Stock broker a HARD pull?

[blooro]

I just opened a Thinkorswim account and wanted to know if they did a hard pull.  They run credit check.

[llecs]

Someone recently posted that their Scottrade acct did too. I guess it is a growing trend.

[Miner]

Yep.  I opened a trading account at Scottstrade last November and they hard pulled EQ.  I can understand it if I was short selling or something that needed credit, but it was a cash only account.  But since some banks are also hard pulling for checking accounts, I guess this is the age we now live in.

Message Edited by Miner on 10-07-2008 04:32 PM

[CreditAble]

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@blooro wrote:
I just opened a Thinkorswim account and wanted to know if they did a hard pull.  They run credit check.

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If you will be day trading and need your funds available immediately upon sale of a stock to purchase other stocks you must have a margin account.

A margin account allows the company to advance or "lend" you the proceeds from stock sales before the settlement dates.

Since applying for a margin account is  also applying for a line of credit, a hard pull is normally required. I have no first hand experience with Thinkorswim however.

[cadavis0609]

They pull credit for everything now. They need to take inquiries out of the scoring in my opinion, or at least make them soft for everything but request for credit. They pull credit for bank accounts, credit in general (okay with this one), broker accounts, insurance quotes, employment, and if you want to get into the hottest nightclub (joking). Seems like applying for a job could cost you thousands. Counterproductive if you ask me.