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Checking and Credit Card Combo?

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SSA_2013
Frequent Contributor

Checking and Credit Card Combo?

I currently bank with Chase but would like to open a new checking account with a different bank as well. Therefore, I was wondering if any bank allows you to open/apply for a checking account and credit card via the same application/hard pull. I plan on splitting my direct deposit and treat the second account similar to a savings/purchase account. Does anyone know of any banks that pull credit once for both checking and credit card options?
Message 1 of 8
7 REPLIES 7
Mattopotamus
Frequent Contributor

Re: Checking and Credit Card Combo?

I believe most banks are usually a soft pull for checking accounts. 

Message 2 of 8
SSA_2013
Frequent Contributor

Re: Checking and Credit Card Combo?


@Mattopotamus wrote:

I believe most banks are usually a soft pull for checking accounts. 


That sounds great! I have been reading the applications for some (Wells Fargo, US Bank, etc) and they all say they something along the lines that they obtain consumer credit reports and the usual. I assumed that would be a hard pull and would prefer to have a secondary account off of it. If the banks do soft pulls I don't mind just opening up a regular checking.

Message 3 of 8
Mattopotamus
Frequent Contributor

Re: Checking and Credit Card Combo?

Message 4 of 8
jacetx
Valued Contributor

Re: Checking and Credit Card Combo?

From what I have experienced, other than Penfed (not sure about other credit unions), I have yet to encounter a bank that requires a HP to open a checking/savings account.

Message 5 of 8
OmarGB9
Community Leader
Super Contributor

Re: Checking and Credit Card Combo?

Usually a SP. I think what they mean by "obtaining a consumer credit report" is that they will pull you but on the secondary bureaus such as Chexsystems or something, not the usual EX/EQ/TU credit bureaus.

Last App: 1/10/2023
Penfed Gold Visa Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 6 of 8
CreditUnionFan
Valued Contributor

Re: Checking and Credit Card Combo?


@SSA_2013 wrote:
I currently bank with Chase but would like to open a new checking account with a different bank as well. Therefore, I was wondering if any bank allows you to open/apply for a checking account and credit card via the same application/hard pull. I plan on splitting my direct deposit and treat the second account similar to a savings/purchase account. Does anyone know of any banks that pull credit once for both checking and credit card options?

Most institutions perform a SP against a credit bureau report (TU, EX, EQ, or other third party), and may HP against ChexSystems, which is specific to checking/savings accounts. There are a few that will run an HP for just a checking account. (DCU, PenFed, and SB1 are the only ones I know of)

 

When sitting with the banker, the banker may recommend their credit card. If you decide to apply for the credit card, that will result in a HP on a credit report in the majority of cases. The only exception I can think of is RBS/Citizens, which performs a SP on EQ for both the checking account as well as the credit card. When I opened accounts at Huntington, I see the SP for the intiial checking account, followed by the HP when I accepted the preapproval for their credit card.

 

I tell the banker I will only consider their credit card igf a preapproved message appears (based on the SP).  I'm only willing to take a HP if the SP (taken mere seconds ago) indicates a preapproval. 

I was going to garden... Honest!
Message 7 of 8
UncleB
Credit Mentor

Re: Checking and Credit Card Combo?

It's good to know that most banks only do a SP now... when I was opening new accounts years ago that wasn't the case, at least not locally.

 

These are 'stale' data points, but my experience back in 2000 with BBVA/Compass was a HP for a checking account; a friend who was an employee told me that if you qualified for a credit card they would offer you one at that time as well (it wasn't mentioned to me, so apparently I didn't qualify). 

 

I opened a checking account with Wachovia (now Wells Fargo) in 2005; it was a HP as well.  I don't know if they ran a pre-qual at the time, but they did note that my score was 'good', and volunteered to increase my ATM daily limit because of it (I later found out they would do this for nearly anybody who asked, but at the time it was an ego-boost).

 

My most recent checking account opening was/is with USAA, opened in early 2012.  They didn't pull credit from any of the major bureaus, and I'm not aware of any secondary bureau they might have used.  It's said that they don't use ChexSystems (it wasn't a concern of mine, but it came up repeatedly when I was researching them back then, since they were open to the public at the time).

 

I closed my BBVA/Compass account back in 2013.  I hadn't actively used it in years; the only reason I kept it was because it was free, and they reimbursed the ATM fees charged by other bank's machines - but those both changed.  They added a monthly fee then added things could do to keep it 'free', and they did away with their ATM fee reimbursement feature, which eliminated my need for them.  After they did away with 'free' accounts, for a couple of years I kept $1500 on deposit just to waive the fee, but eventually I needed the cash, so I had them close the account.  Ironically, twice since then (the last time was earlier this week) I've received an email from them asking me to 'come back', that they are once again offering a 'free' account.  It's nice to feel wanted, but I think my needs are being met quite well where I am... LOL

 

Those three are the only checking accounts I've opened since 2000.  I had three or four during the '90s when I was still figuring things out, and I co-signed for a couple of my younger brothers a time or two (also in the '90s) but my experience with checking accounts has slowed down considerably since then.  My income is rather modest, so it would be a stretch to keep more than two active at a time anyway.  At one time my checking account statements were multi-page, but now both are just a single page (sometimes two if there's a generic 'notice' attached). 

 

All that being said, if I were in the market for a new checking account, I would certainly want to get as much 'bang for the buck' as possible out of the deal, be it SP or HP!  Smiley Wink

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