@Anonymouswrote:
First off to respond to the original post: lots of data shows existing cardholders not getting a HP when pre-approved but ALWAY be ready to accept an HP if you are applying regardless.
I've gotta side with BBS here. HPs serve an important purpose for lenders that has NOTHING to do with the amount of, or level of detail, information an inquiry provides. The difference between an SP or a HP all lies in the PURPOSE of the inquiry. There's nothing in a HP that your existing lenders see that they can't see with a soft inquiry - details such recent SPs aside since those only show when you pull reports yourself directly from a CRA & thus wouldn't incur a HP anymore.
As an educated and proactive credit consumer I don't necessarily LIKE HPs but I understand & mostly respect the purpose they serve. That said I think they tend to be given more weight and importance on these forums than is actually due.
You guys are thinking about this way too. Amex would HP any new applicant but doesn’t deem it has to for existing customers. This is done as a curtesy because your account will report for others to see when they do their HP to extend credit to you.
Therfore, any lender can extend you credit w/ a SP or no pull at all if they want to take that risk.
I have also seen some DPs that Disco has approved some w/o a HP on the approval forum.
Personal Cards: Amex Plat | Amex Delta Res | CSR | Citi AA Exec Business Cards: Ink+ | Amex BGR
@Anonymouswrote:You're still missing the point entirely.
HPs show up on your credit report instantly (or pretty darn close to it usually) where a new account can take weeks or in the case of Amex even 2 cycles to show up. So, if someone on the 1st of the month apps for 5 products and receives no HPs that would alert other potential lenders of those 5 credit-seeking instances and then on the 10th apps for a 6th product from a different lender, this different lender has no knowledge of the 5 other potential accounts, as none of them have reported yet. This has nothing to do with creditors seeing accounts. Seeing accounts are completely different than the purpose of a HP. In this example it's the system of checks and balances that allows the 6th lender to know I know that credit was sought after from 5 other lenders recently. Maybe it was just a fun spree. Maybe it was because the individual was in some sort of financial pinch. Lender 6 should have the opportunity to decide if it matters. Maybe they'd care, maybe they wouldn't, but without HPs present they would have no knowledge.
There's no difference if you have two $15k credit lines from the same lender or if you have a single $30k line from that lender. That fact has zero to do with a HP though, so I'm not sure why you bring it up. HPs are a mark to show that new credit was sought after, or in some cases that additional credit was sought after. That's all there is to it.
Getting CLI is the same as new credit sought after, you have more that what you started with. If you want an CLI w/ Chase it will be a HP. Others it’s a courtesy of a SP for CLIs because your an existing customer and that increased credit will report.
Shhhh; don’t tell chase I have two new business cards from Amex w/o HP and won’t report, double bonus, lol!
BBS, the credit world is a changing, hop aboard and enjoy the ride a get that new shiny Amex card, you must take a vacation somewhere and if you don’t I’m sorry to hear that. Life’s to short.
@Anonymouswrote:You're still missing the point entirely.
HPs show up on your credit report instantly (or pretty darn close to it usually) where a new account can take weeks or in the case of Amex even 2 cycles to show up. So, if someone on the 1st of the month apps for 5 products and receives no HPs that would alert other potential lenders of those 5 credit-seeking instances and then on the 10th apps for a 6th product from a different lender, this different lender has no knowledge of the 5 other potential accounts, as none of them have reported yet. This has nothing to do with creditors seeing accounts. Seeing accounts are completely different than the purpose of a HP. In this example it's the system of checks and balances that allows the 6th lender to know I know that credit was sought after from 5 other lenders recently. Maybe it was just a fun spree. Maybe it was because the individual was in some sort of financial pinch. Lender 6 should have the opportunity to decide if it matters. Maybe they'd care, maybe they wouldn't, but without HPs present they would have no knowledge.
There's no difference if you have two $15k credit lines from the same lender or if you have a single $30k line from that lender. That fact has zero to do with a HP though, so I'm not sure why you bring it up. HPs are a mark to show that new credit was sought after, or in some cases that additional credit was sought after. That's all there is to it.
Not true at all, for example, Amex pulls EX, Barclays pulls TU and Citi pulls EQ, so you can apply for six cards and Amex will not see your EQ or TU pulls and just the opposite w/ Citi and Barclays in this example. The only one that will see them all is Capital One because it pulls all three. Checks in balances regarding HPs isn't as good as you may think it is. The checks and balances is new accounts reporting and lenders have closed accounts or reduced CL once they started reporting for the reason I mentioned before "too many new accounts", Barclays is notorious for this.