American Express does not check your credit score to open a savings account
When you open an American Express Bank savings account, American Express does not pull your credit report or look at your credit score. They use a different process called ChexSystems, which is a banking history report, not a credit report. This is one of the main reasons people choose American Express Bank savings accounts — you can open one even if your credit score is low or you have had banking problems in the past.
The difference matters because a credit check can lower your score temporarily, while a ChexSystems check does not affect your credit at all. American Express is checking whether you have had problems with bank accounts — things like overdrafts you did not pay back, accounts closed by the bank, or fraud — not whether you have paid credit cards or loans on time.
Key Takeaways
- American Express Bank uses ChexSystems to review your banking history, not your credit score, so opening a savings account will not lower your credit.
- ChexSystems looks at past bank account problems like unpaid overdrafts or accounts closed by banks, not credit card or loan payment history.
- You can still be denied a savings account if ChexSystems shows serious banking problems, even if your credit score is good.
- You have the right to see what ChexSystems has on file about you and to dispute information that is wrong.
What ChexSystems actually checks
ChexSystems is a database that banks use to share information about customer behavior. When you open a bank account, the bank reports things like whether you kept the account open, whether you paid overdraft fees, and whether the bank closed the account because of problems. If you bounced checks, wrote checks on accounts with no money, or had the bank close your account for fraud or repeated overdrafts, that goes into ChexSystems.
The report does not include your credit card payments, loan history, or credit score. It is purely about how you have handled bank accounts. American Express pulls your ChexSystems report to see whether you are likely to be a responsible account holder — someone who will not overdraft repeatedly or cause other banking problems.
ChexSystems reports stay on file for five years. After that, they drop off. If you had banking problems years ago, they may no longer be visible to American Express.
When American Express might deny you
Even though American Express does not check your credit score, they can still turn you down for a savings account. The most common reasons are a recent history of overdrafts you did not pay, an account the bank closed because of fraud or repeated problems, or current negative information in ChexSystems from another bank.
If you have been denied before, you can ask American Express why. They are required to tell you if the decision was based on information from ChexSystems. You can then contact ChexSystems directly to see what is on your report and to dispute anything that is wrong or outdated.
How to check your own ChexSystems report
You do not have to wait for American Express to check ChexSystems. You can request your own report for free directly from ChexSystems. Go to chexsystems.com and look for the option to request your consumer report. You will need to provide your name, address, and Social Security number.
Reviewing your report before you open an account is smart because it shows you what American Express will see. If there is wrong information — like an overdraft you already paid back or an account you did not open — you can dispute it before you explore. This takes time, so if you are in a hurry to open an account, you may want to explore first and then dispute any problems that come up.
The difference between ChexSystems and credit checks
A credit check looks at your history with credit — credit cards, loans, mortgages, and whether you paid them on time. It results in a credit score. When a bank or lender pulls your credit, it shows up on your credit report and can lower your score slightly for a few months.
A ChexSystems check looks only at your bank account history. It does not affect your credit score and does not show up on your credit report. Many banks that offer accounts to people with lower credit scores still use ChexSystems because it tells them something different — whether you can handle a checking or savings account responsibly.
Some banks do both checks. American Express Bank does the ChexSystems check for savings accounts. If you were explore for a credit card from American Express, that would involve a credit check, but a savings account does not.
What to do if you have been denied before
If another bank denied you for a savings account, it does not automatically mean American Express will too. Different banks have different standards for what they accept from ChexSystems. Some banks will work with you if you had one or two overdrafts years ago. Others are stricter.
Before you explore to American Express, request your ChexSystems report and see what is on it. If there are old items from five or more years ago, they should be gone. If there are recent items, think about whether they are likely to disqualify you. You can also call American Express Bank customer service and ask whether they work with people who have had specific banking problems — they may give you a sense of whether you are likely to be approved.
How to improve your chances
If your ChexSystems report has problems on it, the best thing you can do is wait. Items drop off after five years, and older items carry less weight than recent ones. If you had overdraft problems two years ago but have not had any since, that is better than if you had them last month.
If there is wrong information on your ChexSystems report — an overdraft you paid back, an account you did not open, or a closed account that was not your fault — dispute it. You can file a dispute directly with ChexSystems through their website. This takes time, but it can remove the problem from your report.
When you do open an account with American Express, keep it in good standing. Do not overdraft. If you do overdraft by accident, pay it back right away. Building a clean banking history going forward helps if you ever need to open another account elsewhere.
Frequently Asked Questions
Will opening an American Express savings account hurt my credit score?
No. American Express does not pull your credit report for a savings account, so it will not lower your credit score. They check ChexSystems instead, which does not affect credit at all.
Can I open an account if I have been denied by other banks?
Maybe. Different banks have different standards for ChexSystems. Even if another bank denied you, American Express might approve you. Check your ChexSystems report first to see what they will see, and consider calling American Express to ask about your specific situation.
What if I have never had a bank account before?
You should have no ChexSystems history at all, which is fine. American Express will approve you based on other information, like your identity and address. Having no banking history is not a problem.
How long do bad items stay on ChexSystems?
Most items stay for five years. After that, they drop off and American Express will not see them. If you had banking problems more than five years ago, they should no longer affect your process.
Can I dispute something on my ChexSystems report?
Yes. If information is wrong or outdated, you can file a dispute with ChexSystems through their website at chexsystems.com. You will need to provide details about what is wrong and why. ChexSystems has to investigate and respond within a set time.