Opening a margin account go on your credit report?

Discussion in 'Retail Brokers' started by AshanD, Jul 19, 2005.

  1. AshanD


    If I open a trading account with available money to borrow (margin account) will this go on my credit report? Just wondering because I've opened one last month and will be opening another this month, I understand that opening several accounts in a short time period is pretty bad for your credit.

  2. monee


    Possibly an inquiry will show up on your credit report.
    The more inquiry's you get does eventually lower your score though.

    But this will not lower your score anywhere near the amount a 30 day

    late mortgage payment
    late installment loan account
    late credit card payment or a
    collection account will.
  3. I would never open a brokerage account with a Canadian bank because they want to count your brokerage leverage towards the formula of how much money you can borrow against you salary or assets.
    "Sorry sir, but you mortgage application is denied because you shorted a eurodollar contract" says some know-nothing at the bank.
  4. MR.NBBO


    I've never heard of it or ever seen it. I've opened over a dozen brokerage accounts, never seen one inquiry on my report.

    But if you answer that you've been a party in arbitration, other factors, it may occur.
  5. NKNY


    I have also never seen this...