topic Re: Since when moving credit lines needs a HP? in Credit Cards

Since when moving credit lines needs a HP?

CreditPacMan — Wed, 21 Jan 2015 19:54:30 GMT

I have two cards with Bank of America - called and asked to move the credit line ( $2500) from my Travel Rewards Card to the Cash Rewards Card ( for a total of $5500). They submitted a request.

The next day - I saw a HP on my EX report by BoA. I called them and they said that even moving credit lines between cards requires a HP .. even though that was never disclosed to me during the call!

It's weird .. I have five Chase cards and moving credit lines is like a charm with them .. no questions asked!

Which law requires a HP for credit transfer? They kept saying the credit fair act requires that!

Re: Since when moving credit lines needs a HP?

Involver — Wed, 21 Jan 2015 19:57:08 GMT

Yep, BoA definitely wants a HP for reallocation.

Re: Since when moving credit lines needs a HP?

Creditcurious74 — Wed, 21 Jan 2015 19:57:13 GMT

I'd call customer service and request to hear the phone call conversation, they had to advise you before hand. Hope you get the HP remove. That's crazy!

Re: Since when moving credit lines needs a HP?

Involver — Wed, 21 Jan 2015 19:59:12 GMT

@Zelaya wrote:
I'd call customer service and request to hear the phone call conversation, they had to advise you before hand. Hope you get the HP remove. That's crazy!

They don't have to advise you beforehand. They have permissable purpose.

It's the same thing as a collection agency HPing any of your reports.

They don't call and ask first.

Re: Since when moving credit lines needs a HP?

CreditPacMan — Wed, 21 Jan 2015 20:01:11 GMT

@Zelaya wrote:
I'd call customer service and request to hear the phone call conversation, they had to advise you before hand. Hope you get the HP remove. That's crazy!

They did not. I was 100% sure.

My understanding is that when you ask for CLI , the rep should tell you that it will result in a HP. There's no law that requires that for CL transfer!

I cancelled my request and they submitted a request to change that HP to s SP. I also closed the other travel card since I wasn't using it!

Re: Since when moving credit lines needs a HP?

Anonymous — Wed, 21 Jan 2015 20:43:10 GMT

@Involver wrote:
@Zelaya wrote:
I'd call customer service and request to hear the phone call conversation, they had to advise you before hand. Hope you get the HP remove. That's crazy!

They don't have to advise you beforehand. They have permissable purpose.

It's the same thing as a collection agency HPing any of your reports.

They don't call and ask first.

CA can HP your report? That doesn't sound permissible. You didn't request to be their customer.

Re: Since when moving credit lines needs a HP?

B335is — Wed, 21 Jan 2015 20:45:23 GMT

CA can and will definitely hard pull your report.

Different banks have different criteria for reallocating limits. BoA will always HP if you're the one requesting it.

Re: Since when moving credit lines needs a HP?

Anonymous — Wed, 21 Jan 2015 20:47:34 GMT

@B335is wrote:
CA can and will definitely hard pull your report.

Different banks have different criteria for reallocating limits. BoA will always HP if you're the one requesting it.

Never had this experience.

My work HP me on all 3 when I started there years ago (Tribal Government)

Besides that, I've never had an HP for anything other than Auto Loan or CC's. Utilities are co-op here.

Re: Since when moving credit lines needs a HP?

B335is — Wed, 21 Jan 2015 20:57:03 GMT

Not all CA will hard pull, but it's been widely reported they will prior to taking legal action.

Re: Since when moving credit lines needs a HP?

Anonymous — Wed, 21 Jan 2015 21:44:02 GMT

Collection agencies have a permissible purpose to pull your credit without your consent. Consent is not required for a hard pull under the FCRA. A permissible purpose can be obtained by consent, but other reasons such as reviewing a collection account is sufficient to pull your credit. Not all CAs will hard pull, but they can if they want to. At least that is my understanding.

If you look at 15 U.S.C. Secttion 1681b(a)(3)(A) it states that a permissible purpose includes when one "intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer."

Re: Since when moving credit lines needs a HP?

Anonymous — Wed, 21 Jan 2015 21:46:48 GMT

@Anonymous wrote:
Collection agencies have a permissible purpose to pull your credit without your consent. Consent is not required for a hard pull under the FCRA. A permissible purpose can be obtained by consent, but other reasons such as reviewing a collection account is sufficient to pull your credit. Not all CAs will hard pull, but they can if they want to. At least that is my understanding.

If you look at 15 U.S.C. Secttion 1681b(a)(3)(A) it states that a permissible purpose includes when one "intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer."

Makes you want to freeze all of them.

Re: Since when moving credit lines needs a HP?

Imperfectfuture — Wed, 21 Jan 2015 23:23:24 GMT

@B335is wrote:
Not all CA will hard pull, but it's been widely reported they will prior to taking legal action.

Portfolio Recovery used to HP monthly. I complained, told permissible purpose (midland too). Some law must have changed in WA state, because in 2014, all those HP's disappeared, and were replaced with soft pulls. 'Twas an interesting experience,

Re: Since when moving credit lines needs a HP?

Imperfectfuture — Wed, 21 Jan 2015 23:24:46 GMT

@Anonymous wrote:
@Anonymous wrote:
Collection agencies have a permissible purpose to pull your credit without your consent. Consent is not required for a hard pull under the FCRA. A permissible purpose can be obtained by consent, but other reasons such as reviewing a collection account is sufficient to pull your credit. Not all CAs will hard pull, but they can if they want to. At least that is my understanding.

If you look at 15 U.S.C. Secttion 1681b(a)(3)(A) it states that a permissible purpose includes when one "intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer."
Makes you want to freeze all of them.

Freezing doesn't prevent access to permissible pulls, just an FYI.

Re: Since when moving credit lines needs a HP?

Anonymous — Wed, 21 Jan 2015 23:25:56 GMT

@Imperfectfuture wrote:
@Anonymous wrote:
@Anonymous wrote:
Collection agencies have a permissible purpose to pull your credit without your consent. Consent is not required for a hard pull under the FCRA. A permissible purpose can be obtained by consent, but other reasons such as reviewing a collection account is sufficient to pull your credit. Not all CAs will hard pull, but they can if they want to. At least that is my understanding.

If you look at 15 U.S.C. Secttion 1681b(a)(3)(A) it states that a permissible purpose includes when one "intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer."
Makes you want to freeze all of them.
Freezing doesn't prevent access to permissible pulls, just an FYI.

That needs to change.

Re: Since when moving credit lines needs a HP?

Chris679 — Thu, 22 Jan 2015 01:23:25 GMT

CSRs are often uninformed on FCRA laws. If you are requesting a CLI or moving credit line (same thing in the eyes of some lenders) then they are within their rights to do HP. I would be upset if they didn't give me a heads up though or flat out said it was not a HP. Citi also requires HP to move CL.

Re: Since when moving credit lines needs a HP?

CreditPacMan — Thu, 22 Jan 2015 01:48:19 GMT

I did not know that credits laws are different by state! Isn't the credit fair act a federal thing?

Re: Since when moving credit lines needs a HP?

CreditGuy03 — Thu, 22 Jan 2015 01:48:37 GMT

Bank of america is trash and a joke of a company. They will hard pull jusy because the sky is blue and they will close all of your cards if they feel you might get fired

Re: Since when moving credit lines needs a HP?

Anonymous — Thu, 22 Jan 2015 01:49:48 GMT

@CreditGuy03 wrote:
Bank of america is trash and a joke of a company. They will hard pull jusy because the sky is blue and they will close all of your cards if they feel you might get fired

So will Chase, or Citi, or Barclay's.

CapitalOne is pretty safe though..

Re: Since when moving credit lines needs a HP?

CreditPacMan — Thu, 22 Jan 2015 01:55:55 GMT

@Anonymous wrote:
@CreditGuy03 wrote:
Bank of america is trash and a joke of a company. They will hard pull jusy because the sky is blue and they will close all of your cards if they feel you might get fired
So will Chase, or Citi, or Barclay's.

CapitalOne is pretty safe though..

Chase doesn't HP for CL transfer between cards .. I've done multiple times and not a single HP. I actually brought it as an example for good CS because it is so easy to move credit lines with them .. you can even move your portion of one card to a declined application to get it approved!

Re: Since when moving credit lines needs a HP?

Anonymous — Thu, 22 Jan 2015 01:59:41 GMT

@altayar wrote:
@Anonymous wrote:
@CreditGuy03 wrote:
Bank of america is trash and a joke of a company. They will hard pull jusy because the sky is blue and they will close all of your cards if they feel you might get fired
So will Chase, or Citi, or Barclay's.

CapitalOne is pretty safe though..
Chase doesn't HP for CL transfer between cards .. I've done multiple times and not a single HP. I actually brought it as an example for good CS because it is so easy to move credit lines with them .. you can even move your portion of one card to a declined application to get it approved!

Barclay's will allow this as well.

I was talking about the closing all your cards part.