How much do you value a HP?

[lg8302ch]

thread back to life from 2014 but here my answer. I honestly do not care about HPs... the only thing I look at is new accounts. That is what matters to me so if a lender wants to double pull or triple pull ..whatever... What I will limit for me is the new accounts

[kdm31091]

While on one hand, I don't think a HP is that big of a deal in terms of I would not overly stress about it,  I do think one has to be careful with them. Each remains for 2 years, and on manual review, sometimes having a ton is obviously detrimental.

As far as HP for CLI, I find that if you really want the increase, sometimes it's your only option. Some lenders are really only HP for CLI period, like Chase or often Barclay's. Personally, I feel sticking with the lenders that offer SP is usually better. You can obviously still have a Chase card or Barclay card, but having a card from someone like Discover, Amex or even Capital One, which will grow without HP, is often beneficial.

[Anonymous]

Hard pulls don't bother me. If I need a card and it really benefits me in the long run then I'll app. I'm in the garden because I don't need anything and I don't need to app for the next fad. However if I really want something I'm not going to make a sympathy thread about it "leaving the garden for a hard pull." It's just a credit card.

[kdm31091]

---

@Anonymous wrote:
Hard pulls don't bother me. If I need a card and it really benefits me in the long run then I'll app. I'm in the garden because I don't need anything and I don't need to app for the next fad. However if I really want something I'm not going to make a sympathy thread about it "leaving the garden for a hard pull." It's just a credit card.

---

Exactly...some can take it a tad bit too serious with the "gardening" thing. Then the "I fell out of the garden" threads....it can be a bit much sometimes, but whatever floats your boat I guess.

[Anonymous]

I would definitely "leave" the garden for a deal like the Barclays US airways but never app for something like the BB compass or whatever people were apping for.

[takeshi74]

I don't worry about them unless applying for a mortgage or auto loan.  They have a relatively small impact for my profile.  That doesn't mean that I just go out and apply for everything or request CLI's all the time though.  I just don't obsess over each and every HP.  I don't have recent scores but there's maybe a 10 point difference between one CRA with 3 HP's and one with 13 for me.

Those with thin and poor profiles can see a bigger impact from HP's and have a smaller number of them cited as a reason for denial so it's understandable that concern over HP's varies from person to person.

[SwiftTone]

$300+ sign up bonus I would definitely sacrifice a HP. $200 I'll think about it.
Actually got a $200 bonus after $300 spend offer from TD Bank but got too lazy and forgot to app. I don't need anymore credit.

[Ghoshida]

---

@takeshi74 wrote:

I don't worry about them unless applying for a mortgage or auto loan.  They have a relatively small impact for my profile.  That doesn't mean that I just go out and apply for everything or request CLI's all the time though.  I just don't obsess over each and every HP.  I don't have recent scores but there's maybe a 10 point difference between one CRA with 3 HP's and one with 13 for me.

Those with thin and poor profiles can see a bigger impact from HP's and have a smaller number of them cited as a reason for denial so it's understandable that concern over HP's varies from person to person.

---

Agreed.

However, since my AAoA is still less than 2 years and oldest card less than 3 years, I'm possibly in the "thin" group. 

Therefore, right now, my HP is worth either (a) big loan like auto or (b) $200 hard cash sign-up (for less than $1000 spend) or (c) $400 worth of cash / points etc. sign-up (for more than $1000 spend) or (d) a fantastic cashback card like 5% on gas+groceries+dining (I'll agree to a combined $10k annual cap). 

You get the idea. That said, I'm not a churner. I'd like to keep the card for at least one AF cycle; don't want to make banks angry with thinnish profile + churning at the same time.

I feel like I have a decent set of cards that suit my needs and I can't justify applying for some of the other cards that people here might value highly for whatever reason. So, unless something wonderful comes out, I'm not using my HP. 

I only used an HP for a CLI twice. With Discover, it was worth it; took my card across the initial sub-$1k hurdle and has been on SP CLI mode ever since, and doing well so far. With UFCU, it was shot down; never used an HP for CLI again. Not worth it, I've got enough limits for my needs as of now.

[Fico2Go]

---

@DaveSignal wrote:

I don't have many HPs, and will always ask/hope for a SP, but a HP is not going to wreck my credit and only affects scoring for 1 year.   If I wanted a new tradeline or CLI, I would definitely be willing to take a HP, and I certainly wouldn't let the fact that a HP is going to hit one of my reports stop me.  I might weigh the benefits of the new tradeline though... if its not something that is going to get good use, there is little point in adding it.

---

My order of preference:

Take a HP for a great sign up bonus. 

Take a SP for CLI when possible

Take a HP for CLI if necessary but avoid if possible.

 It's not so much that a HP will impact scoring.  The effect on scoring can diminish after one year, HOWEVER, the existence of a HP on a credit report, can lead to denial under "too many recent inquiries." 

[Anonymous]

For me, it depends on the situation and my future plans. This year, I have applied for and been approved for 4 new credit cards (Amex ED, BCE, Chase Marriott Rewards & BoA CR). So whiie the 4 new inquiries hurt slightly, in the long run it will be better. Adding these 4 new cards dropped my utilization to around 5%. I am not planning on making any huge perchases that these inquiries will effect (mortgage or car) as I already have a mortgage and purchased my car 2 years ago.  If I was planning on purchaing a new house, I would not have done the app spree.