Hard Pulls To Open Credit Union Non Credit Card Accounts Question?

[Anonymous]

Do hard pull from credit unions or bank to open accounts (savings or checking) count as a regular credit inquiry? Do they carry the same weight if you are not applying for credit but just to open an account?  Do prospective creditors view them differently when they show up on your reports?

I have three hard pulls on my Equifax but they are for opening savings accounts at three credit unions.

[RobertEG]

Credit inquiries are not limited to requests for credit.

They also include consumer-initiated business transactions where the transaction has some legitimate business need for the business to review a consuemr's credit as part of the transaction.

Most banking accounts have the risk of the consumer acruing fees or making overdrafts that could result in loss by the business, and thus are considered to hve permissible purpose for making an inquiry.

The business does not need any explicit consumer authorization to make the inquiry.  They need only, when they make the inquiry, state that is for the perissible purpoe of a consumer-inititated business transaction that is condidered to have a legitimate business need for reveiw of the consumer's credit reprot.

Any inquiry, other than a so-called promotional inquiry, can be coded as hard under the FCRA, so it is discretionary on the part of the business as to its coding.

[Anonymous]

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@RobertEG wrote:

Credit inquiries are not limited to requests for credit.

They also include consumer-initiated business transactions where the transaction has some legitimate business need for the business to review a consuemr's credit as part of the transaction.

Most banking accounts have the risk of the consumer acruing fees or making overdrafts that could result in loss by the business, and thus are considered to hve permissible purpose for making an inquiry.

The business does not need any explicit consumer authorization to make the inquiry.  They need only, when they make the inquiry, state that is for the perissible purpoe of a consumer-inititated business transaction that is condidered to have a legitimate business need for reveiw of the consumer's credit reprot.

Any inquiry, other than a so-called promotional inquiry, can be coded as hard under the FCRA, so it is discretionary on the part of the business as to its coding.

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Thanks for your response.  I was just hoping the Credit Union inquires  for non credit accounts  were not viewed as seeking credit.  Anyway you have explained it and I understand.  I appreciate youor help.

BTW is it coded on the report where I can look at it?  Maybe it's a different code that lenders see and know the difference.  I know one account from a credit unon for the account and later for a CC had something different about them (I don't remember exactly). The CC inquiry said CC something at the end.  The savings account inquiry just had the Credit Union name I think.

[takeshi74]

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@Anonymous wrote:

Do hard pull from credit unions or bank to open accounts (savings or checking) count as a regular credit inquiry?

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A hard pull is a hard pull.  The only time hard pulls may be considered differently is when one is shopping for credit such as mortgages and auto loans.  In those specific cases inquiries that are properly coded within a set time frame will be scored as a single inquiry though they will appear as separate inquiries on reports.

You hard pulls for opening accounts will carry the same weight as your credit seeking and other hard pulls.  Hard pulls are generally a small factor.  They can have a bigger impact for those with thin credit profiles and/or credit profiles with issues.  However, in such cases the real problem isn't the hard pulls but the bigger issues with the person's credit profile, despite how HP averse people tend to be on this and other credit sites.

[Anonymous]

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@takeshi74 wrote:

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@Anonymous wrote:

Do hard pull from credit unions or bank to open accounts (savings or checking) count as a regular credit inquiry?

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A hard pull is a hard pull.  The only time hard pulls may be considered differently is when one is shopping for credit such as mortgages and auto loans.  In those specific cases inquiries that are properly coded within a set time frame will be scored as a single inquiry though they will appear as separate inquiries on reports.

You hard pulls for opening accounts will carry the same weight as your credit seeking and other hard pulls.  Hard pulls are generally a small factor.  They can have a bigger impact for those with thin credit profiles and/or credit profiles with issues.  However, in such cases the real problem isn't the hard pulls but the bigger issues with the person's credit profile, despite how HP averse people tend to be on this and other credit sites.

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Thank you for your response.