I tried signing up for an account on scottrade and it said it had to check my credit report first! WTF! I didn’t end up finishing the sign up cause I did not want them to pull my credit. Why were they trying to do this and does this happen with all online stock trading sites? Can you recommend a site that does NOT do a credit check?
I’m not worried about them turning me down or anything…
just worried about getting that blip on my credit report from having them pull it…. just like i would be cautious applying for a new credit card etc
im sure its only for identification reasons, but it seems a bit funny to me to handle it this way..
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4 Comments on “buying stocks online, do all trading sites check your credit report?!!?”
zyberianwarrior 7th March 2010
i’m with scottrade and I can’t recall them doing that either but I looked and sure enough they do (though I signed up at one of their offices) I haven’t seen it anywhere else but all of them asks for your ssn so they may do a check without you knowing it.
Adam J 7th March 2010
I have accounts with etrade and tradeking and I can’t recall either one saying that they checked my credit report. However I think brokerages are required to make sure that you are who you say you are. I wouldn’t worry about it too much–the absolute worst thing they could do would be to turn you down.
The Guru 7th March 2010
I’m not sure exactly why either, but I’m willing to bet it’s for approval to trade on margin. Margin calls are basically loans, and they aren’t going to loan money to somebody with bad credit.
vtxrider 7th March 2010
I have a Scottrade account. They say this is only used to verify your identity, I would assume that if you do not apply for marginthey would not turn you down if you can fund the account. They may restrict your trading if you have very poor credit but all brokers should since they have minimum sutibility requirements.