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Mora
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Subject: Opening new account hurt score
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Mon Aug 30, 2010 5:26 am
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Hi,
I am in need of a checking account. Now, currently my scores have crossed the 700 mark and I have 0 credit inquiries on my credit report. If I apply for a new checking account will it create a hard inquiry on my credit reports?? I am sure it will and am wondering if a bank will bypass a hard pull if they are asked?
I want to apply for a new credit card too and was hoping to have no inquiries when I did. What can I do?
Any suggestions would be welcome. |
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Aaron
Joined: 08 Feb 2010
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Posts: 2675
48566 Magic Points
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Subject: opening new account hurt score
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Mon Aug 30, 2010 11:02 am
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Hi Mora,
Yes, most of the banks will conduct a hard pull if you apply for a checking or savings account. As for the credit card, there will surely be a hard pull when you apply for one. There is no way in which you can avoid this.
Thanks,
Aaron
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Mon Aug 30, 2010 1:17 pm
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Mora, Thats not a bad score at all. I would still open the checking account, even if it drops your score a little. There are a lot of benefits to a checking account. Some places give you a discount (like auto) if you have your payment automatically deducted from your account. Also building a good long term relationship with a bank is a big positive.
We started at our bank when our credit was not the best. They even gave us a loan during this time. It helped build our credit and now when we need anything we automatically call them first and believe me the length of time you have been there really does matter. |
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Aaron
Joined: 08 Feb 2010
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Posts: 2675
48566 Magic Points
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Subject: credit score
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Tue Aug 31, 2010 10:01 am
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In addition to the checking account I think the OP can try to get hold of a new credit card if she wants to increase her credit score. Getting another card will help her cross the 730 mark once she starts making on-time payments on it.
Aaron
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