It’s almost the 4th of July, that means it’s time for Capital One 360 to increase the sign up bonus on their checking account from $50 to $100 (they up it to $125 around Black Friday, so we suggest waiting until then before signing up as you can only earn this sign up bonus once). Unfortunately Capital One does a hard credit pull from Equifax whenever you open a checking account (no credit pull is done for a savings or sharebuilder account) with them.
This is because Capital One 360 gives account holders over draft protection (usually only $50 but can be as high as $1,000) which is a line of credit. A lot of people were abusing this functionality and using it as a cash advance, to avoid this Capital One decided to lower the over draft protection (thus why most people get $50 now instead of $1,000) and require a hard credit pull to open the account. Â Fortunately you can avoid this by opting out of over draft protection.
Capital One has also made this more transparent by updating their F.A.Q that specifically answers this question. Read below or click to be taken to their F.A.Q page.
You sir are full of shit. Capital one doesn’t do a hard credit inquiry.
This post was from the year 2014.