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Question about that rate shopping

New Contributor

Question about that rate shopping

OKay, here my situation.

 

I have applied a saving accoutn from NASA CU and I noticed they even hard pull my experian report (YES, just for a saving account).

 

However, I like to also get a credit card from them. They told me that they are required to pull AGAIN the credit report. (dont ask me why, i open the membership on Aug 15 and is only 4 days after i call and they told me this).

 

The guy also said if it is within 30 days period, that 2 pull only effect the report once.

 

I searched online and noticed there is something call rate shopping (which is multiple inquiry but counted only as one inquiry). However, i noticed it is only apply to mortgage and auto loans, but not to credit card inquiry.

 

SO people, my questions is,

 

1st, is the credit card inquriy fit int to the rate shopping method?

 

2nd, does the guy in customer service correct. multiple inquiry only counted as one (even for credit card.)

 

need you guys help.

 

thanks. 

HSBC PREMIER WORLD MASTERCARD- 12000 LIMITS, PENFED- 2500 LIMITS, DISCOVER IT- 10000 LIMITS, CHASE FREEDOM- 3500 LIMITS, USAA MASTERCARD- 6500 LIMITS, CHASE SAPPHIRE- 7000 LIMITS, AMEX BLUE CASH EVERYDAY- 8000 LIMITS, US BANKS VISA PLATINUM- 5000 LIMITS, BARCLAY REWARD- 1500 LIMITS, WELLS FARGO VISA SIGNATURE- 5000 LIMITS, NORSTORM VISA- 5000 LIMITS, SUNTRUST- 1500 LIMITS




Message 1 of 5
4 REPLIES
Epic Contributor

Re: Question about that rate shopping

No, a CC HP is counted each time it is done. 

 

You are correct, rate shopping is for auto and mortgages. 

Message 2 of 5
New Contributor

Re: Question about that rate shopping

the cs guy is pretty tricky then. 

 

quite deseparate when a credit report is pulled for a saving account. 

 

im still considering to go for a credit card or not since i really dont want 2 pull within one week. 

HSBC PREMIER WORLD MASTERCARD- 12000 LIMITS, PENFED- 2500 LIMITS, DISCOVER IT- 10000 LIMITS, CHASE FREEDOM- 3500 LIMITS, USAA MASTERCARD- 6500 LIMITS, CHASE SAPPHIRE- 7000 LIMITS, AMEX BLUE CASH EVERYDAY- 8000 LIMITS, US BANKS VISA PLATINUM- 5000 LIMITS, BARCLAY REWARD- 1500 LIMITS, WELLS FARGO VISA SIGNATURE- 5000 LIMITS, NORSTORM VISA- 5000 LIMITS, SUNTRUST- 1500 LIMITS




Message 3 of 5
Super Contributor

Re: Question about that rate shopping

 

It's pretty much standard for all credit unions to do a hard inquiry when you join and open an initial account.    Not really sure why, but its the way CUs operate.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 5
New Contributor

Re: Question about that rate shopping

just to let u know

 

i juts open the state department credit union and a hard pull WAS NOT require for their membership.

 

people who is interested can try

HSBC PREMIER WORLD MASTERCARD- 12000 LIMITS, PENFED- 2500 LIMITS, DISCOVER IT- 10000 LIMITS, CHASE FREEDOM- 3500 LIMITS, USAA MASTERCARD- 6500 LIMITS, CHASE SAPPHIRE- 7000 LIMITS, AMEX BLUE CASH EVERYDAY- 8000 LIMITS, US BANKS VISA PLATINUM- 5000 LIMITS, BARCLAY REWARD- 1500 LIMITS, WELLS FARGO VISA SIGNATURE- 5000 LIMITS, NORSTORM VISA- 5000 LIMITS, SUNTRUST- 1500 LIMITS




Message 5 of 5