Checking Accounts & Credit History

[BTC]

I'm thinking about opening a Chase Business Checking account to take advantage of $200 Credit Offer that's good until the end of the month, and to once again establish an account with a brick & mortar bank.

When you open a checking account, is it common for banks to pull a credit history? I believe this was an issue with some of the online savings accounts, and perhaps varies from bank to bank. I was just curious because I'm also considering buying a house within the next few months, and doesn't a hard credit pull ding your credit score? Thanks.

[kork13]

Banks have a right to check your credit score (particularly if you're also applying for overdraft protection), but not all of them will. Of those who do, not all of them will make a 'hard pull'. It really just depends on the bank. Did you notice a hard pull from Chase on your credit report, or are you just checking in case they do? In any case, getting a single hard pull on your credit file will not have a catastrophic impact on your credit score. It might change by 10-15 points, but even that is within the range that someone's credit score might swing from day to day. I wouldn't worry about it.

[myrdale]

As Kork said, a single pull shouldn't have a major impact. Where you run into trouble is having lots of pulls within a small amount of time. Someone who has just applied for 5 credit cards is probably in some type of distress and probably is not a good person to lend to.

If the small ding is enough to affect you, then your score was probably not the best to start with.

If your mortgage company has any sense at all, they should be glad you have a checking account with which to pay them with.

[BTC]

I have a couple of online checking accounts already, but would just like the convenience of a brick & mortar bank. Even though I don't do it that often, I'm always wary about mailing in deposits. I have a Chase Business Credit card, so I can open a no fee business checking account with them. If I do it before the end of January, they're offering a $200 credit. I just wasn't sure whether it was customary, or a rule of thumb, for banks to pull a credit history when someone opens a checking account. I had my credit checked a couple of years ago, and my average score was over 800. I've had a few credit card accounts closed within the last year or so due to inactivity.

[daviddane]

I always keep a check on my accounts and credits as they are very useful for in many ways. I am sure that many people will surely like the post as they would get to learn a lot of things and will be a great knowledge sharing experience for them.

[imsospiraleyes]

If you want a brick and mortar bank, you might try a credit union. At least then you're giving some business to a community conscious organization rather than a "too-big-too-fail" monstrosity.