topic Re: DCU account in General Credit Topics

DCU account

Bharath — Wed, 14 Oct 2009 16:27:30 GMT

I am trying to open a new account from DCU.. Both Savings and checkings.. I didnt know that they run a credit check for opening an checkings account. I want to know WHAT KIND OF A CHECK WOULD THAT BE?? Does that hurt my Credit score in any way?? What if I close the checking account once I get it?? Does that lower my score ?? Also, please tell me WHAT WOULD BE THE MINIMUM AMOUNT TO BE MAINTAINED IN A CHECKING ACCOUNT AND SAVINGS ACCOUNT OF DCU..?? ARE THEY REPORTED TOO ?? Don't know anything but applied... Please help me..

Re: DCU account

Anonymous — Wed, 14 Oct 2009 19:02:56 GMT

Not sure abou DCU but many banks and credit unions use the Chex System to check people out that are applying for a checking account to see how they handled previous accounts- here is a link that has info about it and other systems they use and toward the bottom provides a link to them where you can get a free yearly report. Sorry - not sure how/if this affects a credit score:

Edited to remove link, which violates our Credit Repair Discussion Guidelines, Terms of Service, and User Guidelines that prohibit the promotion of certain types of credit repair. - llecs, myFICO moderator

Message Edited by llecs on 10-14-2009 03:02 PM

Re: DCU account

llecs — Wed, 14 Oct 2009 19:12:04 GMT

Bharath wrote:
I am trying to open a new account from DCU.. Both Savings and checkings.. I didnt know that they run a credit check for opening an checkings account. I want to know WHAT KIND OF A CHECK WOULD THAT BE?? Does that hurt my Credit score in any way?? What if I close the checking account once I get it?? Does that lower my score ?? Also, please tell me WHAT WOULD BE THE MINIMUM AMOUNT TO BE MAINTAINED IN A CHECKING ACCOUNT AND SAVINGS ACCOUNT OF DCU..?? ARE THEY REPORTED TOO ?? Don't know anything but applied... Please help me..

Most banks will pull your CR before opening an account. I have accounts at Penfed, Wachovia, and BofA and all pulled my CR. They want to make sure that you don't have other bank-related COs by which they might lose money if it happened to them too. As mentioned, many also pull Chexsystems. Citi just did that for my DW when she opened a checking.

Damage to score? Very minor, if at all. Inquiry damage is overrated. Few points at best with all of the damage going away by this time next year.

Opening or closing a checking account has no impact on your CR (except for any inquiry). Bank accounts don't report unless you default. So, if you close it nothing will happen, other than have a closed account.

Minimum? Check with the terms and conditions that you digitally signed to when opening the account. That'll mention the minimums needed before they charge a monthly fee, if any.

DCU checking won't report.

Re: DCU account

Anonymous — Wed, 14 Oct 2009 19:28:54 GMT

OOPS - sorry - didn't know that was a credit repair group - was just trying to provide info that I thought would help the OP and allow them to get a report from Chex Systems

Henry

Re: DCU account

llecs — Wed, 14 Oct 2009 19:34:28 GMT

HTS77 wrote:
OOPS - sorry - didn't know that was a credit repair group - was just trying to provide info that I thought would help the OP and allow them to get a report from Chex Systems

Henry

Don't sweat it. I did the same too when I first came here.

*wonders if some of my org. violating posts are still lurking out there*

Re: DCU account

Bharath — Wed, 14 Oct 2009 21:50:19 GMT

Thanks for the support.. I got my queries cleared...