I went into Wells Fargo today to open a checking/savings account. I told them I did not want overdraft, and certainly wanted no hard inquires to result. The account manager said no way would the do an inquiry on me. But then about two minutes later, the loan manager said I was pre-approved for a CC and a home equity loan. I was shocked, the second you are in their system for a checking/savings account and WHAM.....a soft inquiry is generated immediately on you. I thought this might be good for those looking to see if they qualify for a CC with Wells Fargo, just open a checking and savings, and Wells will automatically pull a softy on you to see if you qualify for a CC with them.
No I did not accept the cc. I was really tempted though. I am assuming a VA mortgage with Wells Fargo and taking out a HELOC at the end of the month. So I wanted to open up my checking account early with them to get the discout on the HELOC for autuomatic withdrawal. Until I get that HELOC and assume the VA loan, I can NOT open any new accounts. When the account rep. asked if I wanted the CC, I just about shouted at him,"NO!!!". According to the EQ simulator, one more new cc account and my score will drop anywhere from 5-40 points. I have a feeling they pulled my EQ report. I do not see a soft inquiry on EXP for the softy from Wells Fargo. I won't know for sure which CRA they pulled until I pull my EQ report tomorrow because I already pulled it this am and have to wait the 24 hours to pull again. My EQ score is 792. However, I will call back the new accounts rep that processed my new checking account/savings and ask if I **decided** to accept the CC offer, would Wells pull a hard inquiry or is the softy the only inquiry they will do and post back what he tells me.
Just wanted to know...if they would just do a "HARD"...then there is NO need to do a "SOFT" unless you gave advance PERMISSION!!!
Just pulled my EQ and they did a HARD INQUIRY! They lied to me. The account rep. said I was approved on a soft inquiry. I can't believe them. I specifically told them I want no hard inquiries resulting from my checking/savings account opening (I requested no overdraft), but they did it anyways. Lucky for me I am member of the EQ "45" club and this is my **first** hard inquiry in the last year, so my score remained the same. I would sue, but I do not want to rock the boat as because I will be applying with Wells in the near future for a HELOC.
You could call the rep back and inform her that it is a hard inquiry, and since she said it wouldn't be, that you would like her to change it to a soft.
