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Hard credit check?

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Hard credit check?

June 9, 2020
10:09 pm

eaweb

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I'm considering opening a TFSA savings account with Motive but I just noticed others mentioning in this forum that they do a hard credit pull instead of a soft check for a new savings account. Is this true? Would be happy to hear from anyone who has signed up recently.

June 10, 2020
9:25 am

Shawguy

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Yes it's a hard credit check to open any account at motive

June 11, 2020
1:05 am

eaweb

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Shawguy said
Yes it's a hard credit check to open any account at motive

Thanks for sharing your experience, this is the official response from Motive Financial via the info email which confuses me even more:

Equifax no longer uses the terms of hard or soft. We do an inquiry to verify name, address and date of birth only.

I responded, saying "I guess my question then is: will opening a TFSA Savings account with Motive Financial hurt my credit score?". Their response:

No it should not

I tend to believe customers' experience more in this case, but when did you open your account?

June 11, 2020
2:55 am

Rick

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Motive is definitely a little more security conscious. I think there is a thread or two around here somewhere about them refusing to accept applications. Two step verification to log online every time. Won't let you register your computer to bypass it. Secure password requirements. As I recall they did a check on me when we opened a Savvy Savings account and we had already been customers for years. If you think about it, that's all probably a good thing.
I wouldn't worry about your credit score. Here's a good thread on them:
https://www.highinterestsavings.ca/forum/general-financial-discussion/is-773-a-good-credit-score/
Mine changes every month and is different depending on where I check it from. 860 at one, 821 at another. I don't think opening a couple more accounts would have that profound affect on your score unless you're teetering on the abyss. I would think if you manage your finances well, it'd probably be a boon to your credit score.
Motive has their idiosyncrasies, they're not perfect (who is), P'd me off a couple times, but they are overall an above average FI to deal with. To me at least.I dunno....good luck whatever you do

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