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It would be greatly appreciated if someone might be able to shine some light on my issue before I go into the bank later.
Yesterday I "applied" for a savings account at my local credit union, basically just to begin a relationship/have access to the benefits of having a credit union. I got an e-mail later that stated welcome to nymeo.
Today I got an alert from myfico stating I had a new inquiry on my experian report and when I looked it was from nymeo(the credit union) and stated reason:
I did not see anything stating they would pull my credit report in the application for opening a savings account. I did read through all of the agreements and so forth but admittedly I can get glazey eyed during those reads. I also did not apply for a loan simply a savings account.
Is it normal for a credit union to pull your credit report for a savings account? why would it be listed as installment loan? do they jus automatically pull your credit?
@CredStudent wrote:It would be greatly appreciated if someone might be able to shine some light on my issue before I go into the bank later.
Yesterday I "applied" for a savings account at my local credit union, basically just to begin a relationship/have access to the benefits of having a credit union. I got an e-mail later that stated welcome to nymeo.
Today I got an alert from myfico stating I had a new inquiry on my experian report and when I looked it was from nymeo(the credit union) and stated reason:
- Installment Loan Inquiry
I did not see anything stating they would pull my credit report in the application for opening a savings account. I did read through all of the agreements and so forth but admittedly I can get glazey eyed during those reads. I also did not apply for a loan simply a savings account.
Is it normal for a credit union to pull your credit report for a savings account? why would it be listed as installment loan? do they jus automatically pull your credit?
It really depends on the credit union, some will hard pull your reports to open an account, some will not. Some do a HP for every account you open with them, some will do a HP for the first account you open then use that HP for a certain amount of time. I have no experience with that specific CU.
I am assuming it is listed as a loan because that is what that CU has for its HP code, since many CU call CC accounts "loans"
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
Many banks will do a SP or HP before opening a deposit account, and since a savings account is usually required for credit union membership most of the time there is an inquiry of some type.
I'm a member of NFCU, and they do a HP on TU for all memberships. During the process a savings account is opened with a $5 minimum deposit. If that savings account ("share account") is ever closed you cease to be a member of the CU.
The same day I got my NFCU membership I applied for a credit card and they did another HP but on Equifax. So I got two HPs from the same CU in one day... I'm fine with it, though (and I expected it based on what I had read here).
I'm sorry you were caught off-guard by the HP, but if the CU is beneficial to you in the long run hopefully you'll eventually feel it was worth it.