Do banks run a credit check when trying to open a new checking account?I am wanting to open a new checking account out of Lubbock, TX, and want to go to a bank that will not check my credit. I am getting ready to buy a house, and do not want them to lower my score at all. Please help!! |
NO!
When you apply for a new bank account, they do not run an inquiry on your Credit Reports. They do not use them as a decision.
However! They do see if you are in ChexSystems. They don't have access to your ChexSystems report, but they may be able to provide you some information if you are declined.
There is an inquiry that will appear on your ChexSystems Report. You do not want to keep going from one bank to another trying to open up account if you continue to get declined.
In conclusion, no, if you apply for a new checking account, it will not affect your credit and/or home purchase.
The inquiry will be at most 1 or 2 points - please don't sweat this.
And it drops off in a matter of months.
One note:
Major Mortgage lenders like FHA and just about all others, do not look at scores.
They will review your credit reports in detail.
They will note this inquiry from a bank and disregard it.
They do not worship the FICO score - neither should you - worship your reports and knowing how to maintain top credit.
Such as never carrying credit card balances.
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They only one that did it for me was FORT SILL NATIONAL BANK,OK. FSNB but it on a Marine Base so good luck
Some banks do so they can see if you are trust worthy or not. Other banks do not check.
that inquiry will have almost no impact...very very little...
