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Does being a credit card guarantor result in a hard pull?

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Nadar
Established Member

Does being a credit card guarantor result in a hard pull?

I have no credit history and was denied a BoFA student card. I was given an option to get a guarantor so that it can be reconsidered. 

My guarantor, a good friend of mine, is worried if this would result in a hard pull  for him thereby affecting his score. Is this true?

 

Also does anyone know if BoFA usually sucessfully recons after getting a good guarantor?

 

Your thoughts please....

Message 1 of 5
4 REPLIES 4
09Lexie
Moderator Emerita

Re: Does being a credit card guarantor result in a hard pull?

They will pull the credit of the potential guarantor-hard pull.
Message 2 of 5
Shogun
Moderator Emeritus

Re: Does being a credit card guarantor result in a hard pull?

+1  Yes, they will get a HP.

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Message 3 of 5
Dustink
Valued Contributor

Re: Does being a credit card guarantor result in a hard pull?

Your friend will become liable for the account.

 

The account will report on your friends report, so if you have a high balance relative to the limit. You will mess with their credit even if you pay your bill on time.

 

A bit risky for your friend.

 

And yes, they will get hard pulled. It is as if they are applying.

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Message 4 of 5
Nadar
Established Member

Re: Does being a credit card guarantor result in a hard pull?

Thanks for all your replies.

 

Actually the guarantor is a good friend of mine since 10 years. I intend to use the credit card mainly for building up my credit score. I am really not interested in a secured card because of the AF and also the deposit I have to make. Although the AF is not a big amount, the very thought of spending money for a credit card and having my money sit idly with the bank freaks me out.

 

I Just called up BoFA and the credit analyst was like though they will do a hard oull for my friend, it will appear in his credit report as though he is a guarantor for a credit line and not as if the credit line belongs to him. Also they told that the guarantor is removed in 12 months with good payment history.  

Message 5 of 5
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