topic Re: Hard pull for new bank acct in Understanding FICO® Scoring

Hard pull for new bank acct

Anonymous — Wed, 20 Apr 2016 15:24:37 GMT

Hey all,

I opened an acct with a new bank today. A credit union. They did a hard eq pull. I did not get a credit card. Does this hard inquiry affect scores the same as a hard inquiry for a credit card? Ive been really wanting to get the new chase card, but wanted to wait until july. Should my score recover by that time?

Re: Hard pull for new bank acct

Burned2manybridgesB4 — Wed, 20 Apr 2016 15:35:05 GMT

@ncochran1989 wrote:
Hey all,

I opened an acct with a new bank today. A credit union. They did a hard eq pull. I did not get a credit card. Does this hard inquiry affect scores the same as a hard inquiry for a credit card? Ive been really wanting to get the new chase card, but wanted to wait until july. Should my score recover by that time?

A hard pull is a hard pull is a hard pull.....

How they're classified is what makes the difference, only by being allowed to consolidate into one, as compared to being a single event per request. Car loan v. credit for example.

It all comes down to your file's thickness, and pull counts that affect your point loss per HP. Yes, you will recover. If you haven't gone overboard, you should still be good for Chase (saying this based on what you've provided).

Re: Hard pull for new bank acct

Anonymous — Wed, 20 Apr 2016 15:39:47 GMT

Thanks for your reply. Eq now has 4 inquiries. 1 should fall off this summer. It was for an apartment. 2 were credit cards in jan. Now a new bank acct inquiry. My score was a 680 today.

Re: Hard pull for new bank acct

Burned2manybridgesB4 — Wed, 20 Apr 2016 15:41:25 GMT

@ncochran1989 wrote:
Thanks for your reply. Eq now has 4 inquiries. 1 should fall off this summer. It was for an apartment. 2 were credit cards in jan. Now a new bank acct inquiry. My score was a 680 today.

Nice thing about this situation is that your numbers aren't that high, and easily explainable to an UW'er if you recon a denial.

Re: Hard pull for new bank acct

Anonymous — Wed, 20 Apr 2016 15:50:52 GMT

Cool. Thanks!

Re: Hard pull for new bank acct

Anonymous — Wed, 20 Apr 2016 15:52:43 GMT

@ncochran1989 wrote:
Hey all,

I opened an acct with a new bank today. A credit union. They did a hard eq pull. I did not get a credit card. Does this hard inquiry affect scores the same as a hard inquiry for a credit card? Ive been really wanting to get the new chase card, but wanted to wait until july. Should my score recover by that time?

If it really concerns you that much, you can always contact the Credit Union, explain to them that you did not apply for any credit products, and ask that they recode the inquiry to a soft pull to minimize the effect on your credit.

Re: Hard pull for new bank acct

Anonymous — Wed, 20 Apr 2016 16:03:30 GMT

Thx for your reply. I don't think it's gonna kill my score, I was just interested in knowing if it affects your score the same as applying for a card or loan. I agreed to the hard pull and happy to have the new acct, so I wouldn't feel right requesting that from them at this point. I just have read how chase can be a little funny on inquiries and new acct when applying for new credit. I had a little app spree where I got 4 credit cards in jan/feb. Love the ones I have, but that new chase freedom has caught my eye. As someone who doesn't use debit, 1.5% would be really great. But I was wanting to wait til july to give myself 6 months before adding a new card, but now I have a new inquiry, may need to wait a little longer I guess.

Re: Hard pull for new bank acct

Burned2manybridgesB4 — Wed, 20 Apr 2016 16:06:09 GMT

@ncochran1989 wrote:
Thx for your reply. I don't think it's gonna kill my score, I was just interested in knowing if it affects your score the same as applying for a card or loan. I agreed to the hard pull and happy to have the new acct, so I wouldn't feel right requesting that from them at this point. I just have read how chase can be a little funny on inquiries and new acct when applying for new credit. I had a little app spree where I got 4 credit cards in jan/feb. Love the ones I have, but that new chase freedom has caught my eye. As someone who doesn't use debit, 1.5% would be really great. But I was wanting to wait til july to give myself 6 months before adding a new card, but now I have a new inquiry, may need to wait a little longer I guess.

If you're worried about Chase, have you tried their prequalifier yet, post CU pull?

Re: Hard pull for new bank acct

Anonymous — Wed, 20 Apr 2016 16:08:59 GMT

I just tried it. Still offering me the Slate, which I'm not interested in. They sent me a mail offer for the sapphire preferred not long ago. Not sure why slate keeps popping up. I have no balance to transfer and there are no rewards witg that one, so not interested. Would the hard pull already be recognized by chase? They just pulled it a few hrs ago.

Re: Hard pull for new bank acct

Burned2manybridgesB4 — Wed, 20 Apr 2016 16:12:44 GMT

@ncochran1989 wrote:
I just tried it. Still offering me the Slate, which I'm not interested in. They sent me a mail offer for the sapphire preferred not long ago. Not sure why slate keeps popping up. I have no balance to transfer and there are no rewards witg that one, so not interested. Would the hard pull already be recognized by chase? They just pulled it a few hrs ago.

Chase prequal used to give me nothing. I cold apped for the CSP. Same with the Freedom.

Re: Hard pull for new bank acct

Burned2manybridgesB4 — Wed, 20 Apr 2016 16:14:27 GMT

Just caught your app spree comment, BTW.

Might be held against you, depending on your file strength.

Re: Hard pull for new bank acct

Anonymous — Wed, 20 Apr 2016 16:18:10 GMT

Yeah, that's why I wanted to wait until summer to try the new chase card. After that, no more cards. Nothing else I want and I'm working to buy a house I a yr or two. I have a barclaycard too. Nfl extra. I hear they like to cancel cards I'd you open new ones too soon. I opened one just after getting theirs. So far no issue, but wanted to hit the 6 month mark trying for anything, I case they get angry with me. That's the one card I wouldn't mind not having anymore, but to not affect my credit, I want to keep it open.

Re: Hard pull for new bank acct

Anonymous — Wed, 20 Apr 2016 16:18:51 GMT

On phone, sorry for the spelling errors.

Re: Hard pull for new bank acct

Anonymous — Wed, 20 Apr 2016 21:39:03 GMT

Both of my chased cards were initially denied for too many inquires. Both recon with success. I had 11 inquires. They pulled experian for me here in Northern California.

I never got any prequalified offers from Chase prior to approvals.

Re: Hard pull for new bank acct

Anonymous — Wed, 20 Apr 2016 22:27:50 GMT

Thx for your reply. That's good to know. I have 2 inquiries on ex, 1 on tu, and 4 on eq. Chase did both ex and eq for my freedom. Not sure how many is too many, but 2 of the 4 on eq werent loans or lines of credit. Based on these replies, sounds like I might be okay. Yay

Re: Hard pull for new bank acct

Anonymous — Fri, 22 Apr 2016 00:39:49 GMT

Update: just got a fico alert for new inquiry. No change to my score. I expected it to drop a little, but no change. Will still wait to apply for chase. I make my last car payment June 28th. I've heard people say their score drops when the car is paid off, so I may apply right before I pay off the car.