topic Re: checking accounts in Understanding FICO® Scoring

checking accounts

Anonymous — Wed, 19 Sep 2007 22:09:33 GMT

hi-- can anyone tell me if opening abank account puts a hard ding on your report.

thanks

Re: checking accounts

Tuscani — Wed, 19 Sep 2007 22:13:06 GMT

Yes it can.

Re: checking accounts

Anonymous — Wed, 19 Sep 2007 22:23:15 GMT

thanks tuscani--the real deal is --my account was in new hampshire for years and live in CT so branch kept losing my deposits. Told me to switch to CT so mistakes on their part would stop. Did not know I would need hard one--maybe soft. Equifax holds everything against you.

Re: checking accounts

Anonymous — Wed, 19 Sep 2007 23:33:59 GMT

Pleasant surprise...I opened a business checking a few days ago and expected to see a hard inquiry on one of my reports...but to my surprise and delight...nothing has appeared....

Re: checking accounts

fused — Thu, 20 Sep 2007 01:31:47 GMT

ObsessedwithmyFico wrote:

Pleasant surprise...I opened a business checking a few days ago and expected to see a hard inquiry on one of my reports...but to my surprise and delight...nothing has appeared....

Good! I have real issues with banks harding you when opening up new checking and savings accounts.

Re: checking accounts

Anonymous — Thu, 20 Sep 2007 03:10:08 GMT

depending on business your name or business name would be dun and bradstreet

Re: checking accounts

Anonymous — Thu, 20 Sep 2007 03:12:57 GMT

i couldn't believe my bank gave me a hard since i already had an account and had to change state because of their errors. i think the cra thinks it was a loan of some kind. does anyone know?

Re: checking accounts

MidnightVoice — Thu, 20 Sep 2007 03:17:01 GMT

casinoannie97 wrote:
i couldn't believe my bank gave me a hard since i already had an account and had to change state because of their errors. i think the cra thinks it was a loan of some kind. does anyone know?

The CRA thinks an inq is an inq. Adding a cell phone line, switching to cable TV, opening a new bank account, getting utilities hooked up, are all "seeking for credit" to a CRA and FICO

Re: checking accounts

Anonymous — Thu, 20 Sep 2007 03:26:03 GMT

THANKS BUT MY CABLE, PHONE, LAST BANK ACCT., WERE ALL SOFT. I JUST SIMPLY DO NOT UNDERSTAND.

Re: checking accounts

MidnightVoice — Thu, 20 Sep 2007 03:28:18 GMT

casinoannie97 wrote:
THANKS BUT MY CABLE, PHONE, LAST BANK ACCT., WERE ALL SOFT. I JUST SIMPLY DO NOT UNDERSTAND.

Then you are lucky. Try Cingular for a nice hard inq

Re: checking accounts

fused — Thu, 20 Sep 2007 03:30:30 GMT

MidnightVoice wrote:

casinoannie97 wrote:

i couldn't believe my bank gave me a hard since i already had an account and had to change state because of their errors. i think the cra thinks it was a loan of some kind. does anyone know?

The CRA thinks an inq is an inq. Adding a cell phone line, switching to cable TV, opening a new bank account, getting utilities hooked up, are all "seeking for credit" to a CRA and FICO

Oh! Utilities are an extension of credit but how can opening a savings account or a checking account without applying for overdraft protection be construed as applying for new credit. Afterall, when I open these accounts they are borrowing my money, where is the PP for a bank to hard me? It's ridiculous! Geez why can't I pull the bank's credit and judge for myself if they are creditworthy and won't close their doors one day and run away with my money! Ya know default!

Re: checking accounts

MidnightVoice — Thu, 20 Sep 2007 03:33:16 GMT

fused111 wrote:

Oh! Utilities are an extension of credit but how can opening a savings account or a checking account without applying for overdraft protection be construed as applying for new credit. Afterall, when I open these accounts they are borrowing my money, where is the PP for a bank to hard me? It's ridiculous! Geez why can't I pull the bank's credit and judge for myself if they are creditworthy and won't close their doors one day and run away with my money! Ya know default!

I agree. But unfortunately the law is the law. Damned PP

Re: checking accounts utilities, etc.

Anonymous — Thu, 20 Sep 2007 03:44:05 GMT

I have cingular (now AT&T). They did not pull hard. These people are driving me crazy. They do not do anything you expect them to do. I had SBC, AT&T, Direct TV, Comcast and no hards.

Re: checking accounts utilities, etc.

MidnightVoice — Thu, 20 Sep 2007 03:52:03 GMT

casinoannie97 wrote:
I have cingular (now AT&T).

That is interesting. They pulled a hard when I got a line, and again when I added a second one 6 months later.

They are now both over 12 months old

Re: checking accounts

fused — Thu, 20 Sep 2007 04:36:47 GMT

MidnightVoice wrote:

fused111 wrote:

Oh! Utilities are an extension of credit but how can opening a savings account or a checking account without applying for overdraft protection be construed as applying for new credit. Afterall, when I open these accounts they are borrowing my money, where is the PP for a bank to hard me? It's ridiculous! Geez why can't I pull the bank's credit and judge for myself if they are creditworthy and won't close their doors one day and run away with my money! Ya know default!

I agree. But unfortunately the law is the law. Damned PP

I'm not so certain this is the law perhaps we're assuming it is when it really isn't. If had the time I would investigate this.