Ally Checking Account vs Hard Inquiry

jake619 · ‎11-17-2012

I want to open checking account with Ally but there is a concern of the dreaded hard inquiry. I've chatted with various Ally Reps and even called in, keep getting conflicting info from the different Reps. The text in black is a direct copy/paste from the online account creation form -- the bold part is of particular interest.

CHAT 1 - before opening savings

Jake: Does Ally do a hard credit inquiry for checking accounts? savings?
Jonathan: We do not do a hard credit inquiry for any of our account openings.

CHAT 2 - before opening savings

Jake:hi. i'm considering opening a savings account, with the possibility for a checking account to follow. i need to know if there are hard credit pulls to open
either of these accounts? i've read yes and no reviews as well,your website displays this:
Why does Ally use credit information to verify my application? We want to make sure you and your accounts are safe. like most banks,we look at your credit information to: • Verify your identity • Protect you from online fraud • Comply with federal regulations Your credit score will never be affected--and you'll be able to rest easy knowing you're safe and secure on Ally.com.
William: Part of the account review process does involve the Chex system,and as stated your credit score will not be affected when applying for an account with Ally.
William: The only time there would be a hard check on your credit, is if you were possibly applying for a home mortgage,or an auto loan.
Jake: does this include checking as well as savings?
William: Ally does offer the checking and savings accounts, and we do not do a "hard pull" hen anyone applies for those accounts.
Jake: ok,so just the regulatory compliance stuff everybody else does but definitely only a soft credit inquiry?
William: That is correct.
Jake: ok thank you.

CHAT 3 - after opening savings

Jake:I'm considering opening a checking to compliment my savings account with Ally but I've been reading on various websites that review your accounts that opening a checking account will place a hard credit inquiry on my credit report. Is this true? I'm seeing conflicting information.
Jacob M.:Yes, we do run a credit check as part of the application process. Like most banks,we look at your credit information to verify your identity,protect you from online fraud,and comply with federal regulations. We will only pull your credit in compliance with the Fair Credit Reporting Act. If applying for an interest checking account this will be a full query or "hard pull".
Jake: ok thanks. so when i opened my savings account there was only a soft inquiry but opening the checking will cause a hard inquiry. is this correct?
Jacob M.:Yes,that is correct.

So, does anybody here have an Ally checking account? And did the opening generate a hard inquiry? I can't seem to get a straight answer from them. I know they have a minimum FICO to open an account but hard to understand how the website reads your score will be unaffected but chat 3 says it will be a hard inquiry.

Thanks in advace.

jsucool76 · ‎11-18-2012

@jake619 wrote:
I want to open checking account with Ally but there is a concern of the dreaded hard inquiry. I've chatted with various Ally Reps and even called in, keep getting conflicting info from the different Reps. The text in black is a direct copy/paste from the online account creation form -- the bold part is of particular interest.
CHAT 1 - before opening savings
Jake: Does Ally do a hard credit inquiry for checking accounts? savings?
Jonathan: We do not do a hard credit inquiry for any of our account openings.

CHAT 2 - before opening savings
Jake:hi. i'm considering opening a savings account, with the possibility for a checking account to follow. i need to know if there are hard credit pulls to open
either of these accounts? i've read yes and no reviews as well,your website displays this:
Why does Ally use credit information to verify my application? We want to make sure you and your accounts are safe. like most banks,we look at your credit information to: • Verify your identity • Protect you from online fraud • Comply with federal regulations Your credit score will never be affected--and you'll be able to rest easy knowing you're safe and secure on Ally.com.
William: Part of the account review process does involve the Chex system,and as stated your credit score will not be affected when applying for an account with Ally.
William: The only time there would be a hard check on your credit, is if you were possibly applying for a home mortgage,or an auto loan.
Jake: does this include checking as well as savings?
William: Ally does offer the checking and savings accounts, and we do not do a "hard pull" hen anyone applies for those accounts.
Jake: ok,so just the regulatory compliance stuff everybody else does but definitely only a soft credit inquiry?
William: That is correct.
Jake: ok thank you.

CHAT 3 - after opening savings
Jake:I'm considering opening a checking to compliment my savings account with Ally but I've been reading on various websites that review your accounts that opening a checking account will place a hard credit inquiry on my credit report. Is this true? I'm seeing conflicting information.
Jacob M.:Yes, we do run a credit check as part of the application process. Like most banks,we look at your credit information to verify your identity,protect you from online fraud,and comply with federal regulations. We will only pull your credit in compliance with the Fair Credit Reporting Act. If applying for an interest checking account this will be a full query or "hard pull".
Jake: ok thanks. so when i opened my savings account there was only a soft inquiry but opening the checking will cause a hard inquiry. is this correct?
Jacob M.:Yes,that is correct.

So, does anybody here have an Ally checking account? And did the opening generate a hard inquiry? I can't seem to get a straight answer from them. I know they have a minimum FICO to open an account but hard to understand how the website reads your score will be unaffected but chat 3 says it will be a hard inquiry.

Thanks in advace.

There's been a few threads about this, and I happen to have a few accounts with ally and I spoke with a few CSRs trying to help someone out once - The best info I got was savings/MMA/CDs - SP, and Interest Checking - HP

I opened a checking account with them not too long ago (maybe a year and a half) and never actually recieved a HP, but I can't say that you won't recieve one if you open an account.

Also be prepared for them to soft you, basically daily...lol I wish they offered CCs xD

jake619 · ‎12-16-2012

Its been a few weeks since I opened the accounts and no HP. I guess its a YMMV scenario.

RobertEG · ‎12-16-2012

I dont think you are going to get a "straight" answer because the entire process of coding credit inquiries is generally unknown.

The FCRA only requires a requestor to provide a permissible purpose in order to obtain a consumer credit report. Since requests for a consumer credit report are not the reporting of consumer information to the CRA, their coding is not even covered in the CRA credit reporting manual.

So if told that an inquiry will be "soft" or "hard," how that comes about is secreted in mystery. Does the inquiree provide a code, or does the CRA produce their coding based on the stated permissible purpose?

If inquiries have codes, what are they, and where are they published? Are there codes that say "permissible purpose of review for new credit, but dont include in the consumer's credit report?" I doubt that such subjective coding exists.

Creditors can tell you anything they wish about how their inquiry is coded, but until the process is made public, I an unaware of how they can subjectively govern how their inquiries are coded. I would ask them how they go about their reporting so as to ensure that their inquiry wont be available to others pulling your credit report.

I bet you wont get a definitive answer.......