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Checking Prequal Pages Have Any Negative Affect?

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Valued Member

Checking Prequal Pages Have Any Negative Affect?

While a soft pull of course does not affect one's score, do you think the companies themselves track prequal attempts?

 

So that multiple attempts over some period of time might increase the odds that one is "hungry" for a banking/CC relationship with a particular entity and somehow effect 

Message 1 of 11
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Senior Contributor

Re: Checking Prequal Pages Have Any Negative Affect?

Doubt it. Some may keep your interest in their product and SP on their own for when you do qualify. Then here comes the mailer. No solid proof. But it would make good business sense.

 

Then once your in. Speaking of being hungry. Then you have those that have a 25 foot stack of Disco letters (Mines 5 ft) from no CLI for you from insufficient blah blah blah. I wont name names. Cough Cough..............Smiley Very Happy





My posts are JMHO. I DO NOT claim to be a FICO expert. Just sharing my experiences from rebuild to recovery after BK DC.
Message 2 of 11
Established Contributor

Re: Checking Prequal Pages Have Any Negative Affect?

Ohhhh me me me...I think 25’ may be under estimating though
In my wallet• US Bank Altitude Reserve ($9k), Chase Sapphire Preferred ($17.2k), Hilton Ascend ($5k)
Utilities• US Bank Cash+ ($6.5k)
Others• Amex | Gold (NPSL $30k POT), Amex Bonvoy Brilliant ($15k), EDP ($1k), BCE ($1k) • BBVA Clear Points ($6k) • Capital One | QS ($850), Venture ($16k) • Chase | Hyatt ($8.6k) • Citi | AA Plat Select ($6.3k), Premier ($4.1k) • Discover ($11.8k) | PenFed PCR ($1k) | Care Credit ($15k)
F8 —-Current EQ•715 | TU•711 | EX•702
All scores have increased 100+ points in last year | $125k+ Unsecure TCL
Message 3 of 11
Community Leader
Super Contributor

Re: Checking Prequal Pages Have Any Negative Affect?

Lol, surely no one has discovered my penchant for paper trees?Smiley Wink

If checking prequals would force a lender to approve someone out of sheer will, this forum would be littered with a million new card holders lolSmiley Wink
Charter Member of the Discover " No Cli For You " Club !

Chase Never/24 Squad Leader
Team Pendread Anonymous
#JustSayNo2Comenity
Officially S.O.G.O.T.P
Message 4 of 11
Community Leader
Super Contributor

Re: Checking Prequal Pages Have Any Negative Affect?


@satio wrote:

While a soft pull of course does not affect one's score, do you think the companies themselves track prequal attempts?

 

So that multiple attempts over some period of time might increase the odds that one is "hungry" for a banking/CC relationship with a particular entity and somehow effect 


 

It wont improve your approval odds at all but it might put you in marketing department sights. That does not mean you did or did not meet the criteria for approval, but it might lead to pre-screened offers or something like that. 

 

 

 

 

 

 

EX 753 EQ 769 TU 755
Message 5 of 11
Regular Contributor

Re: Checking Prequal Pages Have Any Negative Affect?

Sooooooo.......

Speaking of negative impacts from PreQual Checking and as Remedios alluded to and I can confirm..

 

Story time....

 

I had gone years without an app.  Years.   I picked up a chase card for the 0% and I felt that old familiar rush from apping and getting approved...

 

But I didn't need a bunch of new credit - so whaty did I do?   I PreQual checked with EVERYONE.

 

Oh yeaaaa.....uhhhhh  felt so good.   All that luv I was getting - so many PreQuals.

 

Fast forward to now.

 

My freaking mail box is filled weekly from everyone I PQ'd with.  Like - Citi WILL NOT leave me alone....and others too.

 

So that's the extent of the negative impact as far as I have seen from my perspective.

 

Ok...back to lording over lost souls.   See y'all latahhhhhhhh

Starting Score: F8 693
Current Score: F8 784
Goal Score: F8 800


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Message 6 of 11
Valued Member

Re: Checking Prequal Pages Have Any Negative Affect?

Thanks for all the feedback on the point.

 

I didn't expect any data points were being collected ongoing from someone doing prequal checks but thought I would ask the opinions of others.

 

I'm a "data guy" as one component in my line of work so it would make sense for companies to do that but of course doesn't mean they do.

 

Message 7 of 11
Valued Contributor

Re: Checking Prequal Pages Have Any Negative Affect?

I don't think it matters.

I must have hundreds and hundreds of SPs.

GL!

Rebuild started in 2014  -  $100k total unsecured credit in 2017  -  $250k+ total unsecured credit in 2019.

  DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

       10% Rotating - Discover                             5%-20% - Amazon & Lowes                       6% Groceries - Amex Preferred (DW)
       5% Gas & Sporting - Ducks Unl                 4% Dining & Entertain - Savor                   3% Travel & Hotels - Propel & Uber
       2% Everything Else - Venture                    1% Cancer Charity - Fifth Third                 0% Financing Promos - QuickSilver




    
Message 8 of 11
Established Contributor

Re: Checking Prequal Pages Have Any Negative Affect?


@FireMedic1 wrote:

Doubt it. Some may keep your interest in their product and SP on their own for when you do qualify. Then here comes the mailer. No solid proof. But it would make good business sense.

 

Then once your in. Speaking of being hungry. Then you have those that have a 25 foot stack of Disco letters (Mines 5 ft) from no CLI for you from insufficient blah blah blah. I wont name names. Cough Cough..............Smiley Very Happy


I often wonder what my mailman thinks of me receiving a new Disco, Synchrony, CapOne letter every single day lol. All denial letters for credit line increases. 


I’m tip toeing my way back into the garden!



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 9 of 11
Regular Contributor

Re: Checking Prequal Pages Have Any Negative Affect?

The cynic in me believes they do grab on to every bit of data for credit seeking. Being in IT doesn't help either as most companies collect far more data than the general public is aware of. Pretty sure that affects lenders' decision making to some extent. This is of course my opinion without proof.

 

Chase: NaaryalDaddy checed for prequals:

-- Last week

-- The week prior
-- The week prior

-- The month prior

Verdict: hungry, deny cheese.

BofA Cash: 6k
Citi Premier: 5k
Citi DC: 4k
Chase Amazon: 4k
Cap1 QS1: 1.5k
Barclays Uber: 0.5k







Next App in: Late Oct 2019

Torch bearer of the Bucketeers' Society. Shamefully carrying a bucketed Cap One QS1 with AF & zero chance of a PC.
Message 10 of 11