Can Softpulls hurt you in another way

[Iusedtolurk]

I know that softpulls don't affect your credit report but I was wondering your thoughts about could they hurt you in a creditors internal system.

From time to time I do prequalifications just to see what may be offered (when I do apply for a card I stay away from cold apping due to the higher chance of getting denied and getting a wasted hardpull for 2 years). I rather get a pre-approval offer that ends in a new account for that 2 year hardpull.

My thought is  a 1 day late will not hurt your credit score but it could hurt you in a creditors internal system so if you did a prequal every once in awhile (say for instance American Express) and they keep having no offers their internal system may be notating your prequal attempts and note you as seeking new credit or some other notation.

Although not really seeking credit right now I want to see where the state of my credit stands for possible future approvals.

I know it would be more than lightly no data points on this and that is why I ask for thoughts or suspicions or by chance someone may have a little experience or insider knowledge of this.

To go a little further for perhaps clearer understanding:

Say for instance you use a service like Cardmatch that checks multiple credit card issuers (although they are non-harming softpulls) the credit card issuers know that if they get a softpull request from Cardmatch that multiple other issuers are too (and possibly notating this in their internal system as Seeking New Credit or some other notations that may increase their risk assessment.

As noted in previous post I am relatively new to this credit world (oldest account just turned 2 years old yesterday) and I think of all kinds of possible scenarios that could unknowingly bite you in the butt down the line.

Before joining the forum and increasing my knowledge about the credit world I use to look at my credit report maybe once in a few years, now I will not admit (lol) how often I check them.

[Nomad3]

It's my understanding that only you can see soft pulls, to keep a record of who/what has looked at your credit in this manner. The actual # of soft pulls in your file isn't visible to lenders, all they see is hardpulls for applying for credit.

If a current lender does a softpull they will only have in their records the # of soft pulls they have requested for your account with them.

[Ficoproblems247]

I understand what you mean, and I too have wondered this. To be a guinea pig for you, just know that before I was just approved for my Savor card, I checked the Cap1 prequal every day/2 days for literally months. Over and over and over and over. They had no problem approving me because of it. It was a huge help, because the day I applied, I pulled the trigger because my offered APR had gone down a tier since the day before when I had checked, which to me meant they were probably ready to throw me a decent bone. Most lenders will not run an actual SP every singe time you check the prequal for them, I know this because I check my reports against the times I run my prequals out of curiosity. They'll likely use their results from up to 30 days or so, unless anything on your existing account has changed that affected their internal formula. Cap1 ran a SP on me almost every time, though! The last time I checked my SPs from them I about fell off my chair! LOL. I am fairly certain that AMEX just uses their monthly/bi-monthly SP to give you the pre-approval verbiage on their cards when you click the apply now button. I'm certainly not condoning checking lenders sites every day, and I know other members have definitely advised against it, but in my own experience I have had absolutely no adverse effects from it.  

[donkort]

I have, literally, HUNDREDS of soft pulls.  I got obsessed with my credit right after I paid off my $40,000 debt.  It has not affected my credit score in the least.  Anybody who hard-pulls my credit cannot see the soft pulls.

What does affect my eligibility for credit cards, most likely, is an "internal score" of credit card providers.  I probably can't get another Chase card, for example, because of my 13-year history of maxing out two of their more "elite" cards.

The only place you see your soft pulls----is if you get credit reports from annualcreditreport.com. 

[Remedios]

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@Iusedtolurk wrote:

I know that softpulls don't affect your credit report but I was wondering your thoughts about could they hurt you in a creditors internal system.

From time to time I do prequalifications just to see what may be offered (when I do apply for a card I stay away from cold apping due to the higher chance of getting denied and getting a wasted hardpull for 2 years). I rather get a pre-approval offer that ends in a new account for that 2 year hardpull.

My thought is  a 1 day late will not hurt your credit score but it could hurt you in a creditors internal system so if you did a prequal every once in awhile (say for instance American Express) and they keep having no offers their internal system may be notating your prequal attempts and note you as seeking new credit or some other notation.

Although not really seeking credit right now I want to see where the state of my credit stands for possible future approvals.

I know it would be more than lightly no data points on this and that is why I ask for thoughts or suspicions or by chance someone may have a little experience or insider knowledge of this.

To go a little further for perhaps clearer understanding:

Say for instance you use a service like Cardmatch that checks multiple credit card issuers (although they are non-harming softpulls) the credit card issuers know that if they get a softpull request from Cardmatch that multiple other issuers are too (and possibly notating this in their internal system as Seeking New Credit or some other notations that may increase their risk assessment.

As noted in previous post I am relatively new to this credit world (oldest account just turned 2 years old yesterday) and I think of all kinds of possible scenarios that could unknowingly bite you in the butt down the line.

Before joining the forum and increasing my knowledge about the credit world I use to look at my credit report maybe once in a few years, now I will not admit (lol) how often I check them.

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Nah. SP preapprovals are just another way to gain new customers.

I've done prequals with Amex and other lenders for scientific reasons (seeing how new accounts affect offers and terms), and ended up applying eventually 

In case of Amex, my first approval after a year of "SP credit seeking" was for $17,100. Obviously they weren't bothered. 

[Iusedtolurk]

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@donkort wrote:

I have, literally, HUNDREDS of soft pulls.  I got obsessed with my credit right after I paid off my $40,000 debt.  It has not affected my credit score in the least.  Anybody who hard-pulls my credit cannot see the soft pulls.

What does affect my eligibility for credit cards, most likely, is an "internal score" of credit card providers.  I probably can't get another Chase card, for example, because of my 13-year history of maxing out two of their more "elite" cards.

The only place you see your soft pulls----is if you get credit reports from annualcreditreport.com. 

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Good to know you suffered no negative consequences.

Also..

Check this post  https://ficoforums.myfico.com/t5/General-Credit-Topics/Experian-mailed-me-a-random-cr/td-p/5926051 message 15 of 17

(don't know how or if you even can link to the direct message).

I show you a step by step with images (if you have experian account) how to check your soft pulls as much as you want.

[donkort]

Thank you.

[Ficoproblems247]

Not even ashamed! 😂😂😂

[Iusedtolurk]

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@Ficoproblems247 wrote:

I understand what you mean, and I too have wondered this. To be a guinea pig for you, just know that before I was just approved for my Savor card, I checked the Cap1 prequal every day/2 days for literally months. Over and over and over and over. They had no problem approving me because of it. It was a huge help, because the day I applied, I pulled the trigger because my offered APR had gone down a tier since the day before when I had checked, which to me meant they were probably ready to throw me a decent bone. Most lenders will not run an actual SP every singe time you check the prequal for them, I know this because I check my reports against the times I run my prequals out of curiosity. They'll likely use their results from up to 30 days or so, unless anything on your existing account has changed that affected their internal formula. Cap1 ran a SP on me almost every time, though! The last time I checked my SPs from them I about fell off my chair! LOL. I am fairly certain that AMEX just uses their monthly/bi-monthly SP to give you the pre-approval verbiage on their cards when you click the apply now button. I'm certainly not condoning checking lenders sites every day, and I know other members have definitely advised against it, but in my own experience I have had absolutely no adverse effects from it.  

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Good to know That's what I was thinking about whether an (Internal Insight) to your credit moves could affect you negatively in the future.

I know on my credit journey I tried the pre-qual for Discover one time got a no offers...3 months later got a no offers...3 months later got an offer for 2 cards so I apped for 1 and got approved for a 1000 sl.

Just for the heck of it I was curious about doing the pre-qual again to see if they had another offer (not planning on apping right now but maybe down the road a bit).

Just was looking for some insight...it's akin to finding a "whats not helping you" code for having a Consumer Finance Account.

I got a installment loan when I needed it for my credit mix and then looked around and you penalizing me for having one?

IIRC sometimes when you do one of those all in one qualifications (For instance Cardmatch) you receive some notices showing why you did not qualify.

Just trying to check the hidden boxes of the credit world.

[donkort]

That's weird----I only got matched to American Express cards through Cardmatch.