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Wouldn't it be nice if........

Established Contributor

Wouldn't it be nice if........

Wouldn't it be nice if you could just go to any of the card issuers and make one application and then they would let you know which cards you qualified for and what the CL was, then you could accept or deny based off of the offer? It would sure eliminate trying to guess which card was "easier" to qualify for and maybe even the need to PC. Just a random thought.

Message 1 of 12
11 REPLIES
Moderator Emeritus

Re: Wouldn't it be nice if........

And then code it as a HP if one of the offers is accepted. Yes, this sounds like an ideal situation for the consumer. But if we didn't go through all the hand-wringing with applications, what on earth would we do with all our spare time? Smiley Wink


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Message 2 of 12
Established Contributor

Re: Wouldn't it be nice if........

I have LOTS of ideas Smiley LOL

Message 3 of 12
Frequent Contributor

Re: Wouldn't it be nice if........

When Bank of America used to do preapprovals for their credit cards online, before they stopped and started up again, I helped someone obtain a card through that portal. They soft-pulled her and they gave her the option for several BofA cards and they gave the credit limits right then and there. She needed the card for a BT, so she accepted, was approved for, and received the CL they told her during the preapproval process. Maybe the stopped it because it was expensive, or they wanted to lock people into cards?

 

From their perspective, they want us to keep cards while they provide us with as few benefits as possible, right? At least from a for-profit bank's perspective. If we could "shop around" based on soft pulls, then there would be even stiffer competition to provide for our needs while giving us the most possible benefits, because there would be no penalty for checking out what they have to offer. It's not really in their interest to promote side-by-side competition like that. Right now, if we apply and don't like the terms or CL, we are stuck with it, have an inquiry, and have no way to stop the TL from reporting.....

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Message 4 of 12
Mega Contributor

Re: Wouldn't it be nice if........


MACFRME wrote:

When Bank of America used to do preapprovals for their credit cards online, before they stopped and started up again, I helped someone obtain a card through that portal. They soft-pulled her and they gave her the option for several BofA cards and they gave the credit limits right then and there. She needed the card for a BT, so she accepted, was approved for, and received the CL they told her during the preapproval process. Maybe the stopped it because it was expensive, or they wanted to lock people into cards?

 

From their perspective, they want us to keep cards while they provide us with as few benefits as possible, right? At least from a for-profit bank's perspective. If we could "shop around" based on soft pulls, then there would be even stiffer competition to provide for our needs while giving us the most possible benefits, because there would be no penalty for checking out what they have to offer. It's not really in their interest to promote side-by-side competition like that. Right now, if we apply and don't like the terms or CL, we are stuck with it, have an inquiry, and have no way to stop the TL from reporting.....


+1 Great answer!

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Message 5 of 12
Established Contributor

Re: Wouldn't it be nice if........

I agree with that. My comment was more from the perspective of getting a denial when you could have had an approval. Like Cap 1 has the QS and QS1. If you applied for the QS and didn't qualify it would be nice to have the option to go withe the QS1 if you wanted. I guess I was saying it would be nice to apply with a company and not just for one card. The issuer doesn't have to change anything. Again, just a thought

Message 6 of 12
Senior Contributor

Re: Wouldn't it be nice if........


tinuviel wrote:

And then code it as a HP if one of the offers is accepted. Yes, this sounds like an ideal situation for the consumer. But if we didn't go through all the hand-wringing with applications, what on earth would we do with all our spare time? Smiley Wink


LOL!

Message 7 of 12
Senior Contributor

Re: Wouldn't it be nice if........


Longroad wrote:

Wouldn't it be nice if you could just go to any of the card issuers and make one application and then they would let you know which cards you qualified for and what the CL was, then you could accept or deny based off of the offer? It would sure eliminate trying to guess which card was "easier" to qualify for and maybe even the need to PC. Just a random thought.


It would be nice, but when it comes to credit, practicality and pragmatism are not allowed.

Message 8 of 12
Established Contributor

Re: Wouldn't it be nice if........


FocusedAndDetermined wrote:

Longroad wrote:

Wouldn't it be nice if you could just go to any of the card issuers and make one application and then they would let you know which cards you qualified for and what the CL was, then you could accept or deny based off of the offer? It would sure eliminate trying to guess which card was "easier" to qualify for and maybe even the need to PC. Just a random thought.


It would be nice, but when it comes to credit, practicality and pragmatism are not allowed.


Very profound. And true

Message 9 of 12
New Contributor

Re: Wouldn't it be nice if........

I don't mind the inquiry being scored as a hard pull.  They can have the hard pull - after all, I *am* asking for credit, and that's what a HP is supposed to indicate.

But when an application is submitted, and they do the hard pull, I do think they ought to be willing to give offers for a few different cards that we select from a list.  It's annoying that they make you play a guessing game.  Why not just tell me "Okay Mr. X, you indicated an interest in cards #1, 2, and 3.  Our computer has checked your report, and it will offer you card #1 with these terms, card #2 with these terms, or card #3 with these terms."  Then I make a choice, and everybody's happy.

Now if I start trying to get manual human recon involved, then I can see how playing multiple choice would be too labor intensive.  But as long as I accept a computer decision, then options should be on the table.

If I pick "none of the above", I think it's totally legit that I'd still get a hard pull on my report. I would have no complaint with that.

Message 10 of 12