@Anonymous wrote:
@pinkandgrey wrote:
@Anonymous
@Anonymous wrote:
@pinkandgrey wrote:
I have a car loan through a credit union and am already a member. I applied for their checking account. I opted NOT to have overdraft protection. The customer service reps insisted twice that opening a checking account would not be a hard credit inquiry. It was. And I got a message saying the application was "under review." What the what??? This isn't a credit card application! And I'm already a member! What is going on?
Many financial institutions (particularly smaller ones) like to manually process applications... It doesn't always mean it's a hard pull.
It's always possible they just manually review Chexsystems whether yours is clean or not, and then possibly verify your idenity, and then someone will physically get on the computer and open the account for you.
I was told that it would NOT be a hard pull and would be only a Chex check, but I did get an alert from EX immediately informing me of a hard inquiry. I really hope this is not a "denial." But is the wording "under review/pending approval" standard? That sounds like I'm in some way unqualified for a checking account...
One hard pull is not a big deal. It may drop your score (less than 5 points) for a short period (less than a year, but probably less than 6 months even). It's not like one inquiry will sway future lenders when they're deciding to grant you credit or not... Especially lenders who usually do a manual review, and may ask about recent inquiries when their underwriters see them.
@I'll give you an example: I joined Key Bank a few months ago. Unless you're approved, by the computer, Key will manually review applications. I was approved for the Latitude MasterCard via computer, and then a few days later, applied for a basic line of credit (which was manually reviewed). The the loan officer called and had some questions the underwriters wanted to know... About a bunch of recent inquiries. I explained how Verizon FIOS was not a lender... Explained how a CU inquiry was for membership, and how a couple of more were for credit line increases. Needless to say, Key approved my line of credit @ $3,400 with their lowest APR. I then applied for the Key2More Rewards MasterCard a couple of weeks later and was also approved - and they most likely took into account the information I gave them previously.
Unless you have 75 inquiries already - one won't hurt you or your credit.
@Anonymous wrote:
@pinkandgrey wrote:
@Anonymous
@Anonymous wrote:
@pinkandgrey wrote:
I have a car loan through a credit union and am already a member. I applied for their checking account. I opted NOT to have overdraft protection. The customer service reps insisted twice that opening a checking account would not be a hard credit inquiry. It was. And I got a message saying the application was "under review." What the what??? This isn't a credit card application! And I'm already a member! What is going on?
Many financial institutions (particularly smaller ones) like to manually process applications... It doesn't always mean it's a hard pull.
It's always possible they just manually review Chexsystems whether yours is clean or not, and then possibly verify your idenity, and then someone will physically get on the computer and open the account for you.
I was told that it would NOT be a hard pull and would be only a Chex check, but I did get an alert from EX immediately informing me of a hard inquiry. I really hope this is not a "denial." But is the wording "under review/pending approval" standard? That sounds like I'm in some way unqualified for a checking account...
One hard pull is not a big deal. It may drop your score (less than 5 points) for a short period (less than a year, but probably less than 6 months even). It's not like one inquiry will sway future lenders when they're deciding to grant you credit or not... Especially lenders who usually do a manual review, and may ask about recent inquiries when their underwriters see them.
@I'll give you an example: I joined Key Bank a few months ago. Unless you're approved, by the computer, Key will manually review applications. I was approved for the Latitude MasterCard via computer, and then a few days later, applied for a basic line of credit (which was manually reviewed). The the loan officer called and had some questions the underwriters wanted to know... About a bunch of recent inquiries. I explained how Verizon FIOS was not a lender... Explained how a CU inquiry was for membership, and how a couple of more were for credit line increases. Needless to say, Key approved my line of credit @ $3,400 with their lowest APR. I then applied for the Key2More Rewards MasterCard a couple of weeks later and was also approved - and they most likely took into account the information I gave them previously.
Unless you have 75 inquiries already - one won't hurt you or your credit.
Yeah, I'm not overly concerned about the HP except for the fact that two different people swore up and down that it wouldn't be. I'm more concerned about the fact that it sounds like I may have been declined for a CHECKING account. That seems bizarre to me. I'm not asking them to extend credit in any capacity. So I took a HP and have nothing to show for it whatsoever.
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