Originally Posted by Happy
I can see it affects mortgage, refinancing, and car loan. Some said it even affects insurance - that I dont understand why. But bank accounts ? What is the FICO to do with opening a bank account - dont you have to put money into your bank account in order to have one open whether it is a checking, money market or saving account ?
Tell me about it...this is new to me...but happened. Went to open an account online for an inconveniently-located bank (they have ATM cards where you can use any ATM anywhere and they will reimburse all fees). It was rejected online, even though I have a high FICO score, and more than enough cash to cover it. The reason" too many recent inquiries and accounts opened...which I have done as we bought a new house. Had to go to the bank where they don't do the FICO check.
The real reason, I think, in this case, is actually to protect me. If someone is using my identity to open accounts for nefarious purposes...well, the want to see the real me before they open the account. Reduces the fraud possibilities.
So, yes, it is true in certain cases.
Cheers.