PSA: Discover It does 2 hard pulls from....

TaperRandy · ‎05-16-2018

In NH anyway.... I understand that it may vary from state to state....
1) EX. First HP upon acceptance. I had 5 inq at EX and the HP cost me 7 points, but no risk change.
2) EQ was the 2nd HP. I have no inq at EQ, so there was no score change.
I was approved for an $11,000 CL, but that info hasn't hit yet. I'm hoping that when it does, it will bring my EX back to right...and give me some points at EQ.
It's a good day. 🤘

EQ: 759 ; EXP: 797 ; TU: 758
BOA Cash Rewards:$27,000 ; BOA Business Cash Rewards:$30,000 ; AMEX PLATINUM BUSINESS-Open; Amex Business Blue- $30,000; AMEX Everyday Preferred: $30,000; Venture One:$11,750 ; QuickSilver:$10,500 ; CFU: $6,000 ; Home Depot: $15,000 ; Lowe's: $25,000 ; AMEX Business Plum: Open ; Discover It: $13,500; Elan Financial; $14,500; Citi Diamond Preferred-$11,000; CitiBusiness AAdvantage; $7,000; SYNC Welcome Home-$25,000

Anonymous · ‎05-16-2018

Congrats on Approval and very nice SL

TaperRandy · ‎05-16-2018

Thank you for that. I'm going to hold my ground for a while. I've become satisfied with what has been granted me over the past few years. My goal is to help those who find themselves where we all have been at one time, or more. Contributing and paying it forward. Feels good.

EQ: 759 ; EXP: 797 ; TU: 758
BOA Cash Rewards:$27,000 ; BOA Business Cash Rewards:$30,000 ; AMEX PLATINUM BUSINESS-Open; Amex Business Blue- $30,000; AMEX Everyday Preferred: $30,000; Venture One:$11,750 ; QuickSilver:$10,500 ; CFU: $6,000 ; Home Depot: $15,000 ; Lowe's: $25,000 ; AMEX Business Plum: Open ; Discover It: $13,500; Elan Financial; $14,500; Citi Diamond Preferred-$11,000; CitiBusiness AAdvantage; $7,000; SYNC Welcome Home-$25,000

Anonymous · ‎05-16-2018

Unfortunately it does not work like that. When a new account reports to the credit agencies, it decreases your Average Age of Accounts (AAoA) and resets the Age of Youngest Account (A0YA) to 0 months. Those two factors, plus the increased risk that you could potentially charge your new limit up to the maximum, will temporarily lower your scores even more than the two inquiries. But if you use the new credit limit responsibly your scores will recover in a few months as the new account ages.

@TaperRandy wrote:
In NH anyway.... I understand that it may vary from state to state....
1) EX. First HP upon acceptance. I had 5 inq at EX and the HP cost me 7 points, but no risk change.
2) EQ was the 2nd HP. I have no inq at EQ, so there was no score change.
I was approved for an $11,000 CL, but that info hasn't hit yet. I'm hoping that when it does, it will bring my EX back to right...and give me some points at EQ.
It's a good day. 🤘

AverageJoesCredit · ‎05-16-2018

Discover doesn't always double pull , more so depending your profile. For 11k, they can triple pull me for all I would care

TaperRandy · ‎05-16-2018

I hope in part that you are wrong, since I made the decision based on score simulators across all 3 bureaus. Each one showed an improved score when I added a new account. We will all know how it shook out for me when the accounts are added. I will update this thread. 😉

EQ: 759 ; EXP: 797 ; TU: 758
BOA Cash Rewards:$27,000 ; BOA Business Cash Rewards:$30,000 ; AMEX PLATINUM BUSINESS-Open; Amex Business Blue- $30,000; AMEX Everyday Preferred: $30,000; Venture One:$11,750 ; QuickSilver:$10,500 ; CFU: $6,000 ; Home Depot: $15,000 ; Lowe's: $25,000 ; AMEX Business Plum: Open ; Discover It: $13,500; Elan Financial; $14,500; Citi Diamond Preferred-$11,000; CitiBusiness AAdvantage; $7,000; SYNC Welcome Home-$25,000

Anonymous · ‎05-16-2018

Missouri here. Discover only pulled Equifax for me. Darn Capital One pulled all three...

Anonymous · ‎05-16-2018

Score simulators are notoriously unreliable simply because they can't account for all possible variables. Anyone with a modicum of experience in the credit world will tell you that your FICO scores will decrease TEMPORARILY when you add new credit account(s) for the exact reasons I stated earlier.

Twenty-five percent of your FICO score is based on age - 15% for length of credit history (AAoA), and 10% for new credit (AoYA) - so your scores are penalized in those areas when a new account is reported to the credit bureaus.

TaperRandy · ‎05-16-2018

A modicum. Yeah. Okay.

EQ: 759 ; EXP: 797 ; TU: 758
BOA Cash Rewards:$27,000 ; BOA Business Cash Rewards:$30,000 ; AMEX PLATINUM BUSINESS-Open; Amex Business Blue- $30,000; AMEX Everyday Preferred: $30,000; Venture One:$11,750 ; QuickSilver:$10,500 ; CFU: $6,000 ; Home Depot: $15,000 ; Lowe's: $25,000 ; AMEX Business Plum: Open ; Discover It: $13,500; Elan Financial; $14,500; Citi Diamond Preferred-$11,000; CitiBusiness AAdvantage; $7,000; SYNC Welcome Home-$25,000