Does opening a checking or savings account cause a "hard Inquiry" on your credit report?
Since financial institutions are required to verify ID & Social Security, I would assume this information is gathered from the credit report & if so does it cause a Hard Inquiry which will lower your score?
Best Answer
166 points
drew answered 8 months ago …
Interesting one, and something I hadn't thought about before. Did a bit of digging:
Maxine Sweet, the Vice President of Public Education at Experian explained how Experian records account openings:
Checking Accounts (DDAs) - Banks have the option of doing a hard pull or a soft pull. Banks need to use a code in their account opening system if they want the pull to be soft. Once overdraft protection or a debit/check card is added it will automatically be a hard pull.
Saving and Money Market Accounts and Certificates of Deposit. These always result in hard pulls.
http://www.bestcashcow.com/personal_finance/article/sol_nasisi/does-openin g-a-savings-cd-or-checking-account-impact-your-credit-score
Answers
312 points
Market101 answered 8 months ago …
Since these are not credit-related accounts I do not believe so. You are simply making deposits into these accounts - not withdrawing money on credit. I could be wrong but that's how I think it works.
Anybody else have any thoughts?
