FICO inquiry by FCM's

Discussion in 'Retail Brokers' started by JayS, Jul 27, 2008.

  1. JayS


    I've traded with my current futures broker for 10 plus years. I actually worked with them in Chicago for a few years. Then the past year I decided to fill out paperwork at 2 different places for a new backup account. Just today looking at my fico score (which is around 5 points below 800) and noticed both companies I filled forms out with ran my credit. I don't remember having this done at any of the brokerages I worked at or have applied for accounts at. Is this something new?

    Attached is what I've found....
  2. The US is slowly becoming like a communist society. A while back my wife wanted to buy a car and pay all cash. The dealer stubornly refused unless they were able to do a "credit check"!
    WTF is that all about? I don't blame many for quietly packing up and heading for friendlier less-intrusive nations. There's NO privacy here at all.
  3. cstfx


    On margin accounts they tell you that "you authorize your broker to make and obtain reports about your identity, credit worthiness, and general business conduct". This has always been on margin account forms, so you always authorized them to do it, but yeah, I've never had anyone actually pull the report., I guess this is the new day and age of credit worries, no?
  4. I was doing one of my 3 free credit checks and noted that the firm I'm with now also did a credit check on me. Anyone know how much a new credit card hits your credit score? I'm going to add a Amex/Costco to the 2 I have all ready. I wouldn't do it, but the 3% gas rebate/reward on top of the of the other rebates/rewards I' going to do it.
  5. cstfx


    From experience, 7 to 16 points. Takes about 6 months to drop off.
  6. They check your credit reports now. Even an LLC can do this at anytime to check your credit worthiness. This is all part of the sec situation. Call the clearing firm or email them and have them move the HARD inquiry to a SOFT inquiry. The SOFT won't affect your credit score the hard will. In the past they never checked now they all do .
  7. jazzsax


    standard in the car industry, they use this against you to try and negotiate price based on your situation and push you towards financing.... evil car predatory practices...
  8. cstfx


    I've never had to give my ssn when I purchased a car outright. I can understand a loan or lease. That's a no brainer, but no car dealer has ever run a credit check when I did a straight up purchase.
  9. SS# is like the old "branded iron" stamp on slaves and animals. A foreigner opening an account in the US can just claim he doesn't have one and that's the end of the story. But an American is *screwed* for a lifetime with this bullshit number. The banks try to keep the masses enslaved with your "credit score" and the government easily tracks you much like the old communist nations did.