topic Re: Chase and inquires in Credit Cards

Chase and inquires

Anonymous — Fri, 04 Jan 2013 08:47:22 GMT

Hello all,

I've been browsing for info before apping for the sw chase card, I came across another set of boards that discuss credit. I'm not going to name the credit boards by name but they discuss some interesting techniques for clearing hard inq's waaay early, and a few other things. Is there a particular reason these things aren't discussed over here? Have i just been missing out on the same convo over here due to different language? Reason why I ask is I have 5 hards on my tu, I'm afraid that maybe too many if I'm already boarder line. Should I wait a few weeks and get them all removed or go for it?

I apologize if I broke some rules on this post and that type of discussion is "frowned upon in this establishment" or if my phones autocorrect feature made parts of my post confusing.

Re: Chase and inquires

visorboy1974 — Fri, 04 Jan 2013 08:51:34 GMT

It's a very costly (and unethical in some views) way to clean up your inquiries and you benefit little from doing it.

Re: Chase and inquires

Anonymous — Fri, 04 Jan 2013 09:02:05 GMT

When it comes to banks and the 3 cb's, ethics are my last concern and $25 a month for three months doesn't seem too bad,especially if it gets me over the hump. Considering what we as consumers are up against, it's nice to know they can be beat at their own game. Any bank would cut me in a second if it meant profit.

How inq sensitive is chase?

Re: Chase and inquires

Shogun — Fri, 04 Jan 2013 10:01:24 GMT

It's called bumpage. There's no reason to hide the term. Is it wrong? Yes. Does it have the potential to cause problems with your CR? Yes. Does it cause split files that take forever to get fixed? Yes. Does it cause the deletion of positive TLs to be knocked of your CR instead? Yes. So there's your answer.

Re: Chase and inquires

bettercreditguy1 — Fri, 04 Jan 2013 12:45:37 GMT

Inquiries account for about 5% of your FICO score, a very small amount indeed. After one year, they virtualy have no impact. However, what inquiries do show a potential lender is if you are perhaps trying to over extend yourself or do something else, live beyond your means, (like borrow to much to go gambling, etc). It does and can factor into their risk should they engage to do business with you wich will effect terms and rates. Not unethical at all. Seems like you may have some issues or items in your report that you do not desire to be honest about. Slow pay?, Over limits?, BK,? Over extended? Spending problem?.

Re: Chase and inquires

Happychap — Fri, 04 Jan 2013 14:37:47 GMT

Do not do this! It completely caused havoc on my CR. It has since been fixed, but caused alot of stress; and now all my INQ show and go well over the 85 fixed limit on EQ. Be warned! youy may not be one of the lucky ones.

Re: Chase and inquires

Anonymous — Fri, 04 Jan 2013 15:46:34 GMT

Of course I have some "issues"!!! I just said I did, their called inquires. No reading in between the lines required.

I'm really not interested in discussing the ethics of the method, as like I previously stated, I believe a bank can/ has/ always will, find a way to screw me (me as is the everyday joe) if it meant profit. The method doesn't appear to be illegal and only requires us to do what I'm sure most of us credit enthusiast do daily anyways.

As far as the split file is concerned, I was only looking at bumping off tu jnq's. beforing appjng for the card. as far as the rest issues that shogun mentioned, like losing the positive closed trade lines, thanks, those are something to be considered and will research.

I just wish I would have known about all my options much earlier in the game so i could make my own decisions, based on what's best for me.

Re: Chase and inquires

navigatethis12 — Fri, 04 Jan 2013 16:24:30 GMT

Five is not really a lot. It is probably more than normal people usually have, but it will not cause an issue.

I don't see bumping inquiries any different then American Express backdating. People getting added as an authorised user and getting ther date opened changed to twenty years ago, or before they were even born are things greatly discussed. As well as opening new American Express cards just to have more age on the reports. Both are manipulating scores and reports, but the backdating thing is praised, while bumping is looked down upon.

Re: Chase and inquires

Revelate — Fri, 04 Jan 2013 16:39:17 GMT

I'm struggling to see the link there: backdating is a benefit offered by a lender for ages which has gone through various tweaks to curb excesses anyway; whereas bumpage is exploiting a flaw in the CRA's application infrastructure and no different than other forms of hacking.

It certainly is not intended by either the CRA's or FICO and if the report data is not accurate the whole system may become untenable.

No I utterly disagree on this one, AU's or backdating are one thing, this is something else entirely.

Re: Chase and inquires

beb86 — Fri, 04 Jan 2013 16:38:03 GMT

Good point but, as shogun said, bumpage can really do some damage since there is only so much space for data on your CR not to mention the cost of all the daily monitoring to repeatedly sp your reports and the CRAs getting wise to this. I personally don't see the benefits of this practice

Re: Chase and inquires

jsickz32 — Fri, 04 Jan 2013 16:47:49 GMT

How do banks "screw" you? Also 5 is nothing specially on TU.

Re: Chase and inquires

improvingmycredit — Fri, 04 Jan 2013 16:58:46 GMT

@Revelate wrote:
I'm struggling to see the link there: backdating is a benefit offered by a lender for ages which has gone through various tweaks to curb excesses anyway; whereas bumpage is exploiting a flaw in the CRA's application infrastructure and no different than other forms of hacking.

It certainly is not intended by either the CRA's or FICO and if the report data is not accurate the whole system may become untenable.

No I utterly disagree on this one, AU's or backdating are one thing, this is something else entirely.

Hey Revelate!

I'm obsessive about checking my CRs almost daily. I don't understand the method of which is being discussed here but I am concerned- is my daily checking of the CRs need for concern? I have a LOT of SPs on my EX and EQ reports.

OP- regardless of your moral compass- I strongly suggest not trying to manipulate your file this way. If you have no other issues on your CR, then 5 inqs is in my opinion negligible. I have many more and have no problem but I research who pulls who and app accordingly based on this research.

Re: Chase and inquires

Anonymous — Fri, 04 Jan 2013 17:05:13 GMT

@Anonymous wrote:
Hello all,

I've been browsing for info before apping for the sw chase card, I came across another set of boards that discuss credit. I'm not going to name the credit boards by name but they discuss some interesting techniques for clearing hard inq's waaay early, and a few other things. Is there a particular reason these things aren't discussed over here? Have i just been missing out on the same convo over here due to different language? Reason why I ask is I have 5 hards on my tu, I'm afraid that maybe too many if I'm already boarder line. Should I wait a few weeks and get them all removed or go for it?

I apologize if I broke some rules on this post and that type of discussion is "frowned upon in this establishment" or if my phones autocorrect feature made parts of my post confusing.

I think that it goes beyond simply being "frowned upon in this establishment." We need to keep in mind that we are guests on these forums and we need to be mindful of the concerns of our hosts. In this case, our hosts are FICO®, which is a corporate entity. This paints a target on their butt, legally speaking. The CRAs are required to maintain accurate information. If myFICO tolerates posters sharing information on techniques that compromise the accuracy of CRA records -- such as removing accurate information or removing valid inqs -- then it may well expose FICO® to liability. Whatever one's particular stance on the ethics of bumpage, the fact is that myFICO has put its guidelines in place for a reason. I'm grateful for all of the wonderful information that I've gleaned from my participation in these forums and would not want to do anything to put our hosts in jeopardy.

Re: Chase and inquires

Swapmeet — Fri, 04 Jan 2013 17:06:19 GMT

@improvingmycredit wrote:
@Revelate wrote:
I'm struggling to see the link there: backdating is a benefit offered by a lender for ages which has gone through various tweaks to curb excesses anyway; whereas bumpage is exploiting a flaw in the CRA's application infrastructure and no different than other forms of hacking.

It certainly is not intended by either the CRA's or FICO and if the report data is not accurate the whole system may become untenable.

No I utterly disagree on this one, AU's or backdating are one thing, this is something else entirely.
Hey Revelate!
I'm obsessive about checking my CRs almost daily. I don't understand the method of which is being discussed here but I am concerned- is my daily checking of the CRs need for concern? I have a LOT of SPs on my EX and EQ reports.
OP- regardless of your moral compass- I strongly suggest not trying to manipulate your file this way. If you have no other issues on your CR, then 5 inqs is in my opinion negligible. I have many more and have no problem but I research who pulls who and app accordingly based on this research.

+1. Someone please explain what this bumpage is as well as whether there is a chance that my constant SPs are putting me in danger.

Thanks.

Re: Chase and inquires

Anonymous — Fri, 04 Jan 2013 17:10:59 GMT

@Swapmeet wrote:
@improvingmycredit wrote:
@Revelate wrote:
I'm struggling to see the link there: backdating is a benefit offered by a lender for ages which has gone through various tweaks to curb excesses anyway; whereas bumpage is exploiting a flaw in the CRA's application infrastructure and no different than other forms of hacking.

It certainly is not intended by either the CRA's or FICO and if the report data is not accurate the whole system may become untenable.

No I utterly disagree on this one, AU's or backdating are one thing, this is something else entirely.
Hey Revelate!
I'm obsessive about checking my CRs almost daily. I don't understand the method of which is being discussed here but I am concerned- is my daily checking of the CRs need for concern? I have a LOT of SPs on my EX and EQ reports.
OP- regardless of your moral compass- I strongly suggest not trying to manipulate your file this way. If you have no other issues on your CR, then 5 inqs is in my opinion negligible. I have many more and have no problem but I research who pulls who and app accordingly based on this research.
+1. Someone please explain what this bumpage is as well as whether there is a chance that my constant SPs are putting me in danger.

Thanks.

A Google search will bring up other sites that will give a full explanation. Checking your reports frequently to keep an eye on them shouldn't be a problem, but the technique in question requires going overboard on pulling.

Re: Chase and inquires

QAMngrGirl — Fri, 04 Jan 2013 17:11:05 GMT

@Swapmeet wrote:
@improvingmycredit wrote:
@Revelate wrote:
I'm struggling to see the link there: backdating is a benefit offered by a lender for ages which has gone through various tweaks to curb excesses anyway; whereas bumpage is exploiting a flaw in the CRA's application infrastructure and no different than other forms of hacking.

It certainly is not intended by either the CRA's or FICO and if the report data is not accurate the whole system may become untenable.

No I utterly disagree on this one, AU's or backdating are one thing, this is something else entirely.
Hey Revelate!
I'm obsessive about checking my CRs almost daily. I don't understand the method of which is being discussed here but I am concerned- is my daily checking of the CRs need for concern? I have a LOT of SPs on my EX and EQ reports.
OP- regardless of your moral compass- I strongly suggest not trying to manipulate your file this way. If you have no other issues on your CR, then 5 inqs is in my opinion negligible. I have many more and have no problem but I research who pulls who and app accordingly based on this research.
+1. Someone please explain what this bumpage is as well as whether there is a chance that my constant SPs are putting me in danger.

Thanks.

I need to know this too

Re: Chase and inquires

Anonymous — Fri, 04 Jan 2013 17:15:47 GMT

So we can talk about manipulation of aaoa, util, and other ways to artificially inflate our scores but you draw the line at bumping.

Reminds me of doc holidays character in "tombstone" when he states "my hypocrisy only goes so far"

Re: Chase and inquires

QAMngrGirl — Fri, 04 Jan 2013 17:18:38 GMT

@Anonymous wrote:
@Swapmeet wrote:
@improvingmycredit wrote:
@Revelate wrote:
I'm struggling to see the link there: backdating is a benefit offered by a lender for ages which has gone through various tweaks to curb excesses anyway; whereas bumpage is exploiting a flaw in the CRA's application infrastructure and no different than other forms of hacking.

It certainly is not intended by either the CRA's or FICO and if the report data is not accurate the whole system may become untenable.

No I utterly disagree on this one, AU's or backdating are one thing, this is something else entirely.
Hey Revelate!
I'm obsessive about checking my CRs almost daily. I don't understand the method of which is being discussed here but I am concerned- is my daily checking of the CRs need for concern? I have a LOT of SPs on my EX and EQ reports.
OP- regardless of your moral compass- I strongly suggest not trying to manipulate your file this way. If you have no other issues on your CR, then 5 inqs is in my opinion negligible. I have many more and have no problem but I research who pulls who and app accordingly based on this research.
+1. Someone please explain what this bumpage is as well as whether there is a chance that my constant SPs are putting me in danger.

Thanks.

A Google search will bring up other sites that will give a full explanation. Checking your reports frequently to keep an eye on them shouldn't be a problem, but the technique in question requires going overboard on pulling.

Thank you tinuviel!

Re: Chase and inquires

Anonymous — Fri, 04 Jan 2013 17:19:19 GMT

@Anonymous wrote:
So we can talk about manipulation of aaoa, util, and other ways to artificially inflate our scores but you draw the line at bumping.

Reminds me of doc holidays character in "tombstone" when he states "my hypocrisy only goes so far"

Did you pay your card down and your util went down? That's accurate information. Did you get added as an AU onto an old, established account? That's accurate information. Did you manipulate your reports so that a recent inq fell off? That's not accurate information.

Re: Chase and inquires

Open123 — Fri, 04 Jan 2013 17:22:02 GMT

@Anonymous wrote:

As far as the split file is concerned, I was only looking at bumping off tu jnq's. beforing appjng for the card. as far as the rest issues that shogun mentioned, like losing the positive closed trade lines, thanks, those are something to be considered and will research.

In my view, the costs do undo excessive inquiries isn't commensurate with the expense and risk.

The cost and effort that goes into removing inquiries is extremely intricate. You need to find 3 daily CC monitoring systems, check and update when each CR will reset inquiries, and then deal with the potential file splits, errors on tradelines, and finally a CR can just place all the inquiries after you've removed them.

All the while you're paying in excess of $100 per month and pulling from 3 complimentary cr monitoring products, the inquiries will be erased on its in own in couple of years anyway.

Not worth it at all, in my estimation.