Capital One 360??

[steve23111]

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@GaTech wrote:
For a checking account? I HIGHLY doubt that they pull your credit.

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Why?  Pretty standard practice nowadays, at least for online applications.

I doubt they would pull all three, but they would almost certainly look at one.

I've been an ING Direct/Capital One 360 customer since the beginning of time (well, 2001) and was one of the first beta testers of their checking product a number of years ago.  It was a good product back in the day.

[LawStudentCivilis]

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@GaTech wrote:
For a checking account? I HIGHLY doubt that they pull your credit.

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Hi GaTech,

They pull credit for the Capital One 360 checking because they offer a line of credit.  I think it's very stupid and a waste of a hp.  I complained to them and stated they should give customers an option to opt out of having a line of credit.  Like I stated, I have their online savings account (didn't require a hp), but I would like to have instant access to savings if need be by opening their online checking.

[Mr_FYI]

And who's on the hook if someone becomes overdrawn even on a non-credit backed checking account?  That's right.  

Since the hp is not for a conventional credit card or loan, it likely does not have a significant impact on a consumer's credit score.

[GaTech]

I was with ING before Capitol One bought them. Does this mean I can apply for cap1 products?

[LawStudentCivilis]

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@Mr_FYI wrote:

And who's on the hook if someone becomes overdrawn even on a non-credit backed checking account?  That's right.  

Since the hp is not for a conventional credit card or loan, it likely does not have a significant impact on a consumer's credit score.

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A hp is a hp. There is no differentiation.  Just like when I opened a landline with ATT a few years ago it was on and effected my CR as a hard pull.

I don't get your distinction for an overdrawn account. Obviously I would be "on the hook."  And I don't over draw my accounts, I think I would know my spending habits and finances.  It's a needless hassle, I wrote on here to see if anyone knew whether it would be a pull from all three bureaus or not.  Not for someone to tell me who would be "on the hook" when obviously a bank has the power to deny any transaction that overdraws an account.

[nyancat]

And NOTHING has changed since the takeover except my debit card doesn't look as cool. I like the account and it's easy to use. I also have a Schwab and a Bluebird account, but my pay from my job goes to the Capital One 360. It's the easiest account to use. Schwab is best for international (ATM fee refunds) and actually writing checks (free checks and free stop payments if something goes wrong). Bluebird is how I deposit cash. All three have a purpose, but for general banking, Capital One 360 is awesome.

[Mr_FYI]

@LawStudentCivilis:

1.  If the customer does not make good on an overdraft, the bank is stuck collecting.  Sorry, I did not think I had to spell it out and draw diagrams.

2.  Banks and even credit unions routinely run credit reports for new aapplications, for the reason named above.  C1360 ran a TU on me in June 2012.  I get my score monthly from truecredit.com.  It made no difference.  Deal with it.

3.  Based on your logic, no financial institution should ever need to run a credit report on you, because you know your spending habits, etc.  I hope you do/did better arguing in moot court.

4.Ask your friendly neighborhood banker how much they lose at his branch each year from overdrawn accounts that DO NOT even have credit privileges attached.  

[LawStudentCivilis]

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@nyancat wrote:

And NOTHING has changed since the takeover except my debit card doesn't look as cool. I like the account and it's easy to use. I also have a Schwab and a Bluebird account, but my pay from my job goes to the Capital One 360. It's the easiest account to use. Schwab is best for international (ATM fee refunds) and actually writing checks (free checks and free stop payments if something goes wrong). Bluebird is how I deposit cash. All three have a purpose, but for general banking, Capital One 360 is awesome.

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Thanks, I thought it would be a great account to have. It is a little annoying having to wait two days if I would need any funds for any emergency out of my savings account.

[LawStudentCivilis]

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@Mr_FYI wrote:

@LawStudentCivilis:

1.  If the customer does not make good on an overdraft, the bank is stuck collecting.  Sorry, I did not think I had to spell it out and draw diagrams.

2.  Banks and even credit unions routinely run credit reports for new aapplications, for the reason named above.  C1360 ran a TU on me in June 2012.  I get my score monthly from truecredit.com.  It made no difference.  Deal with it.

3.  Based on your logic, no financial institution should ever need to run a credit report on you, because you know your spending habits, etc.  I hope you do/did better arguing in moot court.

4.Ask your friendly neighborhood banker how much they lose at his branch each year from overdrawn accounts that DO NOT even have credit privileges attached.  

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1. Your picture is very fitting.

2. Thanks for completely ignoring my argument the bank has every right to deny any account that puts them in over draft. (Hope you do better reasoning than this in your own professional/personal life).

3. I didn't think I had to spell out to you a hard pull is a hard pull regardless of the institution pulling it, but I guess by your condescending tone we're both being a little slow this morning.

4.  Yes there are different financial institutions, but it's funny I've had checking/savings account with three different institutions since the age 9 and this is the first one to pull a credit report.  Also, please work on your reading comprehension, never did I once complain about the credit pull in my initial comment, I wanted to know whether they pull one bureau or all 3. You simply wasted one of your five posts to internet thug.

5.  I guess my arguments are just fine since you ignored half of them, and I already have a job offer with one year of school left.  I can't say that about half of my friends that graduated in May. 

[Simply827]

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@LawStudentCivilis wrote:

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@nyancat wrote:

And NOTHING has changed since the takeover except my debit card doesn't look as cool. I like the account and it's easy to use. I also have a Schwab and a Bluebird account, but my pay from my job goes to the Capital One 360. It's the easiest account to use. Schwab is best for international (ATM fee refunds) and actually writing checks (free checks and free stop payments if something goes wrong). Bluebird is how I deposit cash. All three have a purpose, but for general banking, Capital One 360 is awesome.

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Thanks, I thought it would be a great account to have. It is a little annoying having to wait two days if I would need any funds for any emergency out of my savings account.

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If you have savings and checking with Cap1 360, you can transfer from savings to checking and withdraw with your ATM card immediately.