Does Fidelity Do a Credit Check? Here’s the Truth!

Someone asks:

Can I still sign up for a Fidelity account as someone with a bad credit score? Will Fidelity run a credit check on me when I open a brokerage account with them?

Some people wonder if opening an account on the Fidelity website will affect their credit score or if the broker will run a credit check on them.

The answer is no. Opening an investment account with Fidelity has no effect on your credit score. Fidelity doesn’t run a credit check on users.

You may be subjected to a credit check by Fidelity if you’re applying for a margin account. Margin trading is the act of borrowing money from a broker to trade securities. It is the equivalent of a loan application.

Before lending you the money to trade, Fidelity will review your annual income, net worth, and “possibly your credit history to determine if you have the financial resources to manage a margin account.”

There you have it. No credit check if you just open a regular trading account or a retirement account with Fidelity.

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Hi! I'm Diego, 38, and I currently reside in New York. I work as a financial analyst. I primarily focus on initiatives involving research and data analysis.

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