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Senior Contributor
Posts: 3,879
Registered: ‎01-10-2008
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Re: Garden party ruined by mistake :(

[ Edited ]

usmc58555 wrote:

bichonmom wrote:


usmc58555 wrote:

Almost all banks and credit unions pull credit on opening accounts to be in Compliance with the Patriot Act.


It establishes identity.


(thats actually what the directive is) in fact it establishes that you are not someone on a list they should not be doing business with.


yes there are other ways to do this, yes it is a choice for the bank to pull credit and not use the other work arounds, but it it what it is.

Some do a hard pull Which is why my keyword was almost. and others do a soft pull. I recently opened an acct at 2 CUs and they both did soft pulls ONLY to join/open the account. I believe hard pulls vs soft are "charged" at a different rate- maybe the cu went the cheaper route?. When it comes to applying for the CC, then they would do a hard pull. many banks/CUs that do the hard pull do it so at applicationn they can offer you credit products- especially LOC for checks and overdrafts. If you ask before you apply/join, they will usually tell you if it's going to be a hard or soft pull. Asking is always a good thing



Again, in my experience (keyword "my") most (keyword: "most") banks or credit unions do hard pulls on relationship inception. It would always be best to ask before you would appy if that one pull and minor score drop is a killer to you. 

would suggest that one be prepared for the possibility of a HP regardless of the response received, even if asking in advance.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover

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