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Frequent Contributor
joestay
Posts: 369
Registered: ‎01-08-2010

Sharebuilder + credit check

Hi. Has anyone opened a sharebuilder's account recently and if so, was it a hard or soft pull on credit report?  Please specify what kind of account you open because i am thinking about opening a roth ira account with option trading.  I asked them but I don't really trust what they say.  Also, will a new account appear on the report?  I'm still looking for a house and don't want to get denied because of new account.

Regular Contributor
Quips
Posts: 157
Registered: ‎03-05-2012

Re: Sharebuilder + credit check


joestay wrote:

Hi. Has anyone opened a sharebuilder's account recently and if so, was it a hard or soft pull on credit report?  Please specify what kind of account you open because i am thinking about opening a roth ira account with option trading.  I asked them but I don't really trust what they say.  Also, will a new account appear on the report?  I'm still looking for a house and don't want to get denied because of new account.


I opened 2 SB accounts in the last 6 months - one is an IRA that I funded with a partial rollover from my 401K. They other is an after tax account that I fund with bi weekly deposits. I did not get any credit pulls - but I didn't apply for margin trading. Nothing has hit my credit report.

I think you should open up the Roth but don't do the option trading until you get the mortgage.

 

FICO: EQ 769, TU 762 , EX ???

Frequent Contributor
joestay
Posts: 369
Registered: ‎01-08-2010

Re: Sharebuilder + credit check

Thanks Quips,

I think I'll follow your advice with opening the roth without the option trading for now.

Mega Contributor
RobertEG
Posts: 17,256
Registered: ‎03-19-2007

Re: Sharebuilder + credit check

FCRA lists as a permissible purpose for receiving a consumer credit report any business transaction initiated by the consumer for which the business has a legitimate need to review the consumer's report.

 

The FCRA does not regulate how such inquiries are coded by the CRAs.  Thus, if you initiate a business transaction, you give them permissible purpose.

How it is coded is an unregulated administrative matter controlled by the CRAs, for which they have not published any guidelines or procedures.


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