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Soft inquiries should be calculated in your scores.

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Valued Contributor

Re: Soft inquiries should be calculated in your scores.

Penfed also SP me monthly, and actually spoke to them about my Direct deposit today. I asked them about a PC to another card from the promise while i was on the phone. The soft pulling wouldnt't give me a PC it would still require a HP. which I declined. 

Those are 2 CU's that soft pull me regularly along with SDFCU


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Message 21 of 28
Valued Contributor

Re: Soft inquiries should be calculated in your scores.


@Subexistence wrote:

@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?


I could personally care less, you are the one who appears to be enraged about people using SPs to get loans. You want to punish others by decreasing their scores if they get hit with a soft pull why not try to get a loan/credit card yourself? Maybe it could stop the water from boiling over....

Message 22 of 28
Established Contributor

Re: Soft inquiries should be calculated in your scores.


@tydawg wrote:

@Subexistence wrote:

@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?


I could personally care less, you are the one who appears to be enraged about people using SPs to get loans. You want to punish others by decreasing their scores if they get hit with a soft pull why not try to get a loan/credit card yourself? Maybe it could stop the water from boiling over....


I could do that and I know I will so I don't fall victim to game theory. However it doesn't mean the system doesn't address soft pulls represent increased risk.








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Message 23 of 28
Super Contributor

Re: Soft inquiries should be calculated in your scores.

Soft pulls will never impact credit score because they have zero bearing on risk.

Message 24 of 28
Super Contributor

Re: Soft inquiries should be calculated in your scores.


@Subexistence wrote:

@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.


I am certain that people do not know the content of what everyone is writing -- if by content you mean "what is this person intending to say."  People often do not know what you mean in particular, because you are so unclear and because you so often have not thought through the implications of any particular post.

 

I took one stab about what you might have meant, had you took the time to think it through and write it clearly.  It was still a guess and was only one of many that might have been made.  Is the guess I made right?

 

It's actually really important to this discussion that you think that soft inquiries could be somehow seen and scored by FICO.  It's essential because it reveals that you don't understand how FICO works, what it means for a FICO score to be run on a report, etc.  These are not trivial distinctions.

Message 25 of 28
Valued Contributor

Re: Soft inquiries should be calculated in your scores.

My credit quite often changes everyday since I have statements reporting throughout the month with balance fluctuations. And I'm fairly certain I'm not the only one like this.
Message 26 of 28
Super Contributor

Re: Soft inquiries should be calculated in your scores.

I guess it depends on how you define "changes."  For many people (myself included) balance fluctuations are essentially meaningless; my credit scores often remain constant for a month or longer.  For others, smaller reported balance fluctuations may result in some scoring changes but I wouldn't expect them to be significant, generally speaking unless either all cards report a zero balance or a card or cards get maxed out.

Message 27 of 28
Moderator Emeritus

Re: Soft inquiries should be calculated in your scores.


@Subexistence wrote:

@tydawg wrote:

@Subexistence wrote:

@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?


I could personally care less, you are the one who appears to be enraged about people using SPs to get loans. You want to punish others by decreasing their scores if they get hit with a soft pull why not try to get a loan/credit card yourself? Maybe it could stop the water from boiling over....


I could do that and I know I will so I don't fall victim to game theory. However it doesn't mean the system doesn't address soft pulls represent increased risk.


FICO Scoring Models do NOT factor soft inquiries into the scoring calculations. This has been the case for as long as I can remember. There is no game involved. As to people getting scoring changes every day it can depend on what program they use to access the credit bureaus. Some update monthly, some when you pull your reports. Note, a credit bureau report is based on the information in the bureau the moment the report is pulled and may change by external factors that are posted right after the report is pulled. As to gaming you have information that is not based on the actual operation of the FICO Scoring Models. There are educational resources available online that you could research to further your education on FICO Scoring Models. Perhaps it would be to your benefit to avail yourself of the knowledge.

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Message 28 of 28
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