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09Lexie
Posts: 26,269
Registered: ‎09-13-2012
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Re: UPDATE: Re: Gardening...but apply for DCU?

To clarify the previous poster- their pre-approval for a cc would have resulted in another HP if accepted.
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Revelate
Posts: 9,640
Registered: ‎12-30-2011
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Re: UPDATE: Re: Gardening...but apply for DCU?


09Lexie wrote:
To clarify the previous poster- their pre-approval for a cc would have resulted in another HP if accepted.

Actually garden rules when we established (99% confident) that applying for a credit union and a resulting HP would indeed be leaving the garden.

 

It's a grey area and doesn't really matter in this case (one week difference), but it's what we setup and it's working.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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TimeToRecover
Posts: 646
Registered: ‎03-21-2013
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Re: UPDATE: Re: Gardening...but apply for DCU?

So I know the HP area of the CR's show what they are for.  For example I have 2 on EX 1 was from Cap1 the other was from comcast so they could turn on my cable after I moved states.  on TU I have the cap1 and 1 from my new apt complex before they accepted my application.  When you look at that area it states what the inquiry was for. 

 

So I am curious if the "purpose" of the inquiry makes a difference. 

 

I would think a HP to join a CU would not be a bad HP to have (if they look at the purpose)  or am I just dreaming that the purpose would even be looked at and considered?


Starting Score: 570 ish
Current Score:EX (694) 10/2/2014, EQ (686) 10/2/2014, TU (684) 10/2/2014 (ALL MORTGAGE PULLS)
Goal Score: 750
NEW HOUSE - Building 99.9% complete
In My Wallet: GE Care Credit (8K) BofA Cash Rewards Signature Visa (5K) Cap One Quicksilver (4.5K) Chase Freedom (4K) VS Angel Card (1300)
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tray
Posts: 1,474
Registered: ‎01-29-2008
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Re: UPDATE: Re: Gardening...but apply for DCU?


09Lexie wrote:
To clarify the previous poster- their pre-approval for a cc would have resulted in another HP if accepted.

Well that is a bummer, I quess the only way around 2 hard pulls is applying at a dcu credit branch which I have read will result in 1 pull???


Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800
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09Lexie
Posts: 26,269
Registered: ‎09-13-2012
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Re: UPDATE: Re: Gardening...but apply for DCU?


Hmm, I thought that question was also asked about applying for apts, utilities etc. looking at page 1 of the gardening rules it states TL or backdated Amex cards
Since more and more CUs and banks are doing HP's - should that be added to?


Garden Club recognition levels: To qualify, your reports must contain:
No new tradelines of any type on one's accounts (this includes backdated Amex accounts, as they are STILL new "seedlings").
No HPs for anything that would allow for the possibility of a new tradeline being issued or increasing the CL of an existing tradeline.
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Revelate
Posts: 9,640
Registered: ‎12-30-2011
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Re: UPDATE: Re: Gardening...but apply for DCU?


TimeToRecover wrote:

So I know the HP area of the CR's show what they are for.  For example I have 2 on EX 1 was from Cap1 the other was from comcast so they could turn on my cable after I moved states.  on TU I have the cap1 and 1 from my new apt complex before they accepted my application.  When you look at that area it states what the inquiry was for. 

 

So I am curious if the "purpose" of the inquiry makes a difference. 

 

I would think a HP to join a CU would not be a bad HP to have (if they look at the purpose)  or am I just dreaming that the purpose would even be looked at and considered?


Are we talking gardening or underwriting in this scenario?

 

Gardening: HP's resulting from rental, insurance, internet, wireless, energy credit checks don't matter and don't kick you out..  They're considered unavoidable in the current market.

 

Underwriting: on a manual review they'd be taken into consideration and likely not counted as credit seeking behavior; really I think that HP's for this sort of thing are a convenient abuse of the system, should be soft.  Automagic underwriting, it really depends on the sophistication of their application, but I'd think most would have a HP being a HP; certainly FICO does.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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TimeToRecover
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Re: UPDATE: Re: Gardening...but apply for DCU?

I was refering to I guess a manual review of a file.  so more underwriting.  :smileyhappy:  Like when car or mortgage shopping when a physical person is likely to look at the report (heck even for a cc recon) 


Starting Score: 570 ish
Current Score:EX (694) 10/2/2014, EQ (686) 10/2/2014, TU (684) 10/2/2014 (ALL MORTGAGE PULLS)
Goal Score: 750
NEW HOUSE - Building 99.9% complete
In My Wallet: GE Care Credit (8K) BofA Cash Rewards Signature Visa (5K) Cap One Quicksilver (4.5K) Chase Freedom (4K) VS Angel Card (1300)
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Revelate
Posts: 9,640
Registered: ‎12-30-2011
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Re: UPDATE: Re: Gardening...but apply for DCU?


09Lexie wrote:

Hmm, I thought that question was also asked about applying for apts, utilities etc. looking at page 1 of the gardening rules it states TL or backdated Amex cards
Since more and more CUs and banks are doing HP's - should that be added to?


Garden Club recognition levels: To qualify, your reports must contain:
No new tradelines of any type on one's accounts (this includes backdated Amex accounts, as they are STILL new "seedlings").
No HPs for anything that would allow for the possibility of a new tradeline being issued or increasing the CL of an existing tradeline.

That's it right there; non-trivial number of CU's approve off the same pull, it'd be awkward in the extreme to try to split hairs on individual CU's.

 

Also there's really no point in acquiring a CU unless you want to establish tradelines with them; DCU checking w/FICO score is a possible exception, but it's a corner case, and making a whole bunch of exceptions (there would be others) is just too complicated and unwieldy.  

 

Yes the gardening rules may not be in the best interest of every individual here, I've stumbled across one previously that was a "ah shucks" moment, but it works reasonably well and covers the vast majority of common issues.  Certain exceptions like this one gets lumped in one pool or the other, but it's a good system.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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09Lexie
Posts: 26,269
Registered: ‎09-13-2012
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Re: UPDATE: Re: Gardening...but apply for DCU?

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parakleet
Posts: 1,145
Registered: ‎04-13-2013
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Re: UPDATE: Gardening...but apply for DCU?

I'm totally fine with this being considered out of the garden - after all, I didn't really need to app for dcu. I did it mainly for the fico score. It's not that big a deal in my case since I've only been in the garden for a couple of weeks. I agree with @revelate that you can't make too many exceptions or otherwise, it just gets too complicated. 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+

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