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Inquiries get me every time

Achieving
Frequent Contributor

Inquiries get me every time

If I go to a bank's website and apply for a product, say a credit card, I fully expect an inquiry to be placed on as many as three of my credit bureau reports.  But if on that same website I apply for multiple products, like a credit card and a checking line of credit, and I do it on the same day, I think that having two inquiries is excessive. 

 

My logic: They are going to get the same information anyway and if they had it within their power they would have pulled it only once (it costs them not me).  Now they have a new customer who isn't all that happy with the products they've received.   

 

Has anyone had any success in getting a company to retract their inquiry? I'm told this is my only possible resolution, but I'm not optimistic.  I bit the bullet in 2017 when I bought a new car and had my application shotgun around town to every person with a fax machine and a vehicle for sale, it felt but this one stings just as much.

 

Message 1 of 8
7 REPLIES 7
CreditInspired
Super Contributor

Re: Inquiries get me every time

IMHO, I don’t think 2 inqs are excessive because at each CB, applicant may have different scores that can sometimes vary as much as by 10-20 points. Two reports just provide a better overall picture especially considering there are different approval criteria for the CC UW and the loan UW. People write on here all the time, “oh I wish they had pulled my (name CB) report because I have a lot of inqs on (name CB) report.

Just my 2cents.

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Message 2 of 8
Saeren
Mega Contributor

Re: Inquiries get me every time

Every app you make you should expect a pull on each bureau and if you end up with less, you came out ahead. They can hard pull every time you request credit and soft pull as often as they please. I wouldn’t even bother asking them to take off the extra inquiry honestly. 





Message 3 of 8
800FICOGoal
Established Contributor

Re: Inquiries get me every time


@Achieving wrote:

If I go to a bank's website and apply for a product, say a credit card, I fully expect an inquiry to be placed on as many as three of my credit bureau reports.  But if on that same website I apply for multiple products, like a credit card and a checking line of credit, and I do it on the same day, I think that having two inquiries is excessive. 

 

My logic: They are going to get the same information anyway and if they had it within their power they would have pulled it only once (it costs them not me).  Now they have a new customer who isn't all that happy with the products they've received.   

 


I do agree that pulling two inquiries on the same day within one organization shouldn't be allowed. However,  I do recognize that in many big companies(especially companies that are a result of previous mergers) there can be a lack of integration between different business units. So in your case maybe the banking division can't see the HP's made by the credit division.

 

Amongst other credit issues, this is something I'd like to see covered by federal regulations. 











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Message 4 of 8
800FICOGoal
Established Contributor

Re: Inquiries get me every time


@CreditInspired wrote:
IMHO, I don’t think 2 inqs are excessive because at each CB, applicant may have different scores that can sometimes vary as much as by 10-20 points. Two reports just provide a better overall picture especially considering there are different approval criteria for the CC UW and the loan UW. People write on here all the time, “oh I wish they had pulled my (name CB) report because I have a lot of inqs on (name CB) report.

Just my 2cents.

Is the OP talking about two inquiries split between two CRA's or two inquiries to the same CRA?











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Message 5 of 8
IPIF
Valued Member

Re: Inquiries get me every time

I don't understand why most credit unions need to do a HP to join and open a deposit account.

Message 6 of 8
CGeorge
Frequent Contributor

Re: Inquiries get me every time

Online bank Ally requires that, too - and, there are others. It is tied into the Federal requirement that all banks verify the identity of all depositors. But, yes, a hard pull would seem excessive to me.

 

Message 7 of 8
IPIF
Valued Member

Re: Inquiries get me every time

Why can't an SP be used to verify identity to open a deposit account?

Message 8 of 8
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