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.
