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What ELSE is the difference between hard and soft pulls?

Contributor

What ELSE is the difference between hard and soft pulls?

I know that unlike hard pulls, soft pulls are visible only to me, not to FICO or creditors. But what else is the difference between hard and soft pulls? Are hard pulls only done in the process of underwriting new credit? Are they always done in the process of underwriting new credit -- that is, are creditors required to do hard pulls in such situations? Is the purpose of a hard pull to notify other creditors that I've tried to get credit recently? Or is there something a creditor gets from a hard pull that they don't get from a soft pull? Does anyone -- from a creditor to an employer or landlord -- ever have a choice of a hard or soft pull? Does a bank, for example, have a choice between a hard, soft, or no pull when opening a checking account with overdraft protection?
Message 1 of 6
5 REPLIES
Valued Contributor

Re: What ELSE is the difference between hard and soft pulls?

When opening an account (CC, Loan, Mortgage, LOC, etc) always a hard (exception is my HSN card wich was an insttant with no pull - still can't figure that out)
 
A bank can soft pull (mine did) to open an account, but many don't for some reason and hard pull - no rhyme or reason.
 
For CLI it can be hard or soft - depends on the CCC and  they should be able to tell you which it will be.
 
Only you (not a creditor) - see softs and promo pulls.


Message Edited by Lady_Scarlet on 02-27-2008 09:13 AM
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Message 2 of 6
Super Contributor

Re: What ELSE is the difference between hard and soft pulls?

Utilities, cable, satellite TV and cell phones can also do a hard pull.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 3 of 6
Valued Contributor

Re: What ELSE is the difference between hard and soft pulls?

yeah, tell me about that - DH has the mortgage and I have all the utilities.... that HURT!!!!
Now a member of the UNOFFICIAL 700 Club - Plus scores of 734-734-747
Message 4 of 6
Contributor

Re: What ELSE is the difference between hard and soft pulls?

But what do they get out of hard pulls? I get why Chase would want to know I've been talking to Citi, Amex, CapOne and Macys, and why they would let others know I've been talking to Chase, too. But I'm just guessing on whether that's the real reason for hard vs soft pulls. I mean, why would a creditor care that I've recently switched from Comcast to DirecTV, or AT&T to T-Mobile?
Message 5 of 6
Highlighted
Super Contributor

Re: What ELSE is the difference between hard and soft pulls?



pdxuser wrote:
But what do they get out of hard pulls? I get why Chase would want to know I've been talking to Citi, Amex, CapOne and Macys, and why they would let others know I've been talking to Chase, too. But I'm just guessing on whether that's the real reason for hard vs soft pulls. I mean, why would a creditor care that I've recently switched from Comcast to DirecTV, or AT&T to T-Mobile?


The hard pulls are seen by other creditors, hence they know how much credit one is applying for
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 6 of 6