Any experience with Etrade or Scottrade post discharge?

[budgetgal]

As incontinue to rebuild my finances, I was thinking about opening a small online trading account with $500. They ask for ss number which got me worried they might do a credit check, so I came here for advice. Anyone know if this would ding my credit score? If so, I'll wait. I was discharged at the end of October 2011.

[TheBajan]

It's the equivalent to opening a checking account. They will run a credit check to determine what sort of brokerage account you qualify for. You will not qualify for any type of margin account but they may allow you a cash only money market account. The only 'ding' is the same as if you were opening a checking account and the bank was checking your credit worthiness.
Cheers!

[budgetgal]

Thanks for the reply! I'm still in thinking about it mode, but wanted to gather info. before taking the plunge. :o)