topic Re: Opening new checking account affects credit? in General Credit Topics

Opening new checking account affects credit?

Anonymous — Sat, 01 Feb 2014 23:47:29 GMT

I was curious to know how opening a new checking account at a bank affects your credit score. Do they do a soft or hard pull on your credit? If so, does anyone know which banks pull what? I was curious about the following banks in particular:

Summit Community Bank

BBT

Woodforest National Bank

Millennium Bank
HSBC Bank

Re: Opening new checking account affects credit?

-Wade- — Sun, 02 Feb 2014 00:16:05 GMT

@Anonymous wrote:
I was curious to know how opening a new checking account at a bank affects your credit score. Do they do a soft or hard pull on your credit? If so, does anyone know which banks pull what? I was curious about the following banks in particular:

Summit Community Bank
Capital One
Sandy Spring Bank
PNC Bank
The Middleburg Bank
Bank of America
United Bank
BBT
M&T Bank
Woodforest National Bank
Millennium Bank
HSBC Bank

It will only affect your score a few points if they do a HP on your credit file! If they don't pull your report then it won't affect it anyway!!!! Most banks does a ChexSystem which will not hurt your credit! Some CU will do a HP

Re: Opening new checking account affects credit?

cflowers0115 — Sun, 02 Feb 2014 00:50:37 GMT

Working for a top 25 United States bank, we use ChexSystems, not any form of credit pulls. We may do a soft pull on account opening, but that's exclusively to determine preapprovals for credit (auto/equity loan/line/cc). We don't pull at all unless the client is applying for credit. I can't speak for every bank, but I know we're in the majority.

Re: Opening new checking account affects credit?

Anonymous — Sun, 02 Feb 2014 01:42:05 GMT

Whether a hard pull is done varies with the bank, and the effect of a hard pull on your credit score depends on a variety of factors.

Re: Opening new checking account affects credit?

BluePoodle — Thu, 15 May 2014 02:06:14 GMT

I had to open a new account today with PNC and they told me they don't do a credit check. They just use CheckSystem but I do believe it will show they did a SP. I did have to OK the CheckSystem check on my report.

Re: Opening new checking account affects credit?

MB2714 — Sat, 17 May 2014 18:59:45 GMT

99% of the time banks only use Chex systems. But about 100% of the time credit unions pull credit and Chex systems cause most credit unions don't hold deposits so anything you deposit is considered a loan and they want to know you're credit standing.

Re: Opening new checking account affects credit?

Countingpennies — Sat, 17 May 2014 20:20:58 GMT

@Kalamazoo2714 wrote:
99% of the time banks only use Chex systems. But about 100% of the time credit unions pull credit and Chex systems cause most credit unions don't hold deposits so anything you deposit is considered a loan and they want to know you're credit standing.

Maybe I'm not understanding correctly, but that makes absolutely no sense.

Re: Opening new checking account affects credit?

Luscher — Sun, 18 May 2014 02:52:18 GMT

most banks don't. I have wells fargo and they have never HP'd me

Re: Opening new checking account affects credit?

mrsjr — Sun, 18 May 2014 03:00:52 GMT

Capital One and BBT are hard pulls for EQ. I'm not sure about the others.

Re: Opening new checking account affects credit?

barbaralee — Sun, 18 May 2014 23:58:50 GMT

Charles schwab checking account requires a hard pull... I don't think PNC does, though I do believe they run your name against ache systems

Re: Opening new checking account affects credit?

14Fiesta — Mon, 19 May 2014 05:07:35 GMT

My bank does an HP on TU for all new checking accounts, however I got lucky and avoided it. I got my account at 17 last summer when I was still a minor, so they needed a custodian on the account (my dad). Since they couldn't legally do a credit check on a minor, it was my Dad's CR that received the inquiry. I turned 18 last November, and last month we finally went in to have the account split off and his custodial status removed since I am now 18, and I didn't have to take the HP myself since I am now an existing member in good standing. Yay for loopholes!

Re: Opening new checking account affects credit?

MB2714 — Sun, 08 Jun 2014 00:06:09 GMT

Most credit unions will run credit report and Chex systems some just credit report only but will not pull Chex systems. But most banks will 99% of time only run you through Chex systems.

Re: Opening new checking account affects credit?

Blackbeauty212 — Tue, 10 Jun 2014 21:13:12 GMT

@barbaralee wrote:
Charles schwab checking account requires a hard pull... I don't think PNC does, though I do believe they run your name against ache systems

PNC runs both CheckSystems and does a SP, at least they will if you open your accounts Online, not sure about in the Branch. BOA only SP's no CheckSystems if opened online, again not sure about opening in Branch.

Re: Opening new checking account affects credit?

nax — Tue, 10 Jun 2014 23:28:44 GMT

I have Cap One 360 and BofA and I noticed both did a SP for me.