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Questions about hard pulls and how they impact credit card approval / decline.

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Anonymous
Not applicable

Questions about hard pulls and how they impact credit card approval / decline.

Hello MyFicos,

 

I've been trying to decide if I should be actively applying for accounts now or if I should be waiting patiently in the garden ... any advice would be welcome. Please see my signature for current credit report details ... and my explanation below re: the Experian inquires. 

 

Re: the 14 hard pulls on Experian ... 13 of them are 14 months old and are the result of two loan brokers farming out my application for a business loan to multiple venders, half of them during a two week period by one broker, and half of them during a different two week period by the 2nd broker. All 13 of them happened between Jan. 27th and Feb. 29 of 2016. 

 

I've read that multiple related inquiries during a two week period are counted as one inquiry by creditors. If so, then I think these 13 inquiries will be counted as just 2 inquiries. Does anyone know if this is correct? If it is, then ...

- my Experian hard pull count would be a total of 3 ... the (composite) two described above and also a  hard pull by Capital One (Platinum secured Nov 16th, 2016).

 

- my Equifax hard pull count is a total of 3 ... Target (April 23, 2017), Comenity / Williams Sonoma Visa (April 17th, 2017) and Capital One (Platinum secured Nov. 16th, 2016 ... also on EX and EQ). 

 

- my Transunion hard pull count is a total of 3 ... Can Capital (one of the 13 loan broker related inquires described above), Itria (also one of the 13 described above), and Capital One (Platinum secured  Nov. 16th, 2016 ... also on EX and EQ).

 

Counted this way, I have a total of 5 hard pulls ... one of them a store credit card ... and two of them over a year old.

 

Question 1:  given this, and the other statistics in my signnature ... I'm not sure if I should app spree now for a couple more cards (so that they age together early in my credit history) or if I should be gardening until the 13 loan broker inquires drop off during February of next year. Your advise would be helpful.

 

Question 2 (if I don't need to garden now):  I have my eye set on the Discover and Quicksillver (not QS1) cards ... and maybe an AMEX card.  My total credit history is 7 months. My Cap One Secured card is 6 months old (sixth statement is due tomorrow). if I don't need to be gardening right now (although I will wait until EX gives me a score) ... would these be good choices at this time, given my stats? 

 

Sorry to be long winded ... I'm lucky to have such high (Credit Karma) scores with such a short credit history (I understand they aren't real scores)... I don't want to risk my scores because of ignorance. Smiley Happy Thanks.

 

 

 

 

 

Message 1 of 3
2 REPLIES 2
UncleB
Credit Mentor

Re: Questions about hard pulls and how they impact credit card approval / decline.


@Anonymous wrote:

Hello MyFicos,

 

I've been trying to decide if I should be actively applying for accounts now or if I should be waiting patiently in the garden ... any advice would be welcome. Please see my signature for current credit report details ... and my explanation below re: the Experian inquires. 

 

Re: the 14 hard pulls on Experian ... 13 of them are 14 months old and are the result of two loan brokers farming out my application for a business loan to multiple venders, half of them during a two week period by one broker, and half of them during a different two week period by the 2nd broker. All 13 of them happened between Jan. 27th and Feb. 29 of 2016. 

 

I've read that multiple related inquiries during a two week period are counted as one inquiry by creditors. If so, then I think these 13 inquiries will be counted as just 2 inquiries. Does anyone know if this is correct? If it is, then ...

- my Experian hard pull count would be a total of 3 ... the (composite) two described above and also a  hard pull by Capital One (Platinum secured Nov 16th, 2016).

 

- my Equifax hard pull count is a total of 3 ... Target (April 23, 2017), Comenity / Williams Sonoma Visa (April 17th, 2017) and Capital One (Platinum secured Nov. 16th, 2016 ... also on EX and EQ). 

 

- my Transunion hard pull count is a total of 3 ... Can Capital (one of the 13 loan broker related inquires described above), Itria (also one of the 13 described above), and Capital One (Platinum secured  Nov. 16th, 2016 ... also on EX and EQ).

 

Counted this way, I have a total of 5 hard pulls ... one of them a store credit card ... and two of them over a year old.

 

Question 1:  given this, and the other statistics in my signnature ... I'm not sure if I should app spree now for a couple more cards (so that they age together early in my credit history) or if I should be gardening until the 13 loan broker inquires drop off during February of next year. Your advise would be helpful.

 

Question 2 (if I don't need to garden now):  I have my eye set on the Discover and Quicksillver (not QS1) cards ... and maybe an AMEX card.  My total credit history is 7 months. My Cap One Secured card is 6 months old (sixth statement is due tomorrow). if I don't need to be gardening right now (although I will wait until EX gives me a score) ... would these be good choices at this time, given my stats? 

 

Sorry to be long winded ... I'm lucky to have such high (Credit Karma) scores with such a short credit history (I understand they aren't real scores)... I don't want to risk my scores because of ignorance. Smiley Happy Thanks.

 


Keep in mind that the HP merging is in regards to FICO scoring, and is for auto and mortgage related inquiries only.  Any credit card issuer you apply with will see each and every HP that you have (within 24 months, of course) and it's up to them if they want to be concerned about them or not. 

 

With that said you will probably still be fine with many if not most issuers... 13 on EX isn't quite ideal, but your EQ and TU are looking good with three each.  Amex will check EX but they are not known to be inquiry sensitive, so I doubt you would have a problem with them (check the prequal page if you haven't already).

 

In the past Capital One hasn't been inquiry sensitive although lately things have been in 'flux' with them, so they might be a bit YMMV right now.  Since they will do a HP on all three bureaus you will probably be fine, but if it were me I would take a look at the Capital One prequal page... in the past it's been pretty solid for most people.

 

I suspect you will be OK with Discover as well, but I'll let others chime-in with their thoughts.

 

 

People on mobile can't see your signature, so I'll provide your info for them here:

 

- TU 709 EQ 710 EX No Score / 7 month credit history
- No negs No late pays / Utilization = 2%
- 14 inquires (EX) 3 inquires (TU) 3 inquire (EQ)
- 6 accounts: OpenSky secured 500 First Choice secured 400 Cap One secured 200 J Crew 1k William Sonoma Visa 2k  Target 300

 

 

Message 2 of 3
Anonymous
Not applicable

Re: Questions about hard pulls and how they impact credit card approval / decline.

That's helpful, thanks UncleB.

Message 3 of 3
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