Secured Card... Hard Pull?

[Anonymous]

I went with a secured card ($200 limit) from OpenSky about a month ago and my credit went from the mid/upper 500s to almost 601 on Experian and 643 on Equifax

however...

TransUnion actually went down 3 points to 569 and shows a hard pull from Capital Bank, which upon research is the is the parent company of OpenSky- so what gives?

I thought secured cards didn’t ding your credit score?

Three points isn’t a big deal, but I’m curious as to why this would happen and if this is a temporary hit.

[BmoreBull]

I didn’t think OpenSky was a hard pull for their card. I have a cap one secured( hp all 3) and a discover secured ( hard pull ex). So yes secured cards do hard pull your credit. But I thought OpenSky was an exception to that rule.

[thornback]

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@BmoreBull wrote:
I didn’t think OpenSky was a hard pull for their card. I have a cap one secured( hp all 3) and a discover secured ( hard pull ex). So yes secured cards do hard pull your credit. But I thought OpenSky was an exception to that rule.

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+1.  Some banks perform a hard pull for tgeir secured cards -  there's no hard rule that says secured card apps have no HP, it is determined by lender policy.   

However, OpenSky is supposed to be a no credit check/HP app - still states so on their website - so the inquiry may have been made in error.  Perhaps give them a call or send a secure message (If avail) to confirm they made the inquiry and request removal or  recoding to SP.  

[Anonymous]

OpenSky does "NOT" do hard pulls!

EVER!

You mentioned "Capital Bank."  That is NOT the parent company of OpnSky, buy a hosts of Comenity Banks Cards(Jared, Wayfair, West Elm, Williams-Sonoma and more).

Could it be that you have one or more Comenity cards, and thought if you obtain these cards via the "Shopping Cart Trick" it wouldn't be a hard-pull?  If so, that hasn't consistntly been the case since October 2019, as hard pulls are likely, not set in stone, but highly likely.

Keep in mind, I personally have nine(9) Comenity Bank/Capital Bank store cards.

I would complete a bit more research and truly recogize what bank OpenSky works under, it's not Capital Bank.

[Anonymous]

The OpenSky® Secured Visa®Credit Card is a secured credit card that's not only ... 2018 OpenSky® is issued by Capital Bank N.A. About Capital Bank N.A. ...

[Red1Blue]

OpenSky card is issued by Capital Bank and reports as Capital Bank Card on Credit Reports. I have a OpenSky Card issued by Capital Bank. I do not remember having any hard inq's from Capital Bank on reports. As other member suggested the hard inq could be for a different card that is issued by Capital Bank.  Or it could be a simple mistake. Try to talk to OpenSky and see what is going on.

[Brian_Earl_Spilner]

While OpenSky advertises no hard pull, they have done hard pulls before. Now, whether these were mistakes, or if buried in their disclosures there's a quip about possible HP, is another story. Nobody has ever followed up on it after reporting the HP. I would simply call them. If it's in the disclosure, they should know. If it's a mistake, they'll correct it. Just please come back and let us know for future reference.

[Anonymous]

Yes, a mistake is possible and you are spot on, if it was done in error, they'd more than likley take care of it.

I actually know of fellow FSU alum, who started a local "Understanding Credit" group young FSU, FAMU and TCC students, to basically teach them what wasn't taught in the majority of schools.

I know at least 90 members who applied for and obtained the OpenSky credit card, "without" a hardpull.

The "ONLY" reason, i didn't get the OpenSky card at the start of my rebuild was because it didn't graduate, plus, BofA, Cap1, Citi, TD Banks came calling.

I did get the USAA secured card also, knowing it wasn't gowing to graduate, but read reports that at one time back in 2018, USAA was fairly lenient with product changing and i felt, outside of auto insurance, establishing another business relationship with them might help me when it comes to product changing.