Here’s one more reason to take care of you almighty credit score, courtesy of a reader named ‘kitty‘, who left the following comment* on my recent post about avoiding utility deposits with good credit:
When you open an online savings account they check your credit score. If they don’t like it or cannot find it, they can deny you one. FNBO Direct refused my friend’s request to open an account because they couldn’t match her name to her credit score. She had just married and changed her name… But instead of asking her, they just told her “Your credit score is bad” (actually, it was excellent, but the name mismatch somehow got translated into bad score by their program). She had a similar problem in a brick and mortar bank when she tried to open a CD, but the bank let her show them her marriage certificate. When she called FNBO direct they didn’t care, they just said – your credit is bad.
In fact, online banks aren’t the only ones that run your credit when opening an account. Brick and mortar banks have been known to do this as well. As for why a missing credit score would be interpreted as bad… If they’re concerned enough to check, then they’ll assume the worst unless they can find evidence to the contrary (i.e., guilty until proven innocent).
*(Edited slightly for clarity/style.)