Schwab Bank - Hard Pull - even when I cancelled the app and was told no pull will be done

Finance
#1

I wanted to switch over to Schwab from my current bank. I assumed they would do a soft pull and run chex systems like any other bank. I called to confirm, and the rep told me that it was a hard pull. I said please cancel my application as I do not want nor authorize a hard pull on my credit. She told me no problem and she will call me back to confirm. She called back and left a message that the application was cancelled and no hard pull will be done. Today, I received notifications that Schwab did a Equifax hard pull on my credit. Called up Schwab, and said what happened. They do not know. The account was never opened, but they still pulled my credit. Now I have a ding on my credit.

Any advice on what to do here?

1 Like
#2

This is the response wiki post. You can edit this out for your response.

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#3

Send a letter to them requesting the HP be removed. They can remove the HP.

3 Likes
#4

Schwab said they will “try”. I opened an inquiry with Equifax. I have the recording as proof. Messed up.

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#5

It’s well known that Schwab does a hard pull. Let this be a lesson, google or call before you apply instead of after.

Hope you are able to get the hard pull of your credit report, but I wouldn’t worry too much about it if you aren’t. If you have decent credit, it shouldn’t affect it too much.

2 Likes
#6

Never heard of a hard pull from a commercial institution for a bank account.

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#7

More info:

https://www.doctorofcredit.com/bank-accounts/is-opening-a-bank-account-a-soft-or-hard-pull/

3 Likes
#8

I wouldn’t sweat a hard pull, has minimal impact.

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#9

Please consider putting a credit freeze on all three major credit bureaus going forward and only unfreezing as needed.

3 Likes
#10

I wouldn’t waste any time on this. My FICO 08 scores are currently 850/850/839 and I have two fresh mortgage inquiries. The perception that an inquiry is damanging is as exaggerated as it is pervasive.

5 Likes
#11

I think you’re skewed by being someone with two inquiries. If you had opened 40 credit cards in the last two years for sign up bonuses, you might think otherwise about every unnecessary hard pull.

4 Likes
#12

I didn’t say I only have two inquiries. I have two fresh inquiries.

I have 25 open credit cards (down from ~35) with over $750k in revolving limits. About a third of these accounts were opened in the last 24 months, so while I’m not a hardcore churner I’m also not a credit virgin.

From a purely FICO 8 scoring perspective (this is the score model most consumers see most often), inquiries after #6 don’t even count, nor do inquiries over 12 months old.

From a credit risk perspective, a credit grantor would MUCH rather see 40 inquiries than 40 new accounts.

New accounts also have a much larger potential impact to your credit scores because your average age of accounts (“AAoA”) weighs much more heavily than how many times you let someone look at your credit report.

From a logical perspective, what is the practical difference between having 0 or 1, 10 or 11, 30 or 31 - or 100 or 101 inquiries?

1 Like
#13

Did it work? Was the HP removed?

#14

Nope. Liars.

#15

That stinks. Thanks for the reply.