Reply
Regular Contributor
Max09
Posts: 199
Registered: ‎05-29-2008
0

Re: What should I do?


wmarat wrote:

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.


 

I agree. I checked my report on experian and my fico scores dropped 15 pts because this is my third inq in three months.
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007

Re: What should I do?

My understanding is that a hard inquiry, regardless of source, is going to be crunched like any other hard inq.

I don't think that the scoring formula can discriminate as to bank hard pulls vs seeking-credit hard pulls.

Oftentimes, banks use the excuse of setting up overdraft protection on checking and savings (!) accounts as an excuse to pull a hard. --hth
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
Max09
Posts: 199
Registered: ‎05-29-2008
0

Re: What should I do?


wmarat wrote:

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.)


 

I also agree with wmarat. I checked CIP rules online and it says BANK NEED NOT VERIFY THE INFORMATION PRESENTED TO THEM BY CUSTOMER ( meaning driver's license and passport are proof enough)
Regular Contributor
Max09
Posts: 199
Registered: ‎05-29-2008
0

Re: What should I do?


haulingthescoreup wrote:
My understanding is that a hard inquiry, regardless of source, is going to be crunched like any other hard inq.

I don't think that the scoring formula can discriminate as to bank hard pulls vs seeking-credit hard pulls.

Oftentimes, banks use the excuse of setting up overdraft protection on checking and savings (!) accounts as an excuse to pull a hard. --hth

 

The truth is, they really don't have to do a hard pull for a checking accnt unless you sign up for overdraft protection which means that they will be extending you credit.  I am sure that if enough consumers officially complained about this, something would change.
Established Contributor
voidman
Posts: 532
Registered: ‎06-07-2008
0

Re: What should I do?

[ Edited ]

Max09 wrote:

 

I agree. I checked my report on experian and my fico scores dropped 15 pts because this is my third inq in three months.

That clears the air,

 

So I am now pissed at my wells fargo bank, They opened another checking acc for me coz they think that I make lot of internet purchases, Yeah I do that for internet services etc. 

 

They asked me to open a new checkin acc and the check card for that checkin will be used solely for internet purchases. I recently checked that they is an inquiry for the new checkin acc. 

 

Obviously they do not require to do that coz I already have checking and savings acc with them for past one year. 

 

Duh, so anyone had any success of removing such inq?

Message Edited by voidman on 10-11-2008 05:53 PM
-void
Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007
0

Re: What should I do?

You won't be able to remove it, it is legit.
IN VINO VERITAS.
Established Contributor
voidman
Posts: 532
Registered: ‎06-07-2008
0

Re: What should I do?


wmarat wrote:
You won't be able to remove it, it is legit.

 

Humm, that sucks. 

-void
Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007
0

Re: What should I do?

True


voidman wrote:

wmarat wrote:
You won't be able to remove it, it is legit.

 

Humm, that sucks. 


 

IN VINO VERITAS.
Valued Contributor
jmbfl
Posts: 1,185
Registered: ‎03-04-2008
0

Re: What should I do?


wmarat wrote:

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.)


I never stated that the Patriot Act requires a banking entity to pull a credit report before they open an account for you. What I did state is that they do do it and they will profer the Patriot Act as an excuse for doing so. Until there is a law in places that proscribes them from pulling your credit they are going to continue to do so.

 

In the meantime I would check the fine print of the documents that are part and parcel of any bank account application. I'd be willing to wager that you grant them authority to obtain information on you, including a consumer credit report. Your granting such permission would negate any need on their part to have a "permitted purpose" under the FCRA to obtain your CBR. You can always grant them permission to obtain such a report.

Valued Contributor
wmarat
Posts: 1,754
Registered: ‎11-03-2007
0

Re: What should I do?

I have never said that you said...


jmbfl wrote:

wmarat wrote:

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.)


I never stated that the Patriot Act requires a banking entity to pull a credit report before they open an account for you. What I did state is that they do do it and they will profer the Patriot Act as an excuse for doing so. Until there is a law in places that proscribes them from pulling your credit they are going to continue to do so.

 

In the meantime I would check the fine print of the documents that are part and parcel of any bank account application. I'd be willing to wager that you grant them authority to obtain information on you, including a consumer credit report. Your granting such permission would negate any need on their part to have a "permitted purpose" under the FCRA to obtain your CBR. You can always grant them permission to obtain such a report.


 

IN VINO VERITAS.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}