topic Re: Capital One 3 hard pulls?!?! in Credit Cards

Capital One 3 hard pulls?!?!

scarzy — Tue, 20 Nov 2012 15:56:39 GMT

I had applied for their cash rewards card, and they did 3 hard pulls! Is this standard for them??

Re: Capital One 3 hard pulls?!?!

namvet — Tue, 20 Nov 2012 19:08:18 GMT

Yes this is standard operating practice for Cap One.

Re: Capital One 3 hard pulls?!?!

Jutz — Wed, 21 Nov 2012 00:59:44 GMT

Yup, all three bureaus for every new product.

Re: Capital One 3 hard pulls?!?!

Duncanrr — Wed, 21 Nov 2012 01:09:52 GMT

Number 1 reason why ill never get another cap1 product. If I had found myfico before I apped for my secure card with them I wouldn't have the one I have right now. No cap1 card is worth 3 HPs

Re: Capital One 3 hard pulls?!?!

Epcot — Wed, 21 Nov 2012 01:12:50 GMT

That stinks..

Re: Capital One 3 hard pulls?!?!

Anonymous — Wed, 21 Nov 2012 01:13:30 GMT

welcome to capital one

Re: Capital One 3 hard pulls?!?!

CreditWorld2013 — Wed, 21 Nov 2012 01:24:28 GMT

@Anonymous wrote:
welcome to capital one

Is your name Peggy by any chance?

In all seriousness...I wish Capital One would warn applicants about the 3 inquiries. I'm okay even ok with a 2nd pull if the application is borderline but 3 is a bit much.

Re: Capital One 3 hard pulls?!?!

navigatethis12 — Wed, 21 Nov 2012 01:28:37 GMT

I don't really see why people hate this so much. It's not three on the same bureau, so to me it isn't that big of a deal. Many people on here seem to have negatives on some or one report instead of all of them. I reckon Capital One just wants to get all the information they can about the credit profile.

Re: Capital One 3 hard pulls?!?!

Anonymous — Wed, 21 Nov 2012 01:33:01 GMT

@navigatethis12 wrote:
I don't really see why people hate this so much. It's not three on the same bureau, so to me it isn't that big of a deal. Many people on here seem to have negatives on some or one report instead of all of them. I reckon Capital One just wants to get all the information they can about the credit profile.

Yes, I'm surprised that more lenders don't do this, for their own protection. Giving all the gaming advice ("which CRA does bank X pull?") it seems to make sense for banks to pull from, and report to, all. I assume there is additional costs to do this, which Cap One thinks is worth it (perhaps because they are good at giving credit to marginal cases) and others don't.

Re: Capital One 3 hard pulls?!?!

CreditWorld2013 — Wed, 21 Nov 2012 01:36:09 GMT

@navigatethis12 wrote:
I don't really see why people hate this so much. It's not three on the same bureau, so to me it isn't that big of a deal. Many people on here seem to have negatives on some or one report instead of all of them. I reckon Capital One just wants to get all the information they can about the credit profile.

I agree that they want the most info. The issue is that if every bank did a 3 pull if you wanted 3 accounts that would = 9 inquiries. Technically they are only 3 on each but 3 may be enough to start auto denying if you wanted a different product. For example, 10 months ago I started with Capital One. They did a 3 pull. Since I wanted to build credit I needed to get credit. Therefore, I applied to a few other places as well (Discover and Citi). I got denied over inquiries even just for having 2. In the end a recon got me approved for the Citi...but if people don't know they can do a recon they would accept the auto denial.

Re: Capital One 3 hard pulls?!?!

Anonymous — Wed, 21 Nov 2012 01:38:14 GMT

@CC365 wrote:
@navigatethis12 wrote:
I don't really see why people hate this so much. It's not three on the same bureau, so to me it isn't that big of a deal. Many people on here seem to have negatives on some or one report instead of all of them. I reckon Capital One just wants to get all the information they can about the credit profile.
I agree that they want the most info. The issue is that if every bank did a 3 pull if you wanted 3 accounts that would = 9 inquiries. Technically they are only 3 on each but 3 may be enough to start auto denying if you wanted a different product. For example, 10 months ago I started with Capital One. They did a 3 pull. Since I wanted to build credit I needed to get credit. Therefore, I applied to a few other places as well (Discover and Citi). I got denied over inquiries even just for having 2. In the end a recon got me approved for the Citi...but if people don't know they can do a recon they would accept the auto denial.

If every bank did it, presumably issuer's criteria would change to take that into account, though it might take time.

Re: Capital One 3 hard pulls?!?!

CreditWorld2013 — Wed, 21 Nov 2012 01:40:39 GMT

I have an even better alternative. FICO should allow for credit card app sprees that way it only counts as 1 inq when dealing with score. Similar to mortgage and car loans

Re: Capital One 3 hard pulls?!?!

Anonymous — Wed, 21 Nov 2012 01:48:31 GMT

@CC365 wrote:
I have an even better alternative. FICO should allow for credit card app sprees that way it only counts as 1 inq when dealing with score. Similar to mortgage and car loans

Probably not going to happen! (Until we see posts about people doing mortage apps "I've been approved for Citi (15 year fixed, 4.23%), Chase (3 year ARM, 2.5%) and Wells Fargo (30 year fixed, 4.5%) and I'm taking them all")

Re: Capital One 3 hard pulls?!?!

CreditWorld2013 — Wed, 21 Nov 2012 01:54:46 GMT

@Anonymous wrote:
@CC365 wrote:
I have an even better alternative. FICO should allow for credit card app sprees that way it only counts as 1 inq when dealing with score. Similar to mortgage and car loans
Probably not going to happen! (Until we see posts about people doing mortage apps "I've been approved for Citi (15 year fixed, 4.23%), Chase (3 year ARM, 2.5%) and Wells Fargo (30 year fixed, 4.5%) and I'm taking them all")

Must you be the party pooper...a guy can dream! The reality is they should update the formula. People shop interest rates on home and auto loans so some prefer the best cards that offer rewards, rates, credit lines, etc. This can be done by setting a limit of new accounts you can open in a period of time and allows you to pick the best options available to you.

Re: Capital One 3 hard pulls?!?!

Anonymous — Wed, 21 Nov 2012 01:59:38 GMT

@CC365 wrote:
@Anonymous wrote:
@CC365 wrote:
I have an even better alternative. FICO should allow for credit card app sprees that way it only counts as 1 inq when dealing with score. Similar to mortgage and car loans
Probably not going to happen! (Until we see posts about people doing mortage apps "I've been approved for Citi (15 year fixed, 4.23%), Chase (3 year ARM, 2.5%) and Wells Fargo (30 year fixed, 4.5%) and I'm taking them all")
Must you be the party pooper...a guy can dream! The reality is they should update the formula. People shop interest rates on home and auto loans so some prefer the best cards that offer rewards, rates, credit lines, etc. This can be done by setting a limit of new accounts you can open in a period of time and allows you to pick the best options available to you.

Right, but again the difference is that *some* people, 99% of those on this forum for example, do intend to take whichever cards they get approval for during an app spree, thus getting multiple credit lines. This IS different from mortgage and car loan shopping, where you choose the "best" one you can get and open only one credit line. (Obviously some exceptions where people need second mortgages at the same time as the primary, but not the general case).

So ideally, hard pulls on credit cards should be removed if you decide not to accept the card, but again that wouldn't really help most people here as they will take the card. And again, the formula is claimed to be experience-based, in general, people doing lots of apps in a short time are at higher risk of default, so potential lenders want to know this. (Though why they then don't all pull from all three CRAs.....)

Re: Capital One 3 hard pulls?!?!

Anonymous — Wed, 21 Nov 2012 02:05:54 GMT

Theoretically speaking, if every company that extended credit and and the CRA's all pulled the same public documents the information should be the same or at least very close to the same. If that became the case each company would have to pull 1 credit report from 1 CRA and you get 3 lines of credit with only 1 inq on each report. Would be nice wouldn't??

Re: Capital One 3 hard pulls?!?!

Anonymous — Wed, 21 Nov 2012 02:10:21 GMT

@navigatethis12 wrote:
I don't really see why people hate this so much. It's not three on the same bureau, so to me it isn't that big of a deal. Many people on here seem to have negatives on some or one report instead of all of them. I reckon Capital One just wants to get all the information they can about the credit profile.

I think they (all lenders) should be up front with their criteria as far as which one and how many they pull.

I was reading the CC T&C of one bank (can't remember who, but i think all of them saying something like this) and it stated that they will use a variety of methods to determine credit worthtness of an applicaticant which "may include information on credit reports."

Well come on now, we all know that it does not maybe include information from credit reports but that it does and will include information from credit reports.

^A bit shady, I think.

So, lenders should, instead of using vauge lanague like "yeah ya know, we might pull your credit report", explictily say that they will pull reports (how many, which ones, do you do agree to us pulling this many reports, do you agree with us pulling this report or from that report), and which ones they will pull from and that the information will (not may) be used in derterminations.

This change shouldn't be problematic for them. but rather openess.

Re: Capital One 3 hard pulls?!?!

CreditWorld2013 — Wed, 21 Nov 2012 02:14:06 GMT

@Anonymous wrote:
@CC365 wrote:
@Anonymous wrote:
@CC365 wrote:
I have an even better alternative. FICO should allow for credit card app sprees that way it only counts as 1 inq when dealing with score. Similar to mortgage and car loans
Probably not going to happen! (Until we see posts about people doing mortage apps "I've been approved for Citi (15 year fixed, 4.23%), Chase (3 year ARM, 2.5%) and Wells Fargo (30 year fixed, 4.5%) and I'm taking them all")
Must you be the party pooper...a guy can dream! The reality is they should update the formula. People shop interest rates on home and auto loans so some prefer the best cards that offer rewards, rates, credit lines, etc. This can be done by setting a limit of new accounts you can open in a period of time and allows you to pick the best options available to you.
Right, but again the difference is that *some* people, 99% of those on this forum for example, do intend to take whichever cards they get approval for during an app spree, thus getting multiple credit lines. This IS different from mortgage and car loan shopping, where you choose the "best" one you can get and open only one credit line. (Obviously some exceptions where people need second mortgages at the same time as the primary, but not the general case).

So ideally, hard pulls on credit cards should be removed if you decide not to accept the card, but again that wouldn't really help most people here as they will take the card. And again, the formula is claimed to be experience-based, in general, people doing lots of apps in a short time are at higher risk of default, so potential lenders want to know this. (Though why they then don't all pull from all three CRAs.....)

Right, that is why I put that requirement. Let us take for example Barclays. Barclays usually softs people several months after they approve a new card. So if lets say you or I were to apply for 6 cards each and FICO averaged out that we are only worthy of having 3 accoutns...we would have no choiche but to pick 3 or have them all cancelled out if we get soft pulled after we select the cards. So if lets say...you were approved and accepted all 6 and they all soft you they would start closing you out. This would reduce the risk of high default and make a competitive market. In the end, all of this is would be desired in a perfect world. As with all systems even that one has some down sides.

PS: I like how the 2 of us are brainstorming as if we were analysts for FICO

Re: Capital One 3 hard pulls?!?!

toppers555 — Wed, 21 Nov 2012 04:50:17 GMT

strangely I never have gotten the 3 combo with any of my capitol accounts when i opened them. they only pulled tu.

Re: Capital One 3 hard pulls?!?!

jmcmillan — Wed, 21 Nov 2012 04:55:34 GMT

Does anyone know if Capital One will still approve if 2 of 3 CRAs are frozen?