Will opening an "option trading account" result in a credit pull?

[joestay]

If so, will the inquiry be a hard or soft pull?  I have a brokerage account with scottrade right now and I would like to open an option trading account if it does not result in a hard pull of my credit report.  Anyone who has done this before?

[Lel]

I opened an option trading account a couple years ago and it didn't result in any inquiry of any sort.  I don't think it's considered a credit account in the traditional sense, and you probably won't be able to write uncovered calls unless you have sufficient hard assets to cover your position if someone chooses to exercise.

[joestay]

i just checked a credit report of mine from a few year back and Scottrade showed up as Hard Inquiry on Equifax.  This was when I open a standard brokerage account with them.  No margin, just cash.  Since I am a current customer, will they pull a hard inquiry if I request to open an option account?

[Lel]

You're going to have to ask Scottrade.  All I can say is that TD Ameritrade did not pull my report when I opened my options account.  I do not know whether they did an inquiry when I opened my brokerage account back when they were just Waterhouse.

[joestay]

I tried asking them but they give me the run around.  they would not give me a concrete answer.

[Lel]

Concrete answers in many credit-related matters are hard to come by.  If you feel that an options trading account (or any sort of account, for that matter) is in your financial best interest, then it may be worth "risking" the inquiry to move forward.

[Imhotrodcrazy]

I was going to open an account with Scottrade a couple of years ago on line, however, when I reached the part where it said they would pull my credit report  I tried to back out of the system, but it would not let me.  So, I just shut down my computer thinking that would kill the deal.   A few days later I saw a hard inquiry on my TU report.  I disputed it since I did not "check" the box to authorize pulling my credit report.  It was removed in about 30 days.  So, yes they do make a hard pull.  I won't deal with anyone who wants to do a hard inquiry when all I am doing is putting my money in an account. 

[Anonymous]

Scottrade used to do a hard inquiry for all new accounts.

At some point after DW opened a Roth IRA last March, but before October, they changed their policy to make it a soft inquiry for new IRA accounts. They most likely made a similar change for other account types as well. I'd call up and ask away until someone gives you a firm answer.

FWIW -- I like to think I am personally responsible for that change because of my goodwill letter to the CEO's office that resulted in the hard inquiry being recoded as a soft. After the letter, my wife received two calls from our branch manager (one saying he'd push for the goodwill request and another to confirm that they were acting on our letter) and one from someone in the CEO's office.