I was planning to open a brokerage account and realized that they would perform a credit check. Would this reduce my credit score any? I would be looking to refi my home in the near future (next few months) so dont want my credit score to go down given what the lending standards are nowadays..
NO it wont affect your credit the only reason why they do that is to see if you have any pass delinquency in your history, but far as i know it wont affect nothing
Soriano4life said: NO it wont affect your credit the only reason why they do that is to see if you have any pass delinquency in your history, but far as i know it wont affect nothing
Not exactly true. If they do a hard pull it will knock your score down a few points. Pretty sure most companies do a soft not a hard which will not affect your score, but it will depend on the company.
fwratz1
Ancient Member
posted: Oct. 4, 2009 @ 2:44p
JorgeBurrito said: Soriano4life said: NO it wont affect your credit the only reason why they do that is to see if you have any pass delinquency in your history, but far as i know it wont affect nothing
Not exactly true. If they do a hard pull it will knock your score down a few points. Pretty sure most companies do a soft not a hard which will not affect your score, but it will depend on the company.
Right. I guess I should have been more clear. I want to know if TD Ameritrade does a hard pull?
singhonfire
Cranky Member
posted: Oct. 4, 2009 @ 4:19p
TD Ameritrade - No hard Pull Vanguard - No hardPull Schwab - Hard Pull
craig10x
Senior Member - 5K
posted: Oct. 4, 2009 @ 6:33p
it's no big deal really...it may temporarily take a few points off your credit score....but nothing to get excited about....
davef139
Senior Member - 3K
posted: Oct. 4, 2009 @ 7:16p
singhonfire said: TD Ameritrade - No hard Pull Vanguard - No hardPull Schwab - Hard Pull
Is that for a cash account or margin, with margin you are borrowing money basically.
fwratz1
Ancient Member
posted: Oct. 5, 2009 @ 11:04a
singhonfire said: TD Ameritrade - No hard Pull Vanguard - No hardPull Schwab - Hard Pull
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
Members of our community may attach files to a post in accordance with the User Agreement. FatWallet is not responsible for the content, accuracy, completeness or validity of any information contained in any attached file. Files have *not* been scanned for viruses. Be especially wary of Excel files which may contain malicious content.
