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Soft inquiries should be calculated in your scores.

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Super Contributor

Re: Soft inquiries should be calculated in your scores.

The problem here is that our OP may not grasp what soft vs hard means.  A "soft" inquiry by definition is one that can only be seen by that creditor and the consumer.  That's what the word means.  So to say that it's fine to have soft inquiries but you think that they need to be calculated in your scores is to say that you realize that some things are invisible but you just think we need to make sure we can all count them.  That's in its essence contradictory.  If an inquiry can be seen by FICO, then it is visible to all entities pulling the report; and if it is visible, then it is a hard inquiry.

 

It's like saying that you are fine with having conscientious objectors in wartime; but you think it is only fair that they should have to fight too.  Or that you understand that some men are bachelors, but they too need to learn the responsibilities of marriage.  A C.O. by definition is one who doesn't fight and a bachelor is a man who by definition is unmarried. 

 

Here is a guess as to how to restate what he might by wanting to say, without inherently contradictory language:

 

I have learned recently that there is a lender called Alliant, and that one of its many products is its Share Secure Loan.  (A loan where the borrower first gives the lender the cash he intends to borrow, thus making it impossible for the bank to lose when it gives him this loan.)  I have also learned that for this one very specific type of loan, they do not do a hard pull of your credit (only a soft pull).  This upsets me.  I think we need a federal oversight body that can punish lenders who do this -- all lenders for all products should be required by law to do a hard pull for every loan.

 

This is a coherent perspective and people could then comment on it.  But the subject line of this post as written is contradictory.  It's like saying that all squares should be round.

Message 11 of 28
Moderator Emeritus

Re: Soft inquiries should be calculated in your scores.

Well SCT for all that I hate those tradelines and should be avoided, are SP's for unsecured tradelines.

 

Look it makes no sense to start counting SP's without a heavy modification to the way they are coded; however, there's a simple fix for that: simply smack the people who are doing SP approvals as they're the outliers.

 

Amex backdating was changed for similar rationale.  That said, I don't really think anyone cares much about inquiries anyway so there isn't much impetus to change it up: UW for anything important is looking at tradelines first, inquiry counts second if at all.




        
Message 12 of 28
Established Contributor

Re: Soft inquiries should be calculated in your scores.


@Harley14 wrote:

@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.  

 


Maybe cc companies have to ask before reviews that they carry out monthly or weekly or even daily depending on your preference. A lot of the pulls are uneccesaary. Like you dont need a pull everyday because your credit isn't chaniging everyday. A lot of 1000 inquiries are redundant.








Starting Score: Ex08-732,Eq08-713,Tu08-717
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Message 13 of 28
Established Contributor

Re: Soft inquiries should be calculated in your scores.


@tydawg wrote:

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.


Just because I don't like hard inquiries on myself doesn't mean I benefitted from soft pulls. My credit union never did a soft pull.








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 14 of 28
Established Contributor

Re: Soft inquiries should be calculated in your scores.


@BrutalBodyShots wrote:

@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.


That would be assuming person 1 and person 2 applied for the same amount of credit but person 2 got the better credit. However person 2 will apply for more because more has been advertised to person 2. A similar situation is coupons because although coupons do provide better prices than normal, they encourage mass spending so the coupon user might spend more than the one without coupons. The 2nd individual is clearly more of a risk.








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 15 of 28
Established Contributor

Re: Soft inquiries should be calculated in your scores.


@Dinosaur wrote:

@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.


But I'll lose out cause everyone else competing against me is taking advantage of soft inquiries. However if all inquries affected your score then I'd be happy to count my future softs as something that affects my score.








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 16 of 28
Established Contributor

Re: Soft inquiries should be calculated in your scores.


@CreditGuyInDixie wrote:

The problem here is that our OP may not grasp what soft vs hard means.  A "soft" inquiry by definition is one that can only be seen by that creditor and the consumer.  That's what the word means.  So to say that it's fine to have soft inquiries but you think that they need to be calculated in your scores is to say that you realize that some things are invisible but you just think we need to make sure we can all count them.  That's in its essence contradictory.  If an inquiry can be seen by FICO, then it is visible to all entities pulling the report; and if it is visible, then it is a hard inquiry.

 

It's like saying that you are fine with having conscientious objectors in wartime; but you think it is only fair that they should have to fight too.  Or that you understand that some men are bachelors, but they too need to learn the responsibilities of marriage.  A C.O. by definition is one who doesn't fight and a bachelor is a man who by definition is unmarried. 

 

Here is a guess as to how to restate what he might by wanting to say, without inherently contradictory language:

 

I have learned recently that there is a lender called Alliant, and that one of its many products is its Share Secure Loan.  (A loan where the borrower first gives the lender the cash he intends to borrow, thus making it impossible for the bank to lose when it gives him this loan.)  I have also learned that for this one very specific type of loan, they do not do a hard pull of your credit (only a soft pull).  This upsets me.  I think we need a federal oversight body that can punish lenders who do this -- all lenders for all products should be required by law to do a hard pull for every loan.

 

This is a coherent perspective and people could then comment on it.  But the subject line of this post as written is contradictory.  It's like saying that all squares should be round.


Semantics are not an issue in this thread. Everyone knows the content of other people's posts.








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 17 of 28
Valued Contributor

Re: Soft inquiries should be calculated in your scores.


@Subexistence wrote:

@tydawg wrote:

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.


Just because I don't like hard inquiries on myself doesn't mean I benefitted from soft pulls. My credit union never did a soft pull.


Then go to one that does. The whole point of this forum is to find solutions to problems and gather intel from other credit seekers, sure you are free to complain but myself and other members have tried to address your concerns and give you solutions, here is yet another solution. Join a credit union via soft pull wait for your score to improve and with time when you are over 21 you may be pre approved for loans with no hard inquiry too. Then we can revisit this topic. 

Message 18 of 28
Established Contributor

Re: Soft inquiries should be calculated in your scores.


@tydawg wrote:

@Subexistence wrote:

@tydawg wrote:

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.


Just because I don't like hard inquiries on myself doesn't mean I benefitted from soft pulls. My credit union never did a soft pull.


Then go to one that does. The whole point of this forum is to find solutions to problems and gather intel from other credit seekers, sure you are free to complain but myself and other members have tried to address your concerns and give you solutions, here is yet another solution. Join a credit union via soft pull wait for your score to improve and with time when you are over 21 you may be pre approved for loans with no hard inquiry too. Then we can revisit this topic. 


The forum is a place to talk about credit in general. You're saying you want me to join a credit union just for soft pulls?








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 19 of 28
Valued Contributor

Re: Soft inquiries should be calculated in your scores.


@Subexistence wrote:

@tydawg wrote:

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.


Just because I don't like hard inquiries on myself doesn't mean I benefitted from soft pulls. My credit union never did a soft pull.


My CU soft pulls me on EQ and EX once a month. Not to give me a CLI but to see if they need to shut me down before things get out of hand.

Compnaies do monthly reviews not only to give CLI but to make sure they won't lose 1000's before things get out of hand they can shut you down to minimize their losses.


EQ688
TU700
EX707

Message 20 of 28
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