Bank Shops - do you worry about your ChexSystems and other ratings?

I see a lot of shops that pay for opening credit cards or checking accounts. I am definitely not going to do the credit cards shops because they would interfere with my travel-related credit card hacking. The jobs to open checking accounts concern me because I know each new account is reported to one of the bank account tracking companies and too many new accounts can cause you to be blacklisted. Messing up your financial rating doesn't seem worth $60. Has anyone had any [issues? Am I needlessly concerned?

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No issues whatsoever. Have opened and closed 8-9 bank accounts in the last 16 months.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

I open and close accounts at different banks s=mutple times each year. I have never had an issue or been aware f any repercussion.

Shopping Southeast Pennsylvania, Delaware above the canal, and South Jersey since 2008

The only client I've heard that it has been an issue with is Bank of America. I've read of a few shoppers who did a lot of them and BoA eventually declined them due to ChexS. I know Wells Fargo specifically wipes you and does not report it, so you're safe with them.

I've never heard anyone being an existing customer being blacklisted because of Chex. Banks usually only check your Chex when you open a new bank account with them. Most of the major banks do not really utilize Chex systems, at least as of right now. Some of the smaller banks are Chex sensitive but you have to open a lot of accounts within a short period before they actually care. I would check out Doctor of Credit for data points on which banks are chex system sensitive.

As for the credit card shops, I would still keep an eye out for them. I assume you're a credit card churner/chasing sign-up bonuses person. Sometimes when the timing is right, there might be a mystery shop for you to open a credit card that you were planning on getting for the bonus. I did a shop that paid me $500 to open the Chase Ink Business preferred. I was planning on getting it anyways for the 80K UR sign-up bonus, It was an added bonus that I got paid $500 to get the card. There's an MSC that frequently does credit card shops for a lot of the credit cards with great travel points/miles bonuses I've seen shops to open the Citi AAdvantage cards, Barclays AAdvantage cards, Amex Delta Cards, Chase United cards, Amex Platinum, Amex Gold, Chase Sapphire, etc.

Edited 1 time(s). Last edit at 03/21/2019 09:03PM by azncollege.

I have found my people!

I'm very familiar with DoC and just opened a WF checking for the $400 bonus. I just didn't think to check the site for Chex sensitivity in the context of shopping jobs. Yep, I am a churning/bonus person and I am carefully guarding my 5/24 status. I will certainly be on the lookout for credit card jobs that meet my churning plans.

Thanks!

I can't wait when I drop back below 5/24... 2 more months. I wasted a slot doing a BOA credit card shop I did during my pre-churning days. I'm running out of business credit card sign-up bonuses to churn.

ChexSytems red flag kicks in if you are overdrawn on your account and don't pay the money back. If you are in good standing, there won't be an issue. People open and close accounts for different, various reasons.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

I have never heard of ChexSystems being used for number of accounts, only for overdrawn accounts or accounts that were closed while your balance was still negative like Honey said. It's not like with credit where opening a bunch of accounts in a short period of time shows that you might be a financial risk. There is no borrowing with a checking account (unless again you are overdrawn).

Happily shopping the Pacific Northwest. Shopping since 2013

@RedRose22 Some banks do use ChexSystems for number of accounts when you initially open a new account. Too many accounts opened in a year is an indicator to some of the banks that someone may have stolen your identity and you're denied from opening a new account as a risk/fraud prevention measure. Some banks are more Chex Inquiry sensitive than others. Doesn't really matter to most people unless you churn bank account sign-up bonus offers consistently.

I won't do these shops. My credit is worth more to me than the fees. I know people say it's not a big deal, but I disagree.

I haven't had issues with opening or closing a bank account, yet the banks that I've re-opened accounts with note that I closed an account within the past. Due to the ChexSystems, this just invites additional questions that may be considered slightly annoying.

Niner,
Over the 16 months when I opened, and closed, so many bank counts my credit score rosem fro the mid-700s to the low 800s. And,, I did not do anything else, except close a couple of credit cards, that might influence my credit score.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

I don't think opening and closing checking account has any impact on your credit score. I was concerned about Chex because I do open 3-4 checking accounts a year to get the bonuses and I don't want to run into an issue there. But I just took a shop that pays almost as much as a bonus. I don't have to keep the account open for 6 months and mess around with direct deposit so it is worth it in this instance.

Edited 1 time(s). Last edit at 03/23/2019 02:09AM by callinectes.

I apologize if I should already know this, but I am hearing terms with which I'm not familiar.
"I am definitely not going to do the credit cards shops because they would interfere with my travel-related credit card hacking." What is hacking?
"I assume you're a credit card churner/chasing sign-up bonuses person." Churner?
What is 5/24 staus?
"I wasted a slot doing a BOA credit card shop I did during my pre-churning days. I'm running out of business credit card sign-up bonuses to churn." Why was the BofA shop wasted? Also, what does the second sentence mean?
Also, I take it these shops often have bonuses? What is a good bonus?
Do you need to own a business for a business card?
Are business card shops better regular cards?
TIA for explanations.

I keep the few banks open until the MSC stops shopping them. Never had a problem. I have a high credit score, don't know if that makes any difference.

Azncollege and I went on a tangent not directly related to MS.

With regards to hacking: In this context, I am 'hacking' or strategically applying for specific credit cards to maximize travel awards. I open a new card, meet the minimum spend requirement (that varies, but $4k in 3 months is representative amount) get the bonus points, then move to the next card. Hacking (some call it churning) is paying for my upcoming 2 week trip to Europe. Two business class round trip tickets and 10 of 12 accommodation nights were paid for with points. I'm already working on accumulating points for aThailand trip next year.

Some of the most lucrative bonus cards are issued by Chase but they have a strict policy called 5/24 - meaning if you have opened 5 lines of unsecured credit in a rolling 24 month period they will outright deny you. BUT if you have a business or 'business' you can open a business card and it doesn't count against 5/24. Azncollege was saying he/she wasted a 5/24 slot on a BoA card that doesn't offer rewards.

That's a super-basic explanation but if you want to know more I can point you towards some good resources.

Edited 2 time(s). Last edit at 03/23/2019 09:26PM by callinectes.

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Bank Shops - do you worry about your ChexSystems and other ratings?

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