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Hard Inquiries w/o credit line increase

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Valued Member

Hard Inquiries w/o credit line increase

I haven't applied for any credit line increase or new credit line. However, I got two hard inquiries recently by just opening a bank account(checkings account only) and applying for a new cellular service account. Are these inquiries same as the ones that comes from applying new credit card? And such inquiries are going to bring down my score as well?

Message 1 of 7
6 REPLIES
Frequent Contributor

Re: Hard Inquiries w/o credit line increase

These inquiries will also bring down credit score for the first 12 months similar to the ones from credit card applications. However, lenders may view these differently, especially during a manual review.

Message 2 of 7
Senior Contributor

Re: Hard Inquiries w/o credit line increase

Some banks will HP your credit and most cell phone companies do as well. I wouldn't sweat it. Those INQs don't have much impact. Depending on your profile, you might not see any changes in your scores. If you do, it's temporary.
FICO 8 Scores EQ=776 TU=783 EX=777 (INQ) EQ=12 TU=11 EX=11
TCL=$600K+ / AAOA= 2.9 yrs / Oldest account = 10.9 yrs
Message 3 of 7
Community Leader
Valued Contributor

Re: Hard Inquiries w/o credit line increase


@creditUser101wrote:

I haven't applied for any credit line increase or new credit line. However, I got two hard inquiries recently by just opening a bank account(checkings account only) and applying for a new cellular service account. Are these inquiries same as the ones that comes from applying new credit card? And such inquiries are going to bring down my score as well?


Out of curiosity which bank hit you with a HP just for opening a checking account? I'll be sure to never open an account with them.


Fico 08: 720/721/719 TU/EX/EQ
Message 4 of 7
Valued Member

Re: Hard Inquiries w/o credit line increase

It's Legacy Federal Credit Union. And there are many banks (including private) which does that. It's good to always double check before opening an account. You can get some idea from here :

 

https://www.doctorofcredit.com/bank-accounts/is-opening-a-bank-account-a-soft-or-hard-pull/

Message 5 of 7
Community Leader
Valued Contributor

Re: Hard Inquiries w/o credit line increase


@creditUser101wrote:

It's Legacy Federal Credit Union. And there are many banks (including private) which does that. It's good to always double check before opening an account. You can get some idea from here :

 

https://www.doctorofcredit.com/bank-accounts/is-opening-a-bank-account-a-soft-or-hard-pull/


Actually, very few banks do a HP just to open an account, as long as you decline overdraft protection as that is a credit product.  A number of credit unions do, which I think is stupid. If they'll use the same HP for applying for a credit product, OK, but just to open and account? No thanks, that's what Chex & EWS are for.


Fico 08: 720/721/719 TU/EX/EQ
Message 6 of 7
Valued Member

Re: Hard Inquiries w/o credit line increase

I asked the bank regarding HP and they said, they do it all the time for everyone irrespective of whether someone accepts or decline overdraft protection. Had I know this before, I wouldn't have opened my account there.

Message 7 of 7