Debit cards?

[Anonymous]

I'd like to apply for an ARCO debit card.  Was wondering if that would have the same impact as applying for a credit card. 

[Anonymous]

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@Anonymous wrote:
I'd like to apply for an ARCO debit card.  Was wondering if that would have the same impact as applying for a credit card. 

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This is a debit card linked to an existing checking account. It is not a credit card and does not involve issuance of credit. They may make an INQ when you apply and/or they may check ChexSystems, but otherwise this card should not appear on your credit bureau reports.

[Anonymous]

If they make an inquiry, it'll lower my score, right?  The same as if I applied for credit?  If they make an inquiry, it'll lower my score, right?  Less than it would if I applied for credit?

What is ChexSystems?

[Anonymous]

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ruby2zzdy wrote:

If they make an inquiry, it'll lower my score, right?

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A new INQ on your CBR may effect your FICO score. It also might not effect your FICO score. If there is an effect it will be small and temporary. INQ's will report on your CBR's for two years, but only impact your FICO score for one year.

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ruby2zzdy wrote:

What is ChexSystems?

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ChexSystems is a clearing house that compiles data related to bank accounts and bank account abuse. If you write a bad check it will likely be reported to ChexSystems. If you owe a bank money because you overdrafted your account it will most likely be reported to ChexSystems. If you have negative information in ChexSystems it can be a very substantial impediment to opening a new bank account. You can obtain a copy of your report from ChexSystems if you are interested, but they don't make it easy. Changing ChexSystems information is almost impossible. You do not want to be on the wrong side of ChexSystems.