Opening new checking account affects credit?

Anonymous · ‎02-01-2014

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

BBT

Woodforest National Bank

Millennium Bank
HSBC Bank

-Wade- · ‎02-01-2014

@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

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cflowers0115 · ‎02-01-2014

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.

Starting Scores: 8/13/18: EQ: 556 TU: 521 EX: 544

Anonymous · ‎02-01-2014

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.

BluePoodle · ‎05-14-2014

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.

MB2714 · ‎05-17-2014

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.

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Countingpennies · ‎05-17-2014

@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.

Luscher · ‎05-17-2014

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

mrsjr · ‎05-17-2014

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

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barbaralee · ‎05-18-2014

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