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Can't open Saven account
January 3, 2023
5:46 pm
HighInterestWinner
Ontario
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October 17, 2022
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I just posted my experience with motive about not being able to open an account with them. I live in ontario, so I tried Saven. I cannot even open an account at Saven either. I have accounts at CIBC, Tangerine, Simplii, and EQ bank. Three of which as we all know are online only banks.

I know there is nothing that would prevent me from opening an account based on my equfiax and trans-union credit reports. I have moved on to Oaken and Achieva to see if I can get anything higher interest rate then EQ normal savings rate that is not a promo.

But this has been a very frustring experience (And I am 22. Not my first time opening accounts online as seen above)

Does nobody like me or something? (A little laugh at that but seriously what gives)

January 3, 2023
6:48 pm
AltaRed
BC Interior
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With 2 rejections, it seems to me there may be some erroneous information on record at Transunion or Equifax. I don't mean credit rating. I mean identity information such spelling of name or typo on postal address or similar. FIs do soft checks to verify identity information on record vs what is on the application form. A single glitch may cause the computer to go 'no go'.

January 3, 2023
7:02 pm
HighInterestWinner
Ontario
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AltaRed said
With 2 rejections, it seems to me there may be some erroneous information on record at Transunion or Equifax. I don't mean credit rating. I mean identity information such spelling of name or typo on postal address or similar. FIs do soft checks to verify identity information on record vs what is on the application form. A single glitch may cause the computer to go 'no go'.  

Well I know that at CIBC, when applying for a credit card, first issue was I had two different credit files at equifax. Then it was because they had my name wrong and had to correct that as well. And I did check the identity information on equifax and it has everything correct. I am not sure what is going on. Going to check transunion now (The offical site) which I check once every 6 months but use borrowell and credit karma to check more often in case

January 3, 2023
7:17 pm
HighInterestWinner
Ontario
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AltaRed said
With 2 rejections, it seems to me there may be some erroneous information on record at Transunion or Equifax. I don't mean credit rating. I mean identity information such spelling of name or typo on postal address or similar. FIs do soft checks to verify identity information on record vs what is on the application form. A single glitch may cause the computer to go 'no go'.  

I just checked and I see Saven Financial on the soft non account related credit check on transunion. So they got me. But still won't open an account. Do not know what to make of this. But I do know motive is not on here so that could explain that.

January 4, 2023
5:26 am
savemoresaveoften
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HighInterestWinner said

I just checked and I see Saven Financial on the soft non account related credit check on transunion. So they got me. But still won't open an account. Do not know what to make of this. But I do know motive is not on here so that could explain that.  

u need to dig deeper. There has to be something in ur transunion credit profile that did not meet their criteria. Anything that is even very slightly wrong/error and the FI's system will automatically decline your application.
Also do you have identify theft protection under ur name by any chance ? That will decline ALL online applications for sure (you will need to call in to the FIs to sort that out). Its a pain in the ass and I had that experience.

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