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Soft inquiries should be calculated in your scores.

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Established Contributor

Soft inquiries should be calculated in your scores.

Since soft inquiries can be used to obtain loans from certain credit unions like Alliant, I think they should be counted in your FICO score. Someone getting lots of soft inquiriy probably presents more risk than someone with no inquiries yet they would have the same null score impact.








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


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Message 1 of 28
27 REPLIES 27
Senior Contributor

Re: Soft inquiries should be calculated in your scores.

lol, bite your tongue plz


Message 2 of 28
Valued Contributor

Re: Soft inquiries should be calculated in your scores.

LOL

I would have about 200 inquires.....on one CR alone! probably 500 plus across all of them. I get so much junk mail from SP on my CR its sickning. Statefarm is the worst the must pull me every day it seems like Smiley LOL


EQ688
TU700
EX707

Message 3 of 28
Established Contributor

Re: Soft inquiries should be calculated in your scores.


@Harley14 wrote:

LOL

I would have about 200 inquires.....on one CR alone! probably 500 plus across all of them. I get so much junk mail from SP on my CR its sickning. Statefarm is the worst the must pull me every day it seems like Smiley LOL


Well it doesn't mean policy can't be changed where you get asked for consent before doing soft inquiry.








Starting Score: Ex08-732,Eq08-713,Tu08-717
Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
Goal Score: Ex98-760,Eq04-760


Take the myFICO Fitness Challenge

History of my credit
Message 4 of 28
Senior Contributor

Re: Soft inquiries should be calculated in your scores.


@Harley14 wrote:

LOL

I would have about 200 inquires.....on one CR alone! probably 500 plus across all of them. I get so much junk mail from SP on my CR its sickning. Statefarm is the worst the must pull me every day it seems like Smiley LOL


   omg I get those state farm mails daily.


Message 5 of 28
Valued Contributor

Re: Soft inquiries should be calculated in your scores.


@Subexistence wrote:

@Harley14 wrote:

LOL

I would have about 200 inquires.....on one CR alone! probably 500 plus across all of them. I get so much junk mail from SP on my CR its sickning. Statefarm is the worst the must pull me every day it seems like Smiley LOL


Well it doesn't mean policy can't be changed where you get asked for consent before doing soft inquiry.


A policy alreay exists, its opting in/out, lol

But then how would you handle account reviews? those are all soft pulls too. My fico and any other monitoring site is a soft pull on your credit report. I have EQ as one of them. I soft pull my credit report everyday. That alone is 365 soft pulls a year alone just done by myself...Credit check total is 1 pull everyday on EX, wallet hub is everyday on TU, 

How would you find the best deals on car insurance? have the 100 insurance companies pull your CR? 

If every Soft pull counted against you everyone would litterally have 1000's a year.

It would be probably be the biggest mess in the credit world if that ever happend lol

Soft pulls do serve some good purpose, you can see whos looking at your report, even possibly catch something negitive that may appear on your CR before it gets there. I for one look at my Soft pulls often, a few times a week to see whats going on.  

 


EQ688
TU700
EX707

Message 6 of 28
Valued Contributor

Re: Soft inquiries should be calculated in your scores.


@elim wrote:

@Harley14 wrote:

LOL

I would have about 200 inquires.....on one CR alone! probably 500 plus across all of them. I get so much junk mail from SP on my CR its sickning. Statefarm is the worst the must pull me every day it seems like Smiley LOL


   omg I get those state farm mails daily.


mongomery wards has been sending me all kinds of crap too. The SP me once a month LMAO


EQ688
TU700
EX707

Message 7 of 28
Valued Contributor

Re: Soft inquiries should be calculated in your scores.

Since you compain about racking up a lot of hard inqs yourself why not be thankful that credit unions do this lmao your post is literally a walking contradiction to your past complaints. Not trying to single you out and be mean just for love of credit man please stop.

Message 8 of 28
Super Contributor

Re: Soft inquiries should be calculated in your scores.


@Subexistence wrote:

Since soft inquiries can be used to obtain loans from certain credit unions like Alliant, I think they should be counted in your FICO score. Someone getting lots of soft inquiriy probably presents more risk than someone with no inquiries yet they would have the same null score impact.


Incorrect.  You can have two identical profiles but one person receives no mail offers and uses no monitoring services while the second person gets 2-3 mail offers per day every day of the year and has subscribed to a bunch of different monitoring services that result in daily SPs.  In the span of a year, the first individual may have 100 or less SPs, basically the ones made by their current accounts and naturally a few others as well.  The second individual may have 2000+ SPs. 

 

The second individual doesn't present any greater risk the first, so their score shouldn't indicate that he's any more of a risk.  In fact, one could make the argument that since he monitors his reports via multiple different means where the first guy doesn't, that the second guy to to his greater level of credit knowledge could in theory be armed with better decision-making data thus allowing him to be less of a risk through making healthy credit choices.

Message 9 of 28
Moderator Emeritus

Re: Soft inquiries should be calculated in your scores.


@Subexistence wrote:

Since soft inquiries can be used to obtain loans from certain credit unions like Alliant, I think they should be counted in your FICO score. Someone getting lots of soft inquiriy probably presents more risk than someone with no inquiries yet they would have the same null score impact.


Credit Unions have the option of placing hard inquiries on a customer's credit bureau report. Some choose other options. There is no need to make soft inquiries hard inquiries when the lender already has the choice of which they prefer. Some lenders soft inquire of a person and when they apply place a hard inquiry on the customer's report. A process already exists and it is up to the lender what works for them. If you are dealing with a CU and want them to utilize a hard inquiry on your report, why certainly go in and volunteer.

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Message 10 of 28
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