What should I do?

[wmarat]

Max, believe it or not but 90% of population have no idea what an inq. is and 5% of the rest 10% can not diffirintiate between hard pull and soft pull. Moreover about half of CSR's who work for banks vagiely know what the difference is.

Voidman

Inq.is inq is inq and it hurts.

[Anonymous]

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@wmarat wrote:

Max, believe it or not but 90% of population have no idea what an inq. is and 5% of the rest 10% can not diffirintiate between hard pull and soft pull. Moreover about half of CSR's who work for banks vagiely know what the difference is.

Voidman

Inq.is inq is inq and it hurts.

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lol so true i didn't know the difference until i joined this board.

[jmbfl]

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Max09 wrote: when I asked them, they said it was not BOA, they claim they only review ChexSystem. The hard inq says BOA Bank on experian.

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You can be assured they inquired on both. I don't know of any banking institution that will open a bank account for you without looking at ChexSystems. And if you have derogatory information in ChexSystem lots of luck getting opening a bank account. Also, correcting an error in ChexSystems is neigh on to impossible!

I am not saying I agree with the need for a credit INQ to open an account. But the Patriot Act requires a banking institution to ascertain your identity before opening an account for you and there are penalties imposed if they fail to do so. There just should be some other mechanism doing it. On the other hand banks might just want to take a peek at your CBR to make sure you are not going to be a problem for them. I don't have to bend my mind too far around a corner to construe their giving you a bank account as granting you credit.

[Anonymous]

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@voidman wrote:

I heard that inquires due to bank acc opening does not much or probaly no effect on the scores. Not sure about it, this is something I have read in the forum sometime back.

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worried about AA from my credit card companies. all cc companies are nervous right now and it makes me look like I am looking for credit which i am not. I don't think fico tells the difference between an a hard inq for credit and one for opening a checking account

[voidman]

Wmarat,

I understand that it is an inquire and it can hurt the score. Since I remember reading it clearly by one of the senior posters on this forum that inq from banks does not have the same affect as inq while opening a credit account. 

Just like an Inq can be coded as soft or hard, I guess it can also be coded as the reason for the inq, i.e. bank acc open or credit acc open. 

[Anonymous]

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@wmarat wrote:

Max, believe it or not but 90% of population have no idea what an inq. is and 5% of the rest 10% can not diffirintiate between hard pull and soft pull. Moreover about half of CSR's who work for banks vagiely know what the difference is.

Voidman

Inq.is inq is inq and it hurts.

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you are absolutely right. when I went back to the bank to ask the question, the teller had no idea what a inquiry was. she had a blank look on her face.

[Anonymous]

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@jmbfl wrote:

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Max09 wrote: when I asked them, they said it was not BOA, they claim they only review ChexSystem. The hard inq says BOA Bank on experian.

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You can be assured they inquired on both. I don't know of any banking institution that will open a bank account for you without looking at ChexSystems. And if you have derogatory information in ChexSystem lots of luck getting opening a bank account. Also, correcting an error in ChexSystems is neigh on to impossible!

I am not saying I agree with the need for a credit INQ to open an account. But the Patriot Act requires a banking institution to ascertain your identity before opening an account for you and there are penalties imposed if they fail to do so. There just should be some other mechanism doing it. On the other hand banks might just want to take a peek at your CBR to make sure you are not going to be a problem for them. I don't have to bend my mind too far around a corner to construe their giving you a bank account as granting you credit.

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It is interesting that the bank is not even citing Patriot Act - all they are saying is they need to review ChexSystem to look for bad checks - that's about it.  I would think citing the Patriot Act would be an easy way to close the issue with a customer

[jmbfl]

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@Anonymous wrote:
It is interesting that the bank is not even citing Patriot Act - all they are saying is they need to review ChexSystem to look for bad checks - that's about it.  I would think citing the Patriot Act would be an easy way to close the issue with a customer

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They never do - and they always pull your credit!

The need to pull ChexSystems is obvious.

If you feel it is neccessary get on the phone and speak with a supervisor and ask them to recode the inquiry as a soft. As I previously stated I very much doubt they will do it, but there is no harm in asking. Somewhat emphatically in that's what it takes!

[wmarat]

Voidman

I am not a senior poster, let alone an expert, but IME any inq. equally hurts with 2 exeptions.

Morgage inq's are counted as one (2 weeks window)

Auto loan inq's are ciounted as one (not sure regarding window). JMHO.

[wmarat]

JMBFL.

As far as I understand Patriot Act does not require to pull credit report. There are plenty of means to verify applicants' identity.(DL, passport, notorized statement from parents etc.)