topic Re: Sharebuilder + credit check in General Credit Topics

Sharebuilder + credit check

joestay — Thu, 21 Feb 2013 02:55:09 GMT

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.

Re: Sharebuilder + credit check

Quips — Thu, 21 Feb 2013 20:48:13 GMT

@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.

Re: Sharebuilder + credit check

joestay — Fri, 22 Feb 2013 02:19:44 GMT

Thanks Quips,

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

Re: Sharebuilder + credit check

RobertEG — Sat, 23 Feb 2013 00:39:27 GMT

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.

Re: Sharebuilder + credit check

Blodreina — Sat, 05 Jul 2014 14:03:34 GMT

Bump.