Noone likes HP but why, why do folks act like its taking their virginity?

[joltdude]

A hard pull is not like taking your virginity folks.. Lately iv seen a lot of people cry and put up a fuss when a bank wants a HP for a CLI.... I get if you are trying to go for a loan/mortgage/etc you want to be conservative with your pullage.. but others seem to act like its beneath them to take a pull or unfreeze a report ... Your a risk to them and they are taking on that risk, they have every right to expect a HP...

-rant off

[longtimelurker]

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@joltdude wrote:

A hard pull is not like taking your virginity folks.. Lately iv seen a lot of people cry and put up a fuss when a bank wants a HP for a CLI.... I get if you are trying to go for a loan/mortgage/etc you want to be conservative with your pullage.. but others seem to act like its beneath them to take a pull or unfreeze a report ... Your a risk to them and they are taking on that risk, they have every right to expect a HP...

-rant off

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While I agree it seems to be overstressed here, there are situations where it does matter:

the loan/mortgage example you give

If you are churning, you want to make sure you get the best rewards for each HP so don't want to waste on less valuable cards,

and during rebuilding, when each point is (or seems) precious, an HP reduces the score a little

I think most of the valid angst here is the third type, but too much worry elsewhere!

[keithB]

I always walk funny after I take a HP 

[Open123]

I'd rather not take a HP for simple checking account, but accruing HPs really aren't an issue for most, in the over-all scheme of things.  Considering that HPs no longer adversely affect scoring after 12 months and disappear entirely after 24, I'd agree most are too sensitive on HPs hitting their CRs.

[Jaylima91]

I have 16 inquiries on all three CRAs give or take. Should I be more conservative? I'm not applying for any loans anytime soon so I don't mind HPs. Not all my HPs are from CCCs.

[B335is]

I do agree to an extent there seems to be a sense of entitlement - myself included.  It's nice to get CLI with soft pull once in awhile, but it's a good reminder that we are asking for more credit, so expect a hard pull and consider it luck if it winds up being soft.

[wacdenney]

I've always felt like HPs for CLIs are ridiculous.  You already have a relationship with the lender.  It's NOT a new trade line.  They get the exact same information whether it's an HP or an AR-SP.  Why not just soft you?? 

[taxi818]

No. they don't get the exact same information. who knows what can change in 6 months to a year on your credit report. It is a courtesy if they do sp . if you know you are apping for a mortgage. why would you be worrying about cli in the first place. good thread. the high and mighty worry of those things. and true. no affect on score after 12 months is great. even if it stays on report another 12 months.

[Jaylima91]

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@wacdenney wrote:

I've always felt like HPs for CLIs are ridiculous.  You already have a relationship with the lender.  It's NOT a new trade line.  They get the exact same information whether it's an HP or an AR-SP.  Why not just soft you?? 

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I agree with you but perhaps we are leaving out one simple fact. Lenders need to leave a mark so that other lenders are aware that they are extending you more credit. Requesting a CLI is exactly that, a request to have more credit extended to the borrower and a HP is the warning sign. Just my .02

[wacdenney]

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@Jaylima91 wrote:

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@wacdenney wrote:

I've always felt like HPs for CLIs are ridiculous.  You already have a relationship with the lender.  It's NOT a new trade line.  They get the exact same information whether it's an HP or an AR-SP.  Why not just soft you?? 

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I agree with you but perhaps we are leaving out one simple fact. Lenders need to leave a mark so that other lenders are aware that they are extending you more credit. Requesting a CLI is exactly that, a request to have more credit extended to the borrower and a HP is the warning sign. Just my .02

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This is exactly all it is.  A SP provides the exact same information and that information would show the higher limit if the CLI were granted.  They are simply looking to ding you so other lenders know you asked.  It has nothing to do with more credit, your credit limits would show from the SP anyway, but rather it's about letting each other know you asked and that's all it is.