Re: Credit report inquiries: over 30 in a year? - Posted by JohnBoy
Posted by JohnBoy on November 04, 1998 at 23:23:02:
It will show up as an inquiry the same as all inquiries show up. An inquiry period! Inquiries are not broken down into catagories as to what they were pulled for. Each additional inquiry reduces your credit score regardless of the reason it was pulled for. Of course if the inquiry is for a car or mortgage loan then all inquiries pulled for that purpose with-in the past 90 days is suppose to only count as one inquiry. But I’m not sure if that has gone into effect yet. It was supposed to have started earlier this year.
Some banks want to run credit checks for a personal checking account. I tell them if they must do that then I’m at the wrong bank! Ask them if they will let you run a credit check on them? After all your trusting them with your money while its in your bank. Would they let you audit their books and evaluate all the credit apps they gave loans too? I’ll go to a another bank that doesn’t require it. It doesn’t make any sense to me to have to pull a credit report to open a checking account. If they were going to give me a line of credit for overdraft protection or something then I could see it. But to just open an account that I’m putting my money into serves no purpose to pull a credit report. If I was to go off on a check writing spree writing checks when there wasn’t enough funds in the account, the bank would not clear the check. They would send it back to the party I wrote the check to as non-sufficient funds, therefore the bank does not loose.
If the bank is concerned about me writing a lot of bad checks then they could go through telecheck. Thats what that service was designed for, to report people that write bad checks. Most if not all banks belong to this service so there shouldn’t be a need to pull credit reports unless your taking the banks money out in the form of a loan or some sort of overdraft protection.