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Valued Contributor
cobra19
Posts: 1,426
Registered: ‎07-24-2007
0

Re: NFCU putting me under the microscope

Yes. EQ always and only.

 

 

 

New York Yankees - 2009 World Series Champions. 27... and counting.....
Valued Member
myfairlady
Posts: 39
Registered: ‎12-18-2008
0

Re: NFCU putting me under the microscope

I applied to NFCU on 4/29 for the navcheck.  They verified date of hire, pay amount and position.  On 5/4 the loan was approved.  I took the promissory note into the branch office on 5/11 to date I was told the bank clerk mailed it instead of faxing it to home office and they have not received my signature yet.  Once they receive my signature it will be tied to my checking account within 48 hours.  They also did 2 hards pulls, one on 4/29 and another on 4/30.  I also have EQ scorewatch but my score did not go down due to either of the pulls.  I only have 3 inquiries on my credit report right now.  They are a good cu but slow to matters of credit.

 

EQ:  642

TU:   661

EX:   636

Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: NFCU putting me under the microscope

[ Edited ]

I received the NavCheck agreement in the mail today....signed....back into the mail.

 

I have zero complaints.  They are by far my favorite financial institution right now :smileyhappy:

Message Edited by txjohn on 05-15-2009 03:55 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: NFCU putting me under the microscope


txjohn wrote:

imducky wrote:
fico has a depulication feature in the algrorythm. multiple inqs from thecsame creditor on the same report are recorded but do not deduct additional points. disputing any legit inqs with the eq ex or tu can reult in fraud alerts etc. even if that's notyour intent.

it's common practice and legal for nfcu to pull a hard anytime you ask for a credit product, even if you request mutiple products on the same day.

 

Deduping does not apply to credit cards, LOC/personal loans.....it only applies to auto loans and mortgages.  And the inquiry must be coded to specify otherwise even multiple autos can hurt.

 

Running MyFICO clearly shows that all 3 NFCU inquiries are affecting my score.  My score dropped 5 points upon the 3rd pull.



It appears that de-duping might in fact occur on CC's with the same app date. This has been confirmed by a number of posts, but it certainly doesn't always hold true.

At any rate, it's much narrower than mortgage and auto loan de-duping --it has to be the same lender and the same date. Unless, of course, you get lucky.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: NFCU putting me under the microscope


haulingthescoreup wrote:

txjohn wrote:

imducky wrote:
fico has a depulication feature in the algrorythm. multiple inqs from thecsame creditor on the same report are recorded but do not deduct additional points. disputing any legit inqs with the eq ex or tu can reult in fraud alerts etc. even if that's notyour intent.

it's common practice and legal for nfcu to pull a hard anytime you ask for a credit product, even if you request mutiple products on the same day.

 

Deduping does not apply to credit cards, LOC/personal loans.....it only applies to auto loans and mortgages.  And the inquiry must be coded to specify otherwise even multiple autos can hurt.

 

Running MyFICO clearly shows that all 3 NFCU inquiries are affecting my score.  My score dropped 5 points upon the 3rd pull.



It appears that de-duping might in fact occur on CC's with the same app date. This has been confirmed by a number of posts, but it certainly doesn't always hold true.

At any rate, it's much narrower than mortgage and auto loan de-duping --it has to be the same lender and the same date. Unless, of course, you get lucky.

 

Based upon what I was told by EQ CSR when I was disputing elements on my CR, she said it is very unlikely that deduping would apply to most CC or other revolving loans because:

1.  It is very common to apply for multiple revolving accounts on the same day or within very short periods of time.  But it is very uncommon to be applying for multiple separate auto or mortgage loans.

2.  It is assumed that most auto or mortgage applications will apply to the same "purchase" whereas multiple inquiries and applications, even at the same lender, for personal and revolving credit is often for multiple accounts and not the same account.

3.  Deduping applies mostly to "secured installement loans" because it is a fixed debt and terms, whereas revolving has will have fluctuating balances, rates and thus terms.

4.  Consumers do not generally "shop" revolving accounts, meaning apply multiple times and then only accept or open a single account, like an auto or mortgage loan.  Consumers are aware of the product/loan type when they apply and usually have an idea of the potential terms.  Mortgages and autos are shopped for the best deal and a single lender is selected, thus the "multiple inquiries" result in a single account.  Multiple revolving apps usually result in multiple requests for credit and often multiple accounts/loans.

 

I cannot say that deduping "never" applies to cc/revolving or other "personal credit" loans, but I am fairly confident that it is less predominant, if it applies at all.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
0

Re: NFCU putting me under the microscope

John I would call NFCU and escalate to a credit analyst. See if they will drop some of the inquiries.
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: NFCU putting me under the microscope


smallfry wrote:
John I would call NFCU and escalate to a credit analyst. See if they will drop some of the inquiries.

 

Once the NavCheck shows up online and all is active and correct, I will then discuss the matter with NFCU about coding soft.  But, I'm not app'ing anything else, so it is a moot point at the moment and I don't want to rock any boats till I receive my card, it's activated, has a tank of gas on it and the NavCheck shows online  and is accessible.  Then I'll work on getting 2 NFCU's recoded soft and try for 1 PenFed to soft as well. :smileyhappy:

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

Re: NFCU putting me under the microscope


txjohn wrote:

haulingthescoreup wrote:

txjohn wrote:

imducky wrote:
fico has a depulication feature in the algrorythm. multiple inqs from thecsame creditor on the same report are recorded but do not deduct additional points. disputing any legit inqs with the eq ex or tu can reult in fraud alerts etc. even if that's notyour intent.

it's common practice and legal for nfcu to pull a hard anytime you ask for a credit product, even if you request mutiple products on the same day.

 

Deduping does not apply to credit cards, LOC/personal loans.....it only applies to auto loans and mortgages.  And the inquiry must be coded to specify otherwise even multiple autos can hurt.

 

Running MyFICO clearly shows that all 3 NFCU inquiries are affecting my score.  My score dropped 5 points upon the 3rd pull.



It appears that de-duping might in fact occur on CC's with the same app date. This has been confirmed by a number of posts, but it certainly doesn't always hold true.

At any rate, it's much narrower than mortgage and auto loan de-duping --it has to be the same lender and the same date. Unless, of course, you get lucky.

 

Based upon what I was told by EQ CSR when I was disputing elements on my CR, she said it is very unlikely that deduping would apply to most CC or other revolving loans because:

1.  It is very common to apply for multiple revolving accounts on the same day or within very short periods of time.  But it is very uncommon to be applying for multiple separate auto or mortgage loans.

2.  It is assumed that most auto or mortgage applications will apply to the same "purchase" whereas multiple inquiries and applications, even at the same lender, for personal and revolving credit is often for multiple accounts and not the same account.

3.  Deduping applies mostly to "secured installement loans" because it is a fixed debt and terms, whereas revolving has will have fluctuating balances, rates and thus terms.

4.  Consumers do not generally "shop" revolving accounts, meaning apply multiple times and then only accept or open a single account, like an auto or mortgage loan.  Consumers are aware of the product/loan type when they apply and usually have an idea of the potential terms.  Mortgages and autos are shopped for the best deal and a single lender is selected, thus the "multiple inquiries" result in a single account.  Multiple revolving apps usually result in multiple requests for credit and often multiple accounts/loans.

 

I cannot say that deduping "never" applies to cc/revolving or other "personal credit" loans, but I am fairly confident that it is less predominant, if it applies at all.



Well, I do understand this, but there are things that are published, and things that actually happen. I'm just passing on what I've been told. :smileyhappy:

I would never count on de-duping happening with CC's, but on the other hand, if it seems to occur, I sure wouldn't question it. :smileyhappy:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
0

Re: NFCU putting me under the microscope


haulingthescoreup wrote:


Well, I do understand this, but there are things that are published, and things that actually happen. I'm just passing on what I've been told. :smileyhappy:

I would never count on de-duping happening with CC's, but on the other hand, if it seems to occur, I sure wouldn't question it. :smileyhappy:


You and me both :smileyhappy:   I cannot confirm nor deny that any of this is what happens.  I can only relay, as you, what I have been told, and relay my own experience (report says all 6 are affecting my score) and the 5 point score drop upon the third pull by NFCU.

 

As to what and how these things actually ocur, well that's like finding out "how many licks it takes to get to the center of a tootsie pop...the world may never know"  :smileyhappy:

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Established Contributor
mt2va
Posts: 532
Registered: ‎03-20-2009
0

Re: NFCU putting me under the microscope

[ Edited ]

NFCU definately rocks & their customer service (which is 24/7) is fabulous & they told me it is better to call but I prefer to handle things online. 

 

They did a soft on me when I applied for membership with them.  A hard for CC & I was told a hard for each inquiry.  (which I think sucks as I was trying to re-fi my car loan & can't understand why that department can't look at the same exact CR the CC department had already pulled)  I somehow just applied for a 2nd CC (long story) so I'm in for another hard but I doubt I will be approved.

 

Heck I'm still in shock over my approval for the CashRewards card but I definately won't forget they treated me well when no one else (not even the sub-prime CCC) would give me a break & I definately won't screw it up.   I used my dad to join (he wasn't even a member...I had to get him to join so I could) & I will NEVER do anything to make him look bad. 

 

ETA I will say that they took forever on my CC app because apparently they had been calling me at home to confirm the info on the app (but never left a message & so I had no idea anyone was calling me).  They just happened to call on a Saturday & my CC was approved that Monday.  I thought it was a bit odd they were confirming the exact same info I had put on the app.  And when I app for the 2nd CC they asked me all the info again.  I'm like I was just approved last week.  So apparently everything to them is "new" each time as for as you giving your info & them pulling CR etc 

Message Edited by mt2va on 05-15-2009 06:32 PM
Starting Scores 10/12: EQ 460 (FICO)/TU 502 (FAKO)/EX 474 (FAKO)
Current (7/14): EQ 572 (FICO)/TU 624 (FICO)/ EX 612 (FICO)




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