topic Re: SP VS HP in General Credit Topics

SP VS HP

Anonymous — Wed, 08 Jul 2020 18:37:47 GMT

I'm assuming getting a CC by SP has a lesser impact on scores than a HP right?

Re: SP VS HP

dragontears — Wed, 08 Jul 2020 18:43:11 GMT

@Anonymous wrote:
I'm assuming getting a CC by SP has a lesser impact on scores than a HP right?

Well since a SP has NO score impact you are completely correct in saying a "SP has a lesser impact on scores than a HP"

ETA the new account "ding" and the affect on AAOA is the same no matter what kind of pull was used in the approval process

Re: SP VS HP

wasCB14 — Wed, 08 Jul 2020 18:43:50 GMT

Even with a SP approval, though, there's still the score ding for having a new account and a lower AAoA.

Re: SP VS HP

M_Smart007 — Wed, 08 Jul 2020 19:43:39 GMT

"Hard Pulls are so overrated" - Gmood1

Re: SP VS HP

RadioRob — Wed, 08 Jul 2020 20:00:50 GMT

A hard pull is visible to other creditors and can effect your score. A soft pull is only seen by you. It has no impact on a score.

If you apply for credit and it's denied via a soft pull.... no harm, no foul. No record of it exists anywhere and no impact to score. Other lenders don't know you sought new/additional credit.

If you applied for credit and and it's approved via a soft pull... as others noted, there is no IMMEDIATE impact. The inquery is not recorded publicaly or held against you score wise. However in 30 days or so, a new account WOULD report. You then reset your Age of Youngest Account, lower your Averge Age of Accounts, etc. Your creditors would also be able to see a new trade line that is only reporting less than 30 days worth of data.

The only thing the soft pull effects is the impact of the inquery itself on the score. It does not effect all the other things that move at the same time as a result of what you did with the inquery.

Re: SP VS HP

M_Smart007 — Wed, 08 Jul 2020 20:11:16 GMT

Exception being American Express or Navy Federal Credit Union ..

Usually 60 day's or 2 statements to report a new account.

Re: SP VS HP

coldfusion — Wed, 08 Jul 2020 20:36:43 GMT

@M_Smart007 wrote:

"Hard Pulls are so overrated" - Gmood1

He's not wrong.

Re: SP VS HP

zerofire — Wed, 08 Jul 2020 22:01:41 GMT

With an SP approval you still get a hit for the new account showing up about a month later. While a HP approval gets a hit for the HP by 1-5 points as well as the new account a month or so later. Getting that approval is a few points less with a SP. For denials an SP will not change the score at all while the HP will remove a few points.

In the end people like the SP option much more than the HP option but product is product so you should go get the things that work best for you.

Re: SP VS HP

Anonymous — Thu, 09 Jul 2020 01:53:49 GMT

@M_Smart007 wrote:
Exception being American Express or Navy Federal Credit Union ..
Usually 60 day's or 2 statements to report a new account.

Don't forget Broccoli... they're within 24 hours.

EDIT: Or maybe it was BB&T.... I can't remember which one, but one of those had the TL showing on my credit report within like 24 hours.

Re: SP VS HP

Iusedtolurk — Fri, 10 Jul 2020 01:03:41 GMT

@RadioRob wrote:
A hard pull is visible to other creditors and can effect your score. A soft pull is only seen by you. It has no impact on a score.

If you apply for credit and it's denied via a soft pull.... no harm, no foul. No record of it exists anywhere and no impact to score. Other lenders don't know you sought new/additional credit.

If you applied for credit and and it's approved via a soft pull... as others noted, there is no IMMEDIATE impact. The inquery is not recorded publicaly or held against you score wise. However in 30 days or so, a new account WOULD report. You then reset your Age of Youngest Account, lower your Averge Age of Accounts, etc. Your creditors would also be able to see a new trade line that is only reporting less than 30 days worth of data.

The only thing the soft pull effects is the impact of the inquery itself on the score. It does not effect all the other things that move at the same time as a result of what you did with the inquery.

It's not all dings...If you get a nice starting limit it could help in lowering your utilization (which could add points to your score) and also you get lost points back that were lost on a hp (nothing lost on sp) when the new inquiry ages a year.

Re: SP VS HP

wasCB14 — Fri, 10 Jul 2020 08:50:52 GMT

@Anonymous wrote:
@M_Smart007 wrote:
Exception being American Express or Navy Federal Credit Union ..
Usually 60 day's or 2 statements to report a new account.
Don't forget Broccoli... they're within 24 hours.

EDIT: Or maybe it was BB&T.... I can't remember which one, but one of those had the TL showing on my credit report within like 24 hours.

Assuming Broccoli is gardenspeak for Barclays, then Broccoli is consistently quick to report.

Re: SP VS HP

Anonymous — Sun, 12 Jul 2020 02:15:32 GMT

@wasCB14 wrote:
@Anonymous wrote:
@M_Smart007 wrote:
Exception being American Express or Navy Federal Credit Union ..
Usually 60 day's or 2 statements to report a new account.
Don't forget Broccoli... they're within 24 hours.

EDIT: Or maybe it was BB&T.... I can't remember which one, but one of those had the TL showing on my credit report within like 24 hours.
Assuming Broccoli is gardenspeak for Barclays, then Broccoli is consistently quick to report.

Not gardenspeak...more "slightly insulting because they suck and veiled star trek reference" Dogbert-speak.

Re: SP VS HP

wasCB14 — Sun, 12 Jul 2020 02:19:41 GMT

@Anonymous wrote:
@wasCB14 wrote:
@Anonymous wrote:
@M_Smart007 wrote:
Exception being American Express or Navy Federal Credit Union ..
Usually 60 day's or 2 statements to report a new account.
Don't forget Broccoli... they're within 24 hours.

EDIT: Or maybe it was BB&T.... I can't remember which one, but one of those had the TL showing on my credit report within like 24 hours.
Assuming Broccoli is gardenspeak for Barclays, then Broccoli is consistently quick to report.
Not gardenspeak...more "slightly insulting because they suck and veiled star trek reference" Dogbert-speak.

I had to consult wikipedia, but once reminded I do half-remember Hollow Pursuits.

Re: SP VS HP

Anonymous — Sun, 12 Jul 2020 13:22:33 GMT

@wasCB14 wrote:
@Anonymous wrote:
@wasCB14 wrote:
@Anonymous wrote:
@M_Smart007 wrote:
Exception being American Express or Navy Federal Credit Union ..
Usually 60 day's or 2 statements to report a new account.
Don't forget Broccoli... they're within 24 hours.

EDIT: Or maybe it was BB&T.... I can't remember which one, but one of those had the TL showing on my credit report within like 24 hours.
Assuming Broccoli is gardenspeak for Barclays, then Broccoli is consistently quick to report.
Not gardenspeak...more "slightly insulting because they suck and veiled star trek reference" Dogbert-speak.
I had to consult wikipedia, but once reminded I do half-remember Hollow Pursuits.

Poor LT Broccoli. So flawed, yet so brilliant. I'll fully admit the reference was a bit obscure. Lol.

Re: SP VS HP

Anonymous — Mon, 13 Jul 2020 02:54:00 GMT

Remember there is no new account ding if you already have a revolver under 12 months age, it just extends the time you’re in that scorecard with that score loss.

Re: SP VS HP

MisterWives — Mon, 13 Jul 2020 06:15:42 GMT

A soft pull means they are looking at your credit for informational purposes so they do not get reported on your credit as hard pulls which do have an effect. Hard pulls are the ones to watch out for as they do affect your score, but honestly they don't hurt your score that much and are considered more lower impact than say a degrogertary mark. That said a couple of lenders are very inquery sensitive and will deny you a credit card if you apply with them for having too many inqueries.