Hard pull for credit union membership?

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6 posts
marzbarz
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Hard pull for credit union membership?

Postby marzbarz » Thu Apr 16, 2015 12:48 pm

Is that normal practice for credit unions? To be clear I did not apply for a loan or anything like that, all I simply wanted to do was open a savings account that I wanted separate from our main bank. I do remember the application asking for my social to verify identity and to match best available products, but seriously, a hard inquiry? Is that really necessary if I am not asking for a loan??
If I’m missing something here can someone please explain?

I don’t have a lot of experience with credit unions, I do like their loan rates, which is why I opened a little savings account in the first place.
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darkguy2
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Postby darkguy2 » Thu Apr 16, 2015 12:53 pm

I would say no, but if TWC and my work pulls my credit it would not surprise me. If you do want to get a loan you could get them to use the same pull and take a new one. You would need to get it sometime soon though.
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thom02099
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Postby thom02099 » Thu Apr 16, 2015 8:40 pm

marzbarz wrote:[color="red"]Is that normal practice for credit unions?[/color] To be clear I did not apply for a loan or anything like that, all I simply wanted to do was open a savings account that I wanted separate from our main bank. I do remember the application asking for my social to verify identity and to match best available products, but seriously, a hard inquiry? Is that really necessary if I am not asking for a loan??
If I’m missing something here can someone please explain?



I don’t have a lot of experience with credit unions, I do like their loan rates, which is why I opened a little savings account in the first place.


Depends on the credit union. Mine does not. My son recently moved his account from US Bank to my credit union, they did not do a credit pull. One cannot give a blanket answer that all credit unions do or do not pull credit upon application. [color="red"]If in doubt, simply ask them.[/color]
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popamode72
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Postby popamode72 » Thu Apr 16, 2015 8:54 pm

Most of them from my experience do. NASA FCU was a SP at first though but I think they discontinued that practice. Think Alliant might have been a SP too but I don't remember.
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whit
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Postby whit » Thu Apr 16, 2015 9:08 pm

I think most financial institutions do sp, but those don't show up on the credit reports do they? Hp is different and I feel like if they're going to do so, and have it show up on your report and knock a few points potentially, they should let you know and ask for permission before doing so.

Like jobs that require a credit check and pass of background, they would let you know in the summary of job description and, you have to sign consent forms for it to happen.

When you go for apartment hunting, same thing, if you don't have your credit report on hand, they'll most likely pull one and let you know beforehand.

I think at the very least, you should put it in the feedback, so if enough generates the cu can see they have a obvious flaw in their flow of opening accounts, and take corrective actions.

takeshi
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Postby takeshi » Fri Apr 17, 2015 8:51 am

marzbarz wrote:Is that normal practice for credit unions?

It's not uncommon. Normal isn't really relevant. It all depends on the specific CU. Some do, some do not. Don't assume all CU's to be identical. Don't assume all creditors to be identical. Etc.

marzbarz wrote:Is that really necessary if I am not asking for a loan??

If it's required for membership then, yes, it is really necessary. Some will allow you to use that HP for other products as well though.



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