I kind of thought they could only do a soft pull if they already had some account with you. Alliant did hard pulls for us for a new checking account in the last year, though only one bureau as I recall.
Senior Member - 3K
posted: Sep. 7, 2016 @ 8:30a
SOP for them from what I have heard. They are not alone.
This was my first account with them. I opened the checking thinking I would look into doing a refi or HELOC with them down the road. I wonder if I apply now if I will get hit with a hard pull again...
Senior Member - 3K
posted: Sep. 7, 2016 @ 8:47a
Have a sit down in person if you can.
posted: Sep. 7, 2016 @ 10:24a
yes, some Credit Unions do hard pulls when applying for checking / savings accounts. I had this happen to me from Alliant....and another Credit Union that was very small and local at that time....
even though the product you are applying for is not a credit product they prefer to set higher standards of filtering out the prospects that may end up costly for the CU later on (by way of writing bad checks, depositing bad checks, engaging in overdrafts, etc etc). Also there are so many costs of complying with multiple local, state and federal courts' orders across a variety of things...may be like wage garnishment and so on....if they can filter out as much possible weed early in the process then they can keep their costs down....
It actually costs them money to do so (pull hard from one of the major bureaus)....but I suppose they do this because they operate on a lean model....they operate on a big picture model that takes into account the entirety of the CU's well being........they do not have the same risk-taking-appetite as commercial banks....these CUs are careful and cautious in everything they do......but over in the commercial banks it's all about how much money can the execs "grab" in the form of bonuses for meeting some targets of his department - even while the end result might hurt the company as a whole.....
posted: Sep. 7, 2016 @ 10:32a
Guess I know now. Not the end of the world...I pull my credit on average, once a year.
Now I need to find out if they can use that same pull for a refi or HELOC...
posted: Sep. 7, 2016 @ 3:43p
navy pulls for everything. So they will pull again, because a different dept will be handling the HELOC.
posted: Sep. 7, 2016 @ 4:01p
althes said: navy pulls for everything. So they will pull again, because a different dept will be handling the HELOC. Good to know.
just a salad for me
posted: Sep. 7, 2016 @ 5:38p
Creditboards has been reporting hard pulls when joining Navy Federal. They haven't always. When I joined about six ago they didn't.
Remember, even without a hard pull, financial institutions do run ChexSystems and EWS. Too many inquiries there can cause issues.
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