. It doesn't show any good things you've done with your accounts.
If you get denied when you try to open a bank account, don't keep trying over and over again. This will make things worse. Instead, you can get a copy of your ChexSystems report to see what the problem is.
You can get one free copy of your report every year or if you've been denied an account recently. You can go to the ChexSystems website to get your report. Just make sure to enter your information correctly, or they will have to mail it to you, which takes longer.
To find out which banks use ChexSystems, you can ask the people at the bank or look online for information. You can also freeze your ChexSystems and credit reports and try to apply for an account. This will show you if the bank checked your ChexSystems or not.
There's no exact limit to how many banks you can apply to, but it's a good idea to keep it to around 5 in a 6-month period. Having too many inquiries can make the banks suspicious.
You can have as many bank accounts as you want, but other banks can only see the inquiries on your ChexSystems report, not the actual accounts. So if you have a lot of inquiries, the banks might wonder why you're trying to open so many accounts.
It's important to build a good relationship with the bankers when you apply for a new account. They might see the inquiries on your report, but if you explain why you have them and show that you're responsible, they might still let you open an account.
Some banks might also check your credit when you apply for an account. It's better to wait until you have a good credit history before applying to those banks.
Remember to plan strategically and choose the banks that are most important to you.
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Financial literacy, How to repair your own credit
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