Inquiries for Savings Accounts? Hello, I recently opened an interest free checking near home and see they pulled a soft inquiry when I had applied. I was wondering if all banks do the same with saving accounts? Online high interest saving accounts in particular. Sounds like to me that soft inquiries are good and hard inquiries are bad, right? Do the banks have to provide what and if they pull a credit report and that specific information if I asked prior to filling out an application? I was also interested in applying for an account with Scottrade with no options or margins. Will that be soft? Or, is there no way to know? Thanks, Gretchen
Inquiries for Savings Accounts? In general, yes-soft is good, hard is bad (credit wise!) A lot of the banks do pull softs to see if you have any bad ghosts in your closet. Kind of natural. If you aren't doing options, they will probably just pull a soft, but I would ask them to find out.
Inquiries for Savings Accounts? Hi Wert, Cool. So Savings Accounts should be fairly safe to apply for as long as I send the CAs money orders. I have been gobbling up all the Credit Repair books at Barnes and Noble all day. The "The Complete Idiot's Guide to Beating Debt" came home with me. Tsk tsk... I have come a long way from thinking the CRAs and the CAs were the same people. :-O That little misnomer prevented me from getting a copy of my CR for all these years. There is a Scotttrade here in town. Sounds like I should apply in person to ensure a soft inquiry. I am interested in the DRIP programs where I need to own at least one share for enrollment. Especially the ones that send a gas card after 6 months if you are a shareholder! hmm... I noticed all the CRAs all have DRIP programs too. I wonder if investing in the Credit Card companies, banks might make it easier for me to get credit down the road with them or is that just with the gas card companies? I only have two hard inquiries on my report. One was from my new US BANK checking recently and the other I filled out the online Discover card and was rejected. That was before I discovered this forum. I have read two different answers to this question in Search. Maybe you know. Since I filled the Discover ap. out online in one of those free ads clicks, sincerely just out of curiousity, not knowing what in the world I was doing, shouldn't it be just a SOFT inquiry? Therefore, it is disputable? My guess is the answer is that everything is disputable! Gretchen
Inquiries for Savings Accounts? I was extremely irritated when I opened up a money market account at my local credit union and they ran a hard. Somehow, I actually got that one removed. My experience has been that companies can remove hards really quickly (like in one day) when they are truly bogus. (I've now had 3 removed) If there is any gray area, I have found it much more difficult. For instance, someone here at work received an upgrade offer from Amex Gold. The letter said nothing about "Application" It told him to to complete and return "the enclosed Acceptance Certificate" No mention of a credit check (he had been a longtime Gold Member and it was an offer to upgrade to Rewards Plus) They ran a hard, and despite letters, calls, etc. they refuse to remove it. IMO, the CRAs penalize inquiries too heavily to begin with. It is ridiculous that an inquiry should lower one's score as much as taking on $10,000 in new debt. EQ seems to have the best policy regarding inquiries, and EXP the worst. For some reason, here in CA, most of my inquiries have been on TU (which is right in the middle) I'm glad that they weren't on Exp, since they take off an average of 8 points!!
Inquiries for Savings Accounts? I was extremely irritated when I opened up a money market account at my local credit union and they ran a hard. Somehow, I actually got that one removed. My experience has been that companies can remove hards really quickly (like in one day) when they are truly bogus. (I've now had 3 removed) If there is any gray area, I have found it much more difficult. For instance, someone here at work received an upgrade offer from Amex Gold. The letter said nothing about "Application" It told him to to complete and return "the enclosed Acceptance Certificate" No mention of a credit check (he had been a longtime Gold Member and it was an offer to upgrade to Rewards Plus) They ran a hard, and despite letters, calls, etc. they refuse to remove it. IMO, the CRAs penalize inquiries too heavily to begin with. It is ridiculous that an inquiry should lower one's score as much as taking on $10,000 in new debt. EQ seems to have the best policy regarding inquiries, and EXP the worst. For some reason, here in CA, most of my inquiries have been on TU (which is right in the middle) I'm glad that they weren't on Exp, since they take off an average of 8 points!!
Re: Inquiries for Savings Accounts? If there is any gray area, I have found it much more difficult. For instance, someone here at work received an upgrade offer from Amex Gold. The letter said nothing about "Application" It told him to to complete and return "the enclosed Acceptance Certificate" No mention of a credit check (he had been a longtime Gold Member and it was an offer to upgrade to Rewards Plus) They ran a hard, and despite letters, calls, etc. they refuse to remove it. This MIGHT work...call to close the account... WHY DO YOU WANT TO CLOSE THE ACCOUNT??? Because you pulled a credit report... I was NOT applying for new credit...this was just an upgrade... IF YOU REALLY MUST KEEP THE CARD...DON'T THREATEN TO CLOSE IT...THEY MAY JUST SAY FINE!!! IT'S CLOSED!!!
