i applied for a high yield savings account at PNC and BMO and was auto-rejected, and they didn't list out a specific reason. i was just redirected to a page with vague reasons for rejection such as poor credit and identity concerns. these are my stats, could anyone point out if they are reasons for rejection?

21 years old

US citizen

graduated last dec, moved to new state for job (civil engineer)

775 credit score w/ credit card, had it for 3-4 years, spent about $400 monthly when i was in college

maybe they rejected me because i was too young, or my credit score isn't backed up by something substantial like car payments? i just want to know for sure what the reason is

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SolutionLeading t1_j6gzq1y wrote on January 30, 2023 at 6:34 AM

#1,605,735

Is your credit frozen?

Have you been a victim of identity theft or even at risk due to data leaks?

Have you had a bank account before?

SolutionLeading t1_j6gzr9m wrote on January 30, 2023 at 6:34 AM

#1,605,744

They will usually send a letter in the mail with the specific reason fyi, wait about a month and see

nkyguy1988 t1_j6gztqi wrote on January 30, 2023 at 6:35 AM

#1,605,762

Nothing to do with age, credit, or any type of payments.

Very probable that it has to do with the information you entered and what it was compared to for identity verification.

badabingbadaboomie OP t1_j6h0nv4 wrote on January 30, 2023 at 6:45 AM

#1,605,939

Replying to nkyguy1988 (#1,605,762)

i technically start my job tomorrow, but the applications asked for my occupation. maybe that could be the reason?

nkyguy1988 t1_j6h0zqn wrote on January 30, 2023 at 6:49 AM

#1,606,005

Replying to badabingbadaboomie (#1,605,939)

Doubtful. That's just more for bank know your customer laws. Probably due to public records mismatch, such as address, etc.

badabingbadaboomie OP t1_j6h1e5s wrote on January 30, 2023 at 6:54 AM

#1,606,071

Replying to SolutionLeading (#1,605,735)

don't think so, i bought a new car last week and they were able to pull my credit for that

i have two bank accounts

TeflonShawn42069 t1_j6h2n94 wrote on January 30, 2023 at 7:09 AM

#1,606,316

Replying to nkyguy1988 (#1,606,005)

Yeah it sounds like he just moved so I bet they can't verify his new address.

kveggie1 t1_j6hmmkf wrote on January 30, 2023 at 11:44 AM

#1,609,766

The bank has to establish that you is you. (identity verification). They usually ask questions based on information from the credit report. If there are errors in that report, you will denied.

Couple of things:

- get copies of your credit report (www.annualcreditreport.com) and make sure the information in those is accurate.

- chexsystems (https://www.chexsystems.com/) is another one to check. If you had ever a bank account closed by a bank, they reported that here and will not allow you to open another account. You are deemed a high risk.

AntGrowthboy t1_j6i31yh wrote on January 30, 2023 at 2:19 PM

#1,613,500

I had a similar issue when I applied for a credit card JUST AFTER MOVING. If you just moved out of the state there is likely no public record of your new address in the new state. For AMEX they just asked for some bank statements with the new info. These other companies seem to want to outright deny you