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| *Loan,banking and credit>>>bank account |
Would the credit check a bank run on you when you open a checking account affect your credit score? |
I'm guessing it will be like applying for a credit card or a loan. Does anybody know? Anytime somebody checks into your credit you get hit with a bit of a lower rate. While this seems unfair, and I actually think it is, creditors look at too many views into an individuals credit without coresponding credit extended as a possible bad risk. When others are (seeminly) unwilling to extend credit, it makes others think twice as well. It is best to only have those who you are very sure are going to extend you credit look at your scores. This way it will show that while somebody checked your credit, you received credit from that company as well. The best way to ensurre this occurrs is to know exactly what the state of your credit is. You do this by getting your credit statement and learniing how to read it. Then if need be take steps to correct any outstanding bad debt or mistakes on your report. If you had a bad run of luck finacially in the past, you are allowed to write an explanaton which prospective lenders or credit card companies can read. However, it is best to correct bad credit by paying if off, allowing for the three years to have it fall off your report, then apply for a store card like JC Penny and use it to make a purchase which you pay off right away. This will build your credit for larger items. Just be sure you don't get out on a limb. Never take on more credit than you think you will be able to pay off. Take the disability insureance, which will pay a certain number of monthly payments untill you can get back to work, or will pay it off completely if you die or become permently disabled for any reason. Make sure it is not limited to work related accidents, as you could slip through the cracks of the policy then. Make sure it is for any accident of illness. Good luck building your credit. Source(s): Degree in Accounting well every time someone looks at your credit it will be noted as an inquiry and too many inquiries can affect your credit score (down). but i wouldn't worry about one. Yes. If you are not granted an account, then just the inquiry alone costs you points. also other creditors look at that and ask themselves why you were denied an account. If you are approved then, it should not hurt you in anyway. good luck. I wasn't aware that banks needed to run a credit check when you open a checking account. Are you sure they do that? BANKS CHECK ON YOU THROUGH THE CHEX SYSTEMS. AND IT HAS NO BEARING ON YOUR CREDIT REPORTS OR SCOREING You should not be too concerned with this. People with all types of poor credit have checking accounts. The bank will be most concerned with you check writing history, your history with other banks accounts. They will want to know if you closed accounts owing fees or if you have a history of writing bad checks. I would simply ask about the banks acceptance policies and look for the systems they use to check you out Telecheck is one many use. |
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