topic Re: Alliant credit union...BUMMED in Credit Cards

Alliant credit union...BUMMED

Anonymous — Wed, 25 Apr 2012 11:36:20 GMT

I applied and got membership....they approved pulled my credit,then I found out to get a card hey need to pull again......BUMMER...... I would like to apply for a CC them but not sure I want to take the hit...already got 4 pulls on EQ This month..... Should I let the dust settle for 6 months and try..I don't want to get a crap CL... thanks

Re: Alliant credit union...BUMMED

Creditaddict — Wed, 25 Apr 2012 14:34:57 GMT

Id just apply now, get it out of the way and in 6 months you probably be in better place then waiting 6 months from now and applying.

Re: Alliant credit union...BUMMED

Anonymous — Wed, 25 Apr 2012 17:19:03 GMT

@Anonymous wrote:
I applied and got membership....they approved pulled my credit,then I found out to get a card hey need to pull again......BUMMER...... I would like to apply for a CC them but not sure I want to take the hit...already got 4 pulls on EQ This month..... Should I let the dust settle for 6 months and try..I don't want to get a crap CL... thanks

We can totally relate. We joined a local credit union last month (Credit Union of Southen California) and had the very same experience. They pulled Experian for the membership, and then, if we wanted a credit card, they would have to pull Experian AGAIN. We said, thanks -- but no thanks. We're gardening through the end of this year and will reconsider then.

Re: Alliant credit union...BUMMED

TATATA — Wed, 25 Apr 2012 17:47:41 GMT

I'm sorry. I just don't understand what is the big deal. FICO will only count inquiries made within 12 months and will stay on the credit report for 24 months. So let's say I apply for membership today and my credit is pulled, then two weeks later I decide to apply for a credit card and they pull credit again. The first inquiry will show in the month of April and the second in May. A month later..... I don't see how an additional inquiry made within 30 days (give or take), with the same institution, impact a credit decision or FICO score drastically.

If it is a problem, wait an additional month for FICO not to count it (assuming that it is impacting your score) or an additional month to come off the credit report.

Re: Alliant credit union...BUMMED

navigatethis12 — Wed, 25 Apr 2012 18:02:24 GMT

@TATATA wrote:
I'm sorry. I just don't understand what is the big deal. FICO will only count inquiries made within 12 months and will stay on the credit report for 24 months. So let's say I apply for membership today and my credit is pulled, then two weeks later I decide to apply for a credit card and they pull credit again. The first inquiry will show in the month of April and the second in May. A month later..... I don't see how an additional inquiry made within 30 days (give or take), with the same institution, impact a credit decision or FICO score drastically.

If it is a problem, wait an additional month for FICO not to count it (assuming that it is impacting your score) or an additional month to come off the credit report.

Personally I can see it as a big deal. I do not understand why so many credit unions feel the need to do a hard pull on a credit report. Too many things these days require hard pulls for things that have nothing to do with extending credit. If anything we should be able to check the credit union's credit report since we are giving them money.

Also some people have reported certain lenders are very inquiry sensitive and it is not fair that there are inquiries that have nothing to do with cards. I also do not see why they can not use the same pull for a credit card. Most likely not much has changed so why not?

Re: Alliant credit union...BUMMED

Anonymous — Wed, 25 Apr 2012 18:19:36 GMT

Most of the CUs that do hard pull to join are doing so for two reasons:

1) You are not applying in person so hey use it for identity verification

2) Make sure you are "responsible" enough to join

The savy CUs let you use the previous hard pull to app for loan products if done within a short period of time. My local credit union didn't do a hard pull on me, but when my out of town uncle joined, they pulled his info with hard pull.

Re: Alliant credit union...BUMMED

TATATA — Wed, 25 Apr 2012 18:25:26 GMT

I believe credit unions do offer some type of financial/income statement to see how they are doing. You know, credit unions and banks will do what they want. It is, what it is. All you can do, is take your business elsewhere. All I'm saying is that, we as consumers, can analyze our situation and determine how an additional inquiry can affect - either a credit decision or FICO score. I know every situation is different; however, IMHO I don't see an additional inquiry drastically affecting a credit decision or FICO score.

Re: Alliant credit union...BUMMED

Anonymous — Wed, 25 Apr 2012 19:13:00 GMT

@TATATA wrote:

IMHO I don't see an additional inquiry drastically affecting a credit decision or FICO score.

It depends on how many inquiries you already had on your CR before you ever joined the CU, and then got the additional inquiry from the membership, and then another inquiry for the credit card...it adds up to too many very quickly.

Re: Alliant credit union...BUMMED

TATATA — Wed, 25 Apr 2012 19:46:32 GMT

amercnchopz34:

I agree with Creditaddict. Take the plunge. If you are concerned about the inquiries affecting their credit decision, call them and ask. Good luck.

Re: Alliant credit union...BUMMED

learnin113 — Wed, 25 Apr 2012 19:56:50 GMT

@Anonymous wrote:
I applied and got membership....they approved pulled my credit,then I found out to get a card hey need to pull again......BUMMER...... I would like to apply for a CC them but not sure I want to take the hit...already got 4 pulls on EQ This month..... Should I let the dust settle for 6 months and try..I don't want to get a crap CL... thanks

Yeah, the double pull sucks, cant understand that...but in my case it was worth it. I had at least 5 or 6 inquiries and they approved me.

Re: Alliant credit union...BUMMED

Anonymous — Tue, 01 May 2012 21:55:54 GMT

@learnin113 wrote:
@Anonymous wrote:
I applied and got membership....they approved pulled my credit,then I found out to get a card hey need to pull again......BUMMER...... I would like to apply for a CC them but not sure I want to take the hit...already got 4 pulls on EQ This month..... Should I let the dust settle for 6 months and try..I don't want to get a crap CL... thanks

Yeah, the double pull sucks, cant understand that...but in my case it was worth it. I had at least 5 or 6 inquiries and they approved me.

Learnin ....what CL were you given??

Re: Alliant credit union...BUMMED

learnin113 — Wed, 02 May 2012 15:14:00 GMT

3K. And my score was around 680 at the time so I was quite content with it.

Re: Alliant credit union...BUMMED

Anonymous — Wed, 02 May 2012 19:42:54 GMT

@learnin113 wrote:
3K. And my score was around 680 at the time so I was quite content with it.

cool...I did not know it was going to be a hard pull for membership and 1 for CC......Bummer