topic Re: X1 Card Are Now Doing Hard Inquires in Credit Cards

X1 Card Are Now Doing Hard Inquires

Caribsa89 — Wed, 22 Dec 2021 17:45:02 GMT

So I received an alert from Experian IdentyWorks about a hard inquiry on my Experian report a few hours ago. Once I logged in, I was surprised it was X1. I texted them because this had to be a mistake. After going back and forth, I was told it cannot be removed and now it's a requirement to have a hard inquiry after acceptance. I am bum because this was so unexpected. I feel cheated! I would not have applied if I knew this would happen. I am searching for a home because I am approve for a mortgage. I have not found anything so far but I don't know how this will affect it.

Re: X1 Card Are Now Doing Hard Inquires

Ilinferno — Wed, 22 Dec 2021 18:01:34 GMT

Oh wow that is such a letdown. There was so much hype for this card and I was honestly looking forward to getting it down the line but after the threads I have seen popping up it is not nearly as appealing a proposition.

Re: X1 Card Are Now Doing Hard Inquires

Anonymous — Wed, 22 Dec 2021 18:48:17 GMT

Sorry this happened to you and especially during the home buying process. But even if it is soft inquiry when the card is reported, it will show up in the credit report. So either way sometimes during the process, you might have ended up explaining about it to mortgage underwriter depending upon circumstances and your credit profile. I guess this shouldn't have major impact as long as you provide right explanation.

Re: X1 Card Are Now Doing Hard Inquires

practical1 — Wed, 22 Dec 2021 18:53:55 GMT

This is really a shame -- I suppose it was too good a thing to last. If HPs are the norm, then the whole calculation of whether to apply for this product changes.

Just a guess ... but I'm speculating that the issuing bank either: 1) succumbed to pressure from the CRAs to honor their standard arrangements; 2) had some kind of limited exception, to get this product launched and into the market, which might have been either expired or been restricted to a allow certain number of cards to be issued without HPs; or 3) perhaps they are still doing SPs for some, with HPs if they feel necessary for certain profiles?

Anyone have further thoughts or experiences? At the very least, full disclosure of what they are doing (with an option to continue or not) should be provided.

Re: X1 Card Are Now Doing Hard Inquires

rostrow416 — Wed, 22 Dec 2021 19:06:18 GMT

Regardless of whether it causes a hard pull or not, it will still show up as a new account when applying for a mortgage, so if that was your concern, you needed to stay away from opening any new accounts at all.

But if you have a few months before coming to terms on a home, the effect should be negligible.

Re: X1 Card Are Now Doing Hard Inquires

Wavester64 — Wed, 22 Dec 2021 19:11:20 GMT

@Caribsa89 Wow, sorry this happened to you

I had a feeling this was going to happen with this card. Seemed to good at first with BIG SLs and no HP.

I was even considering it once I got a few other cards I wanted first ONLY because of the lure of NO HP.

But now, I have no interest anymore.

Re: X1 Card Are Now Doing Hard Inquires

practical1 — Wed, 22 Dec 2021 19:13:59 GMT

True, it will eventually show up as a new account on your CRA files -- but likely not for a while. Unless this bank is unusually efficient, it will likely take anywhere from 1 - 3 months, so you might be OK on that front.

Be prepared to explain it, should it show up, just in-case....

Re: X1 Card Are Now Doing Hard Inquires

practical1 — Wed, 22 Dec 2021 19:17:46 GMT

@Wavester64

I'm with you! Must have gotten-in just "under the wire" -- received the invite on Dec. 9, applied the same day and was approved immediately.

Had I waited....

Re: X1 Card Are Now Doing Hard Inquires

Grizzly1 — Wed, 22 Dec 2021 19:54:07 GMT

I recieved a hard pull as well today. I've only been in the garden for 2 months since my last spree so it is what it is for me.

Re: X1 Card Are Now Doing Hard Inquires

Caribsa89 — Wed, 22 Dec 2021 20:13:02 GMT

I am doing a new build once the new lots are released in 2022. I will not close until at least 3 months after so a new creditline was not an issue. I am just disappointed that it was a hard pull. I wanted the Delta Amex more and if I knew it was going to be hard pull, I would not have applied until maybe June of 2022.

I have a plan trip to South Africa and Europe (Paris, London, Ansterdam, I forgot the 4th city). They were trip book through Gate 1 for 2020 travel. They have been postoned until 2022 and we have not yet booked airline. So the Delta card was a priority due to necessity. It was going to be my 1 oops to the mortage.

Re: X1 Card Are Now Doing Hard Inquires

Anonymous — Thu, 23 Dec 2021 02:18:58 GMT

I accidentally closed out the page a few minutes ago but I got the invitation to apply for the X1 and went through the pre-approval process and was approved. Since I didn't agree I hope that doesn't hurt me. I'm trying to lower to a 5/24 or lower status so I can pre-approve for a Chase credit card.

Re: X1 Card Are Now Doing Hard Inquires

Guyatthebeach — Thu, 23 Dec 2021 05:31:31 GMT

Caribsa89,

I got a HP too! I logged into the X1 app and confirmed no changes to my credit line. I don't mind the HP since I got a huge credit line, I just would have liked to known to expect a HP. I did check all the CR's and Experian was the only hit.

I wonder what X1's next surprise is.

Guyatthebeach

Re: X1 Card Are Now Doing Hard Inquires

NRB525 — Thu, 23 Dec 2021 05:39:05 GMT

@Caribsa89 wrote:
I am doing a new build once the new lots are released in 2022. I will not close until at least 3 months after so a new creditline was not an issue. I am just disappointed that it was a hard pull. I wanted the Delta Amex more and if I knew it was going to be hard pull, I would not have applied until maybe June of 2022.
I have a plan trip to South Africa and Europe (Paris, London, Ansterdam, I forgot the 4th city). They were trip book through Gate 1 for 2020 travel. They have been postoned until 2022 and we have not yet booked airline. So the Delta card was a priority due to necessity. It was going to be my 1 oops to the mortage.

With that long a timeframe, I doubt the new account will make much difference. This HP will fade on a 12 month path, so significant reduction by the time you get to the mortgage.

When we closed on our purchase / mortgage earlier this year PenFed followed up with a question about the Lowes card I opened right after funding. The reason was for carpet purchases to replace all the carpet, so their main concern is whether the card increases your DTI.

Re: X1 Card Are Now Doing Hard Inquires

Lou-natic — Thu, 23 Dec 2021 12:16:56 GMT

Technically the language during the application states they could do a HP, it's just that they weren't doing them until now it seems. Guess I got in under the radar. I'll take what I can get.

Re: X1 Card Are Now Doing Hard Inquires

Goos — Thu, 23 Dec 2021 19:51:06 GMT

When a card product is new it sometimes not reported . I have not yet had my Cardless Cavs MasterCard report and we were 4-5 months in . I'm perfectly ok with it never reporting . But it is not uncommon for a new product to for a short while never report .

@practical1 wrote:
True, it will eventually show up as a new account on your CRA files -- but likely not for a while. Unless this bank is unusually efficient, it will likely take anywhere from 1 - 3 months, so you might be OK on that front.

Be prepared to explain it, should it show up, just in-case....

Re: X1 Card Are Now Doing Hard Inquires

Anonymous — Fri, 24 Dec 2021 01:09:26 GMT

A HP after acceptance is a process that all lenders (CC, Auto, etc..) who pre-qualify with a SP follow. Very much like the Goldman Sachs Apple Card. I am pretty sure there was a language in the offer that discloses that by accepting, you are agreeing to a HP.

Re: X1 Card Are Now Doing Hard Inquires

Openwater — Fri, 24 Dec 2021 02:18:50 GMT

Sorry to hear, but thanks for the heads up. I was planning on applying, figured SP... Why not? But will hold off....

Re: X1 Card Are Now Doing Hard Inquires

NoMoreE46 — Fri, 24 Dec 2021 03:00:49 GMT

It is a bummer with house hunting.

Re: X1 Card Are Now Doing Hard Inquires

RootDet — Fri, 24 Dec 2021 05:59:47 GMT

should never be shopping for anything but a mortgage while house shopping.

Re: X1 Card Are Now Doing Hard Inquires

Caribsa89 — Tue, 03 May 2022 00:47:51 GMT

The new inquiry only cost 3 points.