Sharebuilder + credit check

[joestay]

Hi. Has anyone opened a sharebuilder's account recently and if so, was it a hard or soft pull on credit report?  Please specify what kind of account you open because i am thinking about opening a roth ira account with option trading.  I asked them but I don't really trust what they say.  Also, will a new account appear on the report?  I'm still looking for a house and don't want to get denied because of new account.

[Quips]

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@joestay wrote:

Hi. Has anyone opened a sharebuilder's account recently and if so, was it a hard or soft pull on credit report?  Please specify what kind of account you open because i am thinking about opening a roth ira account with option trading.  I asked them but I don't really trust what they say.  Also, will a new account appear on the report?  I'm still looking for a house and don't want to get denied because of new account.

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I opened 2 SB accounts in the last 6 months - one is an IRA that I funded with a partial rollover from my 401K. They other is an after tax account that I fund with bi weekly deposits. I did not get any credit pulls - but I didn't apply for margin trading. Nothing has hit my credit report.

I think you should open up the Roth but don't do the option trading until you get the mortgage.

[joestay]

Thanks Quips,

I think I'll follow your advice with opening the roth without the option trading for now.

[RobertEG]

FCRA lists as a permissible purpose for receiving a consumer credit report any business transaction initiated by the consumer for which the business has a legitimate need to review the consumer's report.

The FCRA does not regulate how such inquiries are coded by the CRAs.  Thus, if you initiate a business transaction, you give them permissible purpose.

How it is coded is an unregulated administrative matter controlled by the CRAs, for which they have not published any guidelines or procedures.

[Blodreina]

Bump.