Hard Inq. from WAMU Checking?

ficus · ‎09-13-2007

I understanding that when one signs up for WaMu's Free Checking & Savings combo, they open 2 accounts in your name, and with one of those being a savings account, they pull a hard inquiry. This has been confirmed by plenty of people. My question is, if a completely new customer were to open a checking account only with Wamu, would their system pull a hard inquiry still? Can someone who's been diligently monitoring their credit reports/score confirm that Wamu does NOT pull a hard inq. when one opens a checking account ONLY?

fused · ‎09-13-2007

Hi Ficus:

I think you will receive more replies if I move your post to the General Credit Forum. Would you like me to do this for you?

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Fused

ficus · ‎09-13-2007

Yes, that'd be cool. Thanks.

Anonymous · ‎09-13-2007

ficus wrote:
I understanding that when one signs up for WaMu's Free Checking & Savings combo, they open 2 accounts in your name, and with one of those being a savings account, they pull a hard inquiry. This has been confirmed by plenty of people. My question is, if a completely new customer were to open a checking account only with Wamu, would their system pull a hard inquiry still? Can someone who's been diligently monitoring their credit reports/score confirm that Wamu does NOT pull a hard inq. when one opens a checking account ONLY?

Yes and probably a chexsystems too. Most banks do a hard inquiry whenever you open a checking account. May as well go for the double to avoid another hard in the future.

fused · ‎09-13-2007

Brammy wrote:

ficus wrote:
I understanding that when one signs up for WaMu's Free Checking & Savings combo, they open 2 accounts in your name, and with one of those being a savings account, they pull a hard inquiry. This has been confirmed by plenty of people. My question is, if a completely new customer were to open a checking account only with Wamu, would their system pull a hard inquiry still? Can someone who's been diligently monitoring their credit reports/score confirm that Wamu does NOT pull a hard inq. when one opens a checking account ONLY?

Yes and probably a chexsystems too. Most banks do a hard inquiry whenever you open a checking account. May as well go for the double to avoid another hard in the future.

I ask why? Opening a checking account is not the same as applying for new credit. The bank can't possibly have PP to hard you. In fact the bank is borrowing our money. Why can't we hard them? As you can see this is one subject that really irks me!

ficus · ‎09-13-2007

Yes, it annoys me too. I already have a checking accnt. with HSBC. I went to Chase, Wamu, and HSBC today, asking what would be involved in opening (another) checking account. Chase doesn't have any clean Free Checking whatsoever. Wamu clerks couldn't convince me that another hard inquiry wouldn't be pulled on me if I were to open a checking account. When I asked what would happen if I were to try to open one on wamu.com, they had no clue. I went on wamu.com and checked out the form. Well, the thing is that, since the system is automated, there's no way to know what is behind it in the first place. And once you've been harded, you can't do anything about it. Went to my HSBC bank last. I needed another checking account no matter what. Paid a small deposit in cash, and since I already have a checking account with them, they didn't take a lot of time to set up another one for me. I discussed inquiries with the clerk first, and since no one, at any bank, can definitively prove whether or not the bank will pull a hard inquiry, we pretty much agreed that most likely since I already have an established account with them, if they were to pull an inq. it'd be a soft one. I'll keep checking Score Watch.

Anonymous · ‎09-13-2007

Actually you are opening a new account which can be loosely construed as credit. Just as utility bills and cable services have PP. They have PP becasue they have a reasonable right to view your relationship with your other creditors. Utilities and such to determine what type of deposit, if any, to charge. Banks for self protection. One main thing, to see if you have any outstanding judgements against you for bad checks or anything on your reports of that nature. Any judgements for financial fraud.

Most banks have an automatic overdraft system in place unless you opt out or will add it to your acount at some time. I opted out of mine because it was ridiculous. Even at PenFed, the checking account I applied for has an overdraft line of credit of 500.00. Didn't know that at application but that is one of the features of the account I qualified for.

Some banks will pay overdrafts up to a certain amount, this is another form of checking account credit, the pull may be one way that they decide whether or not they will offer you this bonus feature.

PP is anyone who has a reasonable need to see your relationship with other lenders. In the case of a collector, this is not the case. If you already have bad credit will they not try to collect? If so they are still in violation as they are not free to pick and choose who they collect from based on credit scores because they don't have the right to that information. It will not make a determination on your approval or denial of collection

Hope that makes sense.

fused · ‎09-13-2007

Brammy wrote:

Actually you are opening a new account which can be loosely construed as credit. Just as utility bills and cable services have PP. They have PP becasue they have a reasonable right to view your relationship with your other creditors. Utilities and such to determine what type of deposit, if any, to charge. Banks for self protection. One main thing, to see if you have any outstanding judgements against you for bad checks or anything on your reports of that nature. Any judgements for financial fraud.

Most banks have an automatic overdraft system in place unless you opt out or will add it to your acount at some time. I opted out of mine because it was ridiculous. Even at PenFed, the checking account I applied for has an overdraft line of credit of 500.00. Didn't know that at application but that is one of the features of the account I qualified for.

Some banks will pay overdrafts up to a certain amount, this is another form of checking account credit, the pull may be one way that they decide whether or not they will offer you this bonus feature.

PP is anyone who has a reasonable need to see your relationship with other lenders. In the case of a collector, this is not the case. If you already have bad credit will they not try to collect? If so they are still in violation as they are not free to pick and choose who they collect from based on credit scores because they don't have the right to that information. It will not make a determination on your approval or denial of collection

Hope that makes sense.

Banks using chexsystems or harding you if you apply for a revolving line of credit such overdraft protection, I'm okay with it. Afterall, OD protection is new credit. I just don't think banks have a reasonable need to to see my relationships with other lenders. It's the other way around, I'm lending them money. Ahhhhh you got me going!

ficus · ‎09-13-2007

Though we may all be annoyed with certain practices, I understand exactly what you mean about their "reasonable need". I figure a lot of decisions in the financial world come with various "preventative" measures in place. And since you can never trust them 100%, common sense, knowledge and experience will go a long way in making moves for yourself.

Just a few days ago, if not for this forum, I would've been blind to many interesting nuances and practices that are so prevalent in the industry. But now, I question everything, not because I'm afraid, but because I prefer to know more things for myself.

Anonymous · ‎09-13-2007

Here's another thing. If you read the T&Cs for opening your account, you will see that most banks have hold times on deposits over a certain amount. I have desposited all types of checks personnal and business above the proscribed amount and have never experienced a hold. The credit check also answers that question for them, to hold or not. I'm okay with it because I want my money in the bank at midnight if I make it by 2pm. I would rather do that than wait ten days for each and every check and they decided to hold or not based on credit.

Message Edited by Brammy on 09-13-2007 07:46 PM