topic Re: Hardpulls? in Credit Cards

Hardpulls?

Anonymous — Thu, 13 Feb 2014 21:01:11 GMT

If I don't plan to apply for any new cards in the future since I have my AMEX BCE, Discover IT, and Chase Freedom, should I be conservative with my hardpull CLI's? Because in my opinion, I don't really see any need to "conserve" and not do hardpulls because they drop off within a year?

Re: Hardpulls?

Anonymous — Thu, 13 Feb 2014 21:03:09 GMT

You do whatever is most beneficial for you in a given situation. If you're not planning on getting any new cards, or a mortgage or other loan, and if you feel that you would benefit from the CLIs, then go for it.

Re: Hardpulls?

Themanwhocan — Thu, 13 Feb 2014 21:20:45 GMT

There is no point in having Dice, if you're not willing to throw them occasionally.

Re: Hardpulls?

gdale6 — Thu, 13 Feb 2014 22:09:23 GMT

@Anonymous wrote:
If I don't plan to apply for any new cards in the future since I have my AMEX BCE, Discover IT, and Chase Freedom, should I be conservative with my hardpull CLI's? Because in my opinion, I don't really see any need to "conserve" and not do hardpulls because they drop off within a year?

HPs stay on for 2 years they just stop affecting your FICO score after 1 yr.

Re: Hardpulls?

Anonymous — Thu, 13 Feb 2014 23:09:54 GMT

@gdale6 wrote:
@Anonymous wrote:
If I don't plan to apply for any new cards in the future since I have my AMEX BCE, Discover IT, and Chase Freedom, should I be conservative with my hardpull CLI's? Because in my opinion, I don't really see any need to "conserve" and not do hardpulls because they drop off within a year?
HPs stay on for 2 years they just stop affecting your FICO score after 1 yr.

I guess we have to hold onto older CBRs now, just so we know what 1-2 year old Inq, are there. I just pulled my CBRs last night and, not only do they not affect your score, they're not listed. (I had 5 last Jan/Feb that are no longer there.)

Re: Hardpulls?

indiolatino61 — Thu, 13 Feb 2014 23:33:55 GMT

@Anonymous wrote:
If I don't plan to apply for any new cards in the future since I have my AMEX BCE, Discover IT, and Chase Freedom, should I be conservative with my hardpull CLI's? Because in my opinion, I don't really see any need to "conserve" and not do hardpulls because they drop off within a year?

I suppose that depends on whether the lender issuing the CLI is inquiry sensitive. I don't know if CLI's are less stringent with the inquiries as new TL. Maybe someone can answer that?

Re: Hardpulls?

efranklin23 — Fri, 14 Feb 2014 01:38:37 GMT

@Anonymous wrote:
If I don't plan to apply for any new cards in the future since I have my AMEX BCE, Discover IT, and Chase Freedom, should I be conservative with my hardpull CLI's? Because in my opinion, I don't really see any need to "conserve" and not do hardpulls because they drop off within a year?

It all depends on the lender, some you can do HPs over and over and they wouldn't care. For other lenders, you have to watch HPs as they will not grant you CLIs because of them. And to note, as the FICO don't count the inquiries after a year on your credit doesn't mean you're in the clear Some companies (like Barclays and Iberia) are using smaller CBs to look at INQs that can stay on your report and count well past that year so beware.

Re: Hardpulls?

Anonymous — Fri, 14 Feb 2014 01:47:41 GMT

@efranklin23 wrote:
@Anonymous wrote:
If I don't plan to apply for any new cards in the future since I have my AMEX BCE, Discover IT, and Chase Freedom, should I be conservative with my hardpull CLI's? Because in my opinion, I don't really see any need to "conserve" and not do hardpulls because they drop off within a year?
It all depends on the lender, some you can do HPs over and over and they wouldn't care. For other lenders, you have to watch HPs as they will not grant you CLIs because of them. And to note, as the FICO don't count the inquiries after a year on your credit doesn't mean you're in the clear Some companies (like Barclays and Iberia) are using smaller CBs to look at INQs that can stay on your report and count well past that year so beware.

And that is why I won't ever apply for Barclays or Iberia
Which lenders are inquiry sensitive and which arent?

Re: Hardpulls?

efranklin23 — Fri, 14 Feb 2014 01:58:58 GMT

@Anonymous wrote:
@efranklin23 wrote:
@Anonymous wrote:
If I don't plan to apply for any new cards in the future since I have my AMEX BCE, Discover IT, and Chase Freedom, should I be conservative with my hardpull CLI's? Because in my opinion, I don't really see any need to "conserve" and not do hardpulls because they drop off within a year?
It all depends on the lender, some you can do HPs over and over and they wouldn't care. For other lenders, you have to watch HPs as they will not grant you CLIs because of them. And to note, as the FICO don't count the inquiries after a year on your credit doesn't mean you're in the clear Some companies (like Barclays and Iberia) are using smaller CBs to look at INQs that can stay on your report and count well past that year so beware.
And that is why I won't ever apply for Barclays or Iberia
Which lenders are inquiry sensitive and which arent?

I'll say Discover, Iberia, PenFed and Barclays are INQ Sensitive. Others, not so much.

Re: Hardpulls?

clocktick — Fri, 14 Feb 2014 02:07:47 GMT

@Anonymous wrote:
If I don't plan to apply for any new cards in the future since I have my AMEX BCE, Discover IT, and Chase Freedom, should I be conservative with my hardpull CLI's? Because in my opinion, I don't really see any need to "conserve" and not do hardpulls because they drop off within a year?

I'm not conservative with HPs since I'm not about to apply for new credit. I just took one (or possibly more!) the other day for the CSP. Come to think of it, I've never really been conservative with HPs if I really want a card or CLI. Yes, they stop counting after a year and drop off after two.

Re: Hardpulls?

Anonymous — Fri, 14 Feb 2014 02:14:01 GMT

@Anonymous wrote:
And that is why I won't ever apply for Barclays or Iberia
Which lenders are inquiry sensitive and which arent?

There's no black and white answer.

I've seen examples of barclays denying people with just 2 inquiries in the past 2 years. On the other hand, there are also examples of Barclays approving people with over 10 inquiries in the past 2 years as well. It all really depends on your overall profile. Inquiries only make up for a small portion of your overall credit score and profile. If you have a short credit history or some kind of derog on file, then lenders are going to be more stringent on other aspects of your credit profile, including but not limited to the number of inquiries you have. On the other hand, if you have a flawless and established credit profile, then lenders are more willing to overlook the number of inquiries or other minor shortcomings of your credit profile.

Re: Hardpulls?

efranklin23 — Fri, 14 Feb 2014 02:35:23 GMT

@Anonymous wrote:
@Anonymous wrote:
And that is why I won't ever apply for Barclays or Iberia
Which lenders are inquiry sensitive and which arent?
There's no black and white answer.
I've seen examples of barclays denying people with just 2 inquiries in the past 2 years. On the other hand, there are also examples of Barclays approving people with over 10 inquiries in the past 2 years as well. It all really depends on your overall profile. Inquiries only make up for a small portion of your overall credit score and profile. If you have a short credit history or some kind of derog on file, then lenders are going to be more stringent on other aspects of your credit profile, including but not limited to the number of inquiries you have. On the other hand, if you have a flawless and established credit profile, then lenders are more willing to overlook the number of inquiries or other minor shortcomings of your credit profile.

+1 Good point. I'm going to note that

Re: Hardpulls?

Anonymous — Fri, 14 Feb 2014 03:25:46 GMT

I must have gotten lucky with Barclays!

I am 1 year out from Ch7 BK with 12 inquiries over the last year. Barclays approved me for $1900 immediately.

Re: Hardpulls?

ecxpa — Fri, 14 Feb 2014 03:44:49 GMT

Add Citi and Capital One to those that are inquiry sensitive...... I have also found local banks to be inquiry sensitive. Barclays is one it's hard to tell about. I got their card early in my rebuilding program and have gotten several cards since then. I was prepared to get a notice from them that were closing my account due to so many new inquiries and credit lines. A lot of people tell stories about how Barclays snatched their cards after applying for new credit. So far haven't had any problems. My CL with them is only 1K though and I charge 3-4 hundred a month; always PIF. Hope they leave me be and even give me an auto CLI @ 6 mos which is coming up.