Just approved for Orchard Bank Platinum and hard pull questions

[Anonymous]

Wow it's been a long road. I made a few mistakes the past few days, I got auto approved letter and signed up for a credit one bank card 3 days ago, I was approved for $400 but I didn't like the APR or the lack of automatic bill pay options, so I called them back and told them to cancel. I also got a invite letter from citi bank for simplicity card and Unknowingly tried for it also not even know my credit score "BIG MISTAKE"

So after being approved for one bank I came here and pulled Equifax and got 668 score and for Tranunion a 647. I was shocked, my credit has been bad in the past but a lot of neg collections fell off the past few months and 5 months ago I got a secured navy federal card and have been paying it off every month only spending $200 or so, and I'm extremely happy with this score for now!

I started reading the forums here and I found out that CC inquiries u get from applying for cards can DING YOUR points! I have now had 3 inquiries the past 3 days and now only 1 card from Orchard plus my Navy federal. Citi bank emailed me deny letter this morning saying they pulled experian, so I'm hoping they only hard pulled that report, as I want to use my equifax for a possibly FHA loan.

Anyone know who credit one bank and Orchard use for hardpulls? I ask because this is my highest score and I'm worried if I call my lender on Monday and he does a hard pull my credit score will go down from 668, and I ask you how much do you think it will go down based on my recent activity?

I already have two hard pulls on my equifax from Navy Federal, one from dec 13 2010 and one from May 08 2011 when I got secured card. Now I'm nervous I could possibly have 3 more hard pulls on this report in past year with a total of 5, and maybe 6 if a lender pulls next week.

This is the first time I've had decent credit in my life so I'm trying not to screw it up and be responsible as possible. I have a auto loan paid off on my report, but I do have a collection on both TU and EQ from a cell phone from 2006 that isn't due to fall off until dec 2012. 

My question is should I go ahead and have a lender pull my credit and start looking for a house, or spend 3-6 months paying off in full the orchard card before trying again and perhaps getting a better interest rate. I'm also hoping I can get a Navy Federal Unsecured card in may of next year after 1 year of payments on secured card.  Thanks for reading! Also I only got approved for $300 from Orchard, any info on how long until it goes up? Thanks

[jason86423]

Credit one pulls all 3 at random from what I can tell.  Not sure what makes them pull which one.  HSBC / Orchard more than likely pulled EQ

Congrats on the approvals, now its time to lay low and let them work for you.

[Creditaddict]

Orchard probably won't go up!

with a 668 you don't need orchard or credit one!

you should apply with Barclay, they have an awsome recon number in sticky if declined or approved with low limit.

However if going house shopping, do not apply for anything else and I wouldn't close anything else.

I don't think you will see a very big dip in score based on 2 pulls, but 2 new accounts might bring you down or up if that's all the credit you have.

[Anonymous]

wish I should of read forums more and known about Barclay.

I will prob be going house shopping, and like I said I do have the auto load paid off so that must help some. I hear they ding you 5 points a hard pull and most lenders pull equifax, but in the email I got from citi they said they pulled experian.

Really sucks for us we have to spend $20 just to find out our score again!

[jason86423]

Barclay's usually pulls TU if you decide to go for it.

The hard pull will drop your score around 5 pts but that is temporary just like a new account that is used responsibly.  As it ages, the impact is less and less.

[Creditaddict]

there is nothing that says you will loose 5 points for applying for credit. it depends if it is your first inq, your 50th inq... you lower your util because you now have more credit, how much did you effect the average age of accounts because of new apps.... the list goes on and on rather you will loose or maybe even gain points for applying.

[Odiseous]

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@Anonymous wrote:

Wow it's been a long road. I made a few mistakes the past few days, I got auto approved letter and signed up for a credit one bank card 3 days ago, I was approved for $400 but I didn't like the APR or the lack of automatic bill pay options, so I called them back and told them to cancel. I also got a invite letter from citi bank for simplicity card and Unknowingly tried for it also not even know my credit score "BIG MISTAKE"

So after being approved for one bank I came here and pulled Equifax and got 668 score and for Tranunion a 647. I was shocked, my credit has been bad in the past but a lot of neg collections fell off the past few months and 5 months ago I got a secured navy federal card and have been paying it off every month only spending $200 or so, and I'm extremely happy with this score for now!

I started reading the forums here and I found out that CC inquiries u get from applying for cards can DING YOUR points! I have now had 3 inquiries the past 3 days and now only 1 card from Orchard plus my Navy federal. Citi bank emailed me deny letter this morning saying they pulled experian, so I'm hoping they only hard pulled that report, as I want to use my equifax for a possibly FHA loan.

Anyone know who credit one bank and Orchard use for hardpulls? I ask because this is my highest score and I'm worried if I call my lender on Monday and he does a hard pull my credit score will go down from 668, and I ask you how much do you think it will go down based on my recent activity?

I already have two hard pulls on my equifax from Navy Federal, one from dec 13 2010 and one from May 08 2011 when I got secured card. Now I'm nervous I could possibly have 3 more hard pulls on this report in past year with a total of 5, and maybe 6 if a lender pulls next week.

This is the first time I've had decent credit in my life so I'm trying not to screw it up and be responsible as possible. I have a auto loan paid off on my report, but I do have a collection on both TU and EQ from a cell phone from 2006 that isn't due to fall off until dec 2012. 

My question is should I go ahead and have a lender pull my credit and start looking for a house, or spend 3-6 months paying off in full the orchard card before trying again and perhaps getting a better interest rate. I'm also hoping I can get a Navy Federal Unsecured card in may of next year after 1 year of payments on secured card.  Thanks for reading! Also I only got approved for $300 from Orchard, any info on how long until it goes up? Thanks

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Since you already have the inquiries; I'd wait a few months before talkng to a lender for a mortgage loan. And if you are serious about a mortgage any time soon; *do not apply for anything else* between now, and the time you have the keys in your hand. 

At the very least; be up front withthe lender about exacly how many cards you applied for. Ask if that's going to be the problem *before* they pull your credit. 

[terren2000]

Topic starter dont fret.

its good IMO to have Inquiries in bunches instead of spread out.

For me, the reason is, once those 2 yeras are up, theyll all drop within a month of each other.

Thats what happened to me.  I had 4 inquiries drop off in the month of August 2011.

[john398]

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@Anonymous wrote:

<snip>

I started reading the forums here and I found out that CC inquiries u get from applying for cards can DING YOUR points! I have now had 3 inquiries the past 3 days and now only 1 card from Orchard plus my Navy federal. Citi bank emailed me deny letter this morning saying they pulled experian, so I'm hoping they only hard pulled that report, as I want to use my equifax for a possibly FHA loan.

 <snip>

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Actually any mortgage loan will pretty much pull all 3 CRA's