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Originally Posted by vsjhoc
About 6 months ago, I opened an account with UFB Direct. They offered, and still offer, one of the highest MMA rates on this list (thanks again poundwise for keeping this up!).
I just found out that they ran a credit report when I opened the account. So now I have a "hard" inquiry that stays on for 2 years and may lower my FICO score. Fortunately, I'm not planning to apply for credit this year, so it won't affect me.
I went back and checked the fine print on my signature card, and sure enough, I authorized them to pull the credit report. Who reads that fine print, anyway? 
Seems pretty bizarre that I'm giving them my money, and they want to know if my credit is good enough. |
When applying for an online MMA or to open a CD it's good to check with the institution first to see whether they do a "hard" or "soft" pull on your credit. If they do a soft pull, it may still show up on your credit report but it won't be shown as an application for credit and won't affect your FICO score. It might not matter either way if you haven't applied for credit recently or aren't going to be for some time but if you've had too many credit inquiries already on your report, it could drop your score.