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- Posts: 93
- Joined: Wed Aug 17, 2011 10:53 pm
- Location: USA
You will certainly see a ding on your credit report and score for all those hard inquiries made. How bad this might be all depends. If you have no intention whatsoever of ever needing to touch your credit again for a few years (because hard inquiries stay listed for 3 years to my knowledge with the most weight being in the first 6 months like Mogul said), then maybe it won't matter (as much) to you.
Thing is, in this day and age, creditors are getting more and more careful about whom they are lending to and even if you have a good to excellent score, seeing all those inquiries in a row is like a, "WTF is this guy/gal doing?!" flag and could break their decision to loan to you or to give you the better competitive rate. Back in the days when credit was flowing more like honey and less like a cache of diamonds, you could do what you are doing without seeing the negative side as much. But now is not then and that is something you should keep in mind.
Also, depending on what your credit report is like now and how many accounts you have opened now, the additional however-many cards on their own and the shortening of your average card age could also negatively impact your credit in addition to the inquiries which would mean that it would take longer to repair the damage done.
Again, how much damage done could be anywhere from negligible to kind of substantial and it would depend on your own unique situation.
And about checking accounts not doing hard pulls?
I'm sorry, but that's total BS. Go poke around FatWallet or search Google using keywords like "checking account" + "hard pull" and you will see more than enough evidence that suggests otherwise.
There ARE banks who - for whatever asinine reason that makes no sense to me - do hard pulls when you want to open checking or savings accounts with no frills added and many do soft pulls regardless. Make sure if you want to take advantage of their offer that you find out in advance if they do a credit check on you and then get the name and/or ID of the person you spoke with and note the time you called and on what day.
Last thing you need is a deposit account with no additional personal line of credit being the cause for a hard pull on your credit report.
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