Walmart with Capital One pulls?

[TheBoondocks]

Man, you might as well call Capital One as Capital Three. All banks that I know and heard of, even the smaller banks and CU only does 1, this is the ONLY institution that I know that does 3 of them. They cap themselves out, cause I'm NEVER going to go with them unless they bring back that 4% dining and entertainment for Savor lol. Por favor lol.

[Remedios]

Why are three pulls so different from two pulls that majority will receive from Chase as an example, and many other lenders
Unless person (like me) is habitually applying for everything under the sun, where HP lands should be no issue if the card is worth it.
I'm really struggling to understand this aversion and fear of HP, when in reality most AA stems from reasons that have nothing to do with hard pulls.

[Brian_Earl_Spilner]

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@Remedios wrote:
Why are three pulls so different from two pulls that majority will receive from Chase as an example, and many other lenders
Unless person (like me) is habitually applying for everything under the sun, where HP lands should be no issue if the card is worth it.
I'm really struggling to understand this aversion and fear of HP, when in reality most AA stems from reasons that have nothing to do with hard pulls.

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🤷‍♂️

I think it's because everyone here is always trying to find a way to maximize the number of apps they can be approved for. People don't understand that you can have 40 inquiries and still be approved if your profile is strong enough. What I don't get is why is it such a big deal to get 1 on each bureau. It's not like they pulled 3 on TU only.

[Anonymous]

True enough, but a counterpoint would be that many on here don’t have strong enough profiles to endure all those HPs and are erring on the side of caution. Whether the triple dip will hurt them or not, playing it conservatively isn’t the worst idea.

[Anonymous]

Another possibility too is that some may see it like I do - that CapOne cards aren’t worth a triple hit when their CLIs seem stingy more often than not, and they want an awful lot of spend to get them. There are other cards available for fewer pulls that offer equivalent or better SLs, SUBs that match or beat them, and which tend to grow faster. It’s not that CapOne’s offerings are bad, it’s just that the same or more is available for a lower cost.

[Anonymous]

CM = Credit Monitoring BTW.  I just would like to know if slapping people with the Triple Beatdown actually tightens up their UW with lower loss ratio. If their losses are on average with other issuers then its a bit overkill. Its like getting stuck 3X for bloodwork. Crazy thing is they are way more accomodating than just about every other issuer but they want to verify that you finished digesting last nights dinner before they approve your app

[Remedios]

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@Anonymous wrote:
True enough, but a counterpoint would be that many on here don’t have strong enough profiles to endure all those HPs and are erring on the side of caution. Whether the triple dip will hurt them or not, playing it conservatively isn’t the worst idea.

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Well, the counter point to your counter point is that those same people will apply for three new cards, call it app spree and happily post about it

So, what did more damage to a weaker profile? 

I get your point, but I think that *HP bad* but "new account good" mentality is deeply ingrained 

We've all heard same amount of " I applied because its metal and shiny" as many times as "well, it's a SP so that's great "

I'm not advocating everyone goes HP crazy, but card's reward structure should be primary criterion, not material or pull. 

[Brian_Earl_Spilner]

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@Anonymous wrote:

CM = Credit Monitoring BTW.  I just would like to know if slapping people with the Triple Beatdown actually tightens up their UW with lower loss ratio. If their losses are on average with other issuers then its a bit overkill. Its like getting stuck 3X for bloodwork. Crazy thing is they are way more accomodating than just about every other issuer but they want to verify that you finished digesting last nights dinner before they approve your app

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That's basically why they do the triple pull. They're extremely forgiving and they have to make sure they see the whole picture. At least once a week I see a thread or someone's signature where 2 scores will be close to each other and the third will be at least 50 points off. Why is that? If they were looking at my scores, they would see a variance of 4 collections. A human could look at it and figure out that I'm removing the collections, a computer might not be programmed to see that. Also, maybe they frown on the removal of collections as it paints an unrealistic history of the borrower. It's the reason they don't do goodwills. Seeing that variance could raise red flags that new collections are being added or old collections are being deleted. Thing is, if they didn't pull all 3 of my reports, if they didn't pull TU, they would have never known. Pulling all 3 gives them a better idea of what type of borrower I am.

[Brian_Earl_Spilner]

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@Anonymous wrote:
True enough, but a counterpoint would be that many on here don’t have strong enough profiles to endure all those HPs and are erring on the side of caution. Whether the triple dip will hurt them or not, playing it conservatively isn’t the worst idea.

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It doesn't hurt to be conservative, and keeping a low inquiry count is always a good thing, but maybe those people shouldn't be apping and should be strengthening their profiles. I mean, if 1 HP on a report is gonna make or break a future app, they need to reevaluate whether they should be apping or not. 

[kdm31091]

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@Remedios wrote:
Why are three pulls so different from two pulls that majority will receive from Chase as an example, and many other lenders
Unless person (like me) is habitually applying for everything under the sun, where HP lands should be no issue if the card is worth it.
I'm really struggling to understand this aversion and fear of HP, when in reality most AA stems from reasons that have nothing to do with hard pulls.

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Pretty much this. Many lenders out there double pull. While the triple pull may be annoying, you shouldn't be in a position where an extra pull on each bureau is going to make or break anything. If you are, it's probably not a good time to app.

I would also agree that if someone's worried about AA, they should be avoiding new accounts even more than inquiries. Rapidly opening new accounts can be a much bigger red flag than just the presence of inquiries.