topic Re: Strategy to improve score BACKFIRED! in Credit Cards

Strategy to improve score BACKFIRED!

phxphun — Thu, 12 Mar 2009 01:43:35 GMT

I read in this forum that a CC balance >9% of your Credit Limit dings your score, so I requested a credit line increase on my Master Card only because I wanted a little more cushion between my limit and my typical monthly balance. (My balance never actually comes anywhere near the limit I had). MC raised my limit, but they never told me they'd be running a credit check to do it. The check, of course, dropped my credit score. doh!

Can a CC legally run a credit check without informing the victim? Is there anything I can do to reverse the score hit?

Re: Strategy to improve score BACKFIRED!

Anonymous — Thu, 12 Mar 2009 01:59:34 GMT

Yes they can. It just happened to me a few days ago with Macy's. You can call the ccc and explain your situation and see if they can recode it to a soft pull.

Re: Strategy to improve score BACKFIRED!

PayingTheBills — Thu, 12 Mar 2009 02:01:08 GMT

Did your new limit report already?

Plus, you could have just paid the balance to <9%.

But either way, it's just an inquiry... how much of a CLI did you get?

Re: Strategy to improve score BACKFIRED!

Anonymous — Thu, 12 Mar 2009 02:08:25 GMT

I wish I could say its only an inquire.

OP you may already know this but always ask if its a hard or soft pull. Ive learned the hard way as well..

Re: Strategy to improve score BACKFIRED!

phxphun — Thu, 12 Mar 2009 02:08:25 GMT

Thanks cartercorp! I'll try that.

Re: Strategy to improve score BACKFIRED!

phxphun — Thu, 12 Mar 2009 02:18:27 GMT

Thanks PayingTheBills. The credit check reported. I don't think the credit increase itself did anything.

At the time, I didn't know about paying the balance down before it reports. I'll do that.

I increased the CL by $5k to a $25k limit.

Message Edited by phxphun on 03-11-2009 07:18 PM

Re: Strategy to improve score BACKFIRED!

Anonymous — Thu, 12 Mar 2009 02:22:50 GMT

@phxphun wrote:
I read in this forum that a CC balance >9% of your Credit Limit dings your score, so I requested a credit line increase on my Master Card only because I wanted a little more cushion between my limit and my typical monthly balance. (My balance never actually comes anywhere near the limit I had). MC raised my limit, but they never told me they'd be running a credit check to do it. The check, of course, dropped my credit score. doh!

Can a CC legally run a credit check without informing the victim? Is there anything I can do to reverse the score hit?

Unfortunately, yes they can although you might ask them to recode it as a soft pull instead of the hard pull so it doesn't hurt your credit. However, they don't have to and can do this. Its a bummer but technically they are evaluating extending credit, so its "technically" legit. I went through this myself and I hadn't even asked for it, it was automatic CLI but still they did a hard pull, I asked them to recode it and they said no the first time but when I wrote back and explained that it was not requested by me directly, they changed it. You might still get lucky.

Re: Strategy to improve score BACKFIRED!

haulingthescoreup — Thu, 12 Mar 2009 11:02:10 GMT

It varies a lot by bank.

Chase always does a hard if the customer requests a CLI. (Sometimes they raise it on their own.)

AmEx does a soft. *pauses while everyone chimes in with what AmEx would do instead of a hard inq.)

BofA does a soft, unless you are requesting more than they're comfortable with.

--and so forth.

Re: Strategy to improve score BACKFIRED!

Anonymous — Thu, 12 Mar 2009 11:21:48 GMT

Just to chime in here...

A hard inq from a year ago just fell off my report. I had requested a CLI from Wachovia, and specifically asked if it would be a hard pull or a soft pull, because if it was a hard pull I didn't want to pursue the CLI. The CSR said it was a soft pull, I said OK and I got the increase.

Imagine my surprise when the hard inq showed up. I didn't try to get it recoded, though, because I did ask for the CLI, even though I was told it would be a soft.

No matter, it's gone now anyway. I wonder whether Wells Fargo's method for CLI inquiries will be any different.

Re: Strategy to improve score BACKFIRED!

barbaralee — Thu, 12 Mar 2009 11:43:45 GMT

uh-huh. Been there, done that. I've learned to ask beforehand if requesting a CLI would result in a hard or soft pull. The CSR for Victoria Secret has been the only one that I've spoken with who didn't have a clue what I was talking about. >_>