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Established Contributor
Itsmeagain
Posts: 832
Registered: ‎01-16-2008
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Re: Are most CCC's requiring a hard pull for a CLI now?

 


O6 wrote:

1.  Can we say that even opening a new account shouldn't result in an INQ because one's other creditors can see the new account when it reports and that is when they should get notification?

Now THERE is an idea that has merit . . . . . . . :smileyvery-happy:

 

 


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Senior Contributor
score_building
Posts: 3,577
Registered: ‎01-10-2008
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Re: Are most CCC's requiring a hard pull for a CLI now?

we already know with increasing inq default rates go up markedly, so it is unlikely that lenders will cease to rely on them as an indication of risk, unless statistically they fail to show it.

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Senior Contributor
O6
Posts: 3,626
Registered: ‎10-13-2009
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Re: Are most CCC's requiring a hard pull for a CLI now?

[ Edited ]

Itsmeagain wrote:

 

...

 

And where in the new credit card law does it state that a CLI request requires a hard pull?  Several posters have mentioned that the CSR is referring to the new credit card law as their reason for requiring a hard pull?

 


Anybody able to answer that question?  I sure the heck would be interested in seeing where it is mandated by law that a CLI requires a hard pull.

IAALBNYL
Senior Contributor
score_building
Posts: 3,577
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Re: Are most CCC's requiring a hard pull for a CLI now?

even though by most accounts it doesn't specifically state this, lenders may be using creative interpretation of the law to suit their interests for the foreseeable future.

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Valued Contributor
Uborrow-Upay
Posts: 2,708
Registered: ‎10-16-2008
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Re: Are most CCC's requiring a hard pull for a CLI now?


score_building wrote:

even though by most accounts it doesn't specifically state this, lenders may be using creative interpretation of the law to suit their interests for the foreseeable future.


OMG! 
**(horrified look on face...clutching chest...staggering in shock...)** 
They wouldn't do THAT, would they?

:smileyvery-happy:
Senior Contributor
score_building
Posts: 3,577
Registered: ‎01-10-2008
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Re: Are most CCC's requiring a hard pull for a CLI now?

:smileyvery-happy:

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Frequent Contributor
writemikep
Posts: 277
Registered: ‎10-21-2008
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Re: Are most CCC's requiring a hard pull for a CLI now?

Just got a BoA CLI this week ($8K!  woohoo!), and it was a soft pull.

Established Contributor
Itsmeagain
Posts: 832
Registered: ‎01-16-2008
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Re: Are most CCC's requiring a hard pull for a CLI now?

Yep; BoA and possibly Amex are the only two (banks), I have heard of recently that are not using the "creative interpretation" method of the new credit law . . . :smileymad:


Starting Score: TU 737 EQ 721
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score_building
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Re: Are most CCC's requiring a hard pull for a CLI now?

 


writemikep wrote:

Just got a BoA CLI this week ($8K!  woohoo!), and it was a soft pull.


 

Nice one!!

 

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Contributor
felixfly2000
Posts: 92
Registered: ‎01-24-2008
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Re: Are most CCC's requiring a hard pull for a CLI now?

Well, today I called 5th/3rd bank to ask for a CLI, I had not ask for one in a years time. Anyways, the CSR informed me of the process, what limit was I asking for. Then they would look at my credit and I would have an answer in 24 hours. I asked if this would be a hard and was told yes. I passed on it, because if I am going to take a hard, it should be for new credit.


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