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August 9, 2022
1:58 pm
HermanH
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frencols said
- reduced my credit score by 27 points with a hard inquiry when I had opened (Called them and they said yes they indeed made a hard hit to equifax! Sneaky since there was no borrowing and just a savings account!)

Any idea how long it takes to recover from a penalty like that?

August 9, 2022
2:06 pm
frencols
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HermanH said

frencols said
- reduced my credit score by 27 points with a hard inquiry when I had opened (Called them and they said yes they indeed made a hard hit to equifax! Sneaky since there was no borrowing and just a savings account!)

Any idea how long it takes to recover from a penalty like that?  

Well I didn't check frequently then, nor I did anything else to improve or decrease it for a while (as far as I can remember). But I think it took more than a year to recover (if the recovery was indeed from that particular hit, and not something else improving it, that is... who is know?)

August 9, 2022
4:11 pm
COIN
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frencols said
- reduced my credit score by 27 points with a hard inquiry when I had opened (Called them and they said yes they indeed made a hard hit to equifax! Sneaky since there was no borrowing and just a savings account!)
 

Could you expand on this? How could you lose 27 points?

August 9, 2022
4:34 pm
Loonie
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Hard hits when you open accounts at FIs are far from uncommon.
27 points is insignificant unless you are a borderline case to begin with.

August 9, 2022
5:58 pm
COIN
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Loonie said
Hard hits when you open accounts at FIs are far from uncommon.
27 points is insignificant unless you are a borderline case to begin with.  

Same with applying for a credit card?

August 9, 2022
7:40 pm
Loonie
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Basically yes. There will always be a hard hit for a CC but i don't know how many points it would cost you - probably the same. as the inquiry would be the same I think.

August 10, 2022
6:13 am
savemoresaveoften
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frencols said

- Still somewhat oldish way of doing banking (visiting branches, or calling and waiting for things more often than not) and branches are far apart

- reduced my credit score by 27 points with a hard inquiry when I had opened (Called them and they said yes they indeed made a hard hit to equifax! Sneaky since there was no borrowing and just a savings account!)

- convoluted manner of funds transfer between accounts & linking of external ones requires more visits

- read the limits and fees (inc inactivity fees)  

They are not sneaky, its well known any account opening requires a credit enquiry. I never understand it either cuz I am "extending credit" to an FI when I open a savings account. But all FI does the credit check which is a hard hit.

It takes about 6months for the score to improve, not a year.

August 10, 2022
2:51 pm
Loonie
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There used to be some FIs that only did a soft credit check for savings. There may still be but I don't remember which ones. It was discussed on this forum a few years ago if anyone wants to search for it.

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