Does Fidelity Check Your Credit? (Full Details)

When opening a brokerage or cash management account with Fidelity, many individuals wonder about potential credit checks and their impact.

Does Fidelity Check Your Credit?

Fidelity representatives indicate that they typically do not conduct hard credit pulls for new accounts.

Several users across forums have reported varied experiences. Some claimed no impact on their credit reports, meaning account opening with Fidelity didn’t trigger any inquiries. However, a few others speculated soft credit pulls could potentially take place for risk assessment.

Does Opening a Fidelity Account Affect Credit Score?

Opening a Fidelity account, particularly a cash management or brokerage account, generally shouldn’t impact your credit score.

Fidelity representatives have mentioned that the account opening process doesn’t involve hard credit inquiries that could affect your credit rating.

Does Applying for Margin Affect Credit Score?

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.”