Soft pull see other soft pulls?

[Anonymous]

"only thing conceivably frustrating, would be attempting to apply for a plethora of credit products through only soft pulls"

Yes. That's exactly what I said in my post, I was going to be shopping around and doing a lot of soft pulls.

But Trusty, I'm not quite sure what makes you think you cannot go credit shopping with soft pulls? Of course you can. That's the entire purpose of a soft pull. Ive been doing that my entire life. I mean the purpose of a soft is to give you a preliminary interest rate with terms and an amount so you can do a comparison before pulling the trigger.

Thanks for the vote of confidence on getting approved though lol.

Maybe you're thinking credit cards? I'm talking about personal loans through the various lenders out there.

And I think you misread my post, which was the frustration was in trying to Google and get a answer to my question. Not in the process.

But yes. For my end, it's EXTREMELY important to know that others are not seeing it, because not only am I going to check out several different personal loans, I also intend on starting at the top and working my way to the bottom with all my credit cards and asking for credit line increases.

All told I'm probably going to wind up with about 15 soft inquires. So I find that to be extremely important to know whether or not its seen because they may view that as scary LOL.

But I think I got my answer from others and I feel VERY secure now after readinf some of the replies that I have nothing to worry about

[Anonymous]

Jlitnns, i'm not sure how you could possibly NOT know what I'm asking. Much less pick up 2 kudos on it.

If you do a soft credit pull, can you see if others are doing a soft credit pull as well? I don't see where it's that complicated to understand what I am asking?

[Gmood1]

Join Penfed and State Department FCU. You'll get personal loan checks in the mail several times a year off SPs they initiate. And there's no HP when you cash them either.😜

[jlitnns]

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@Anonymous wrote:
Jlitnns, i'm not sure how you could possibly NOT know what I'm asking. Much less pick up 2 kudos on it.

If you do a soft credit pull, can you see if others are doing a soft credit pull as well? I don't see where it's that complicated to understand what I am asking?

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Lol, you didn't have a specific question in the original post there sir. If you are going to post here it helps to be specific. There are a lot of people in here with great personal and professional experience. 

I would advise to pull your reports from annualcreditreport for free and get a list of SP's on your report if you're that concerned with it. With your score it should really be up to your choosing on what type of personal loan to get. 

And clearly the kudos came from people that were as equally confused as I was, maybe more so that are you really asking about this?

The SP's worry me a little as well since it's a new year and I'm trying to get additional funding and renewed credit lines at banks for my business and they're probably thinking why in the hell is he pre-apping for a Citi Costco card, lol.

Good luck, you'll be fine!

[Anonymous]

I thought I was very articulate personally. But if others are seriously still confused of what I am asking then I will be specific.

Inquiries HURT. If you pick up 15 hard inquiries in one day your credit score will drop like an anvil from the sky!!!!

Just because it is a soft pull and NOT part of the permanent record does NOT mean it cannot be seen by other lenders and as such, would be scared off that you're asking so many for so much and would "unofficially" turn you down based on seeing so many other soft pulls.

That good enough?!! LOL

[Anonymous]

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@Anonymous wrote:
I thought I was very articulate personally. But if others are seriously still confused of what I am asking then I will be specific.

Inquiries HURT. If you pick up 15 hard inquiries in one day your credit score will drop like an anvil from the sky!!!!

Just because it is a soft pull and NOT part of the permanent record does NOT mean it cannot be seen by other lenders and as such, would be scared off that you're asking so many for so much and would "unofficially" turn you down based on seeing so many other soft pulls.

That good enough?!! LOL

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No lender can see your soft inquiries, only you can.  Period.

[RobertEG]

By definition, a so-called "hard" credit inquiry is one which is shown in any subsequent credit reports provided to you, the consumer, or to others.  In distinction, a so-called "soft" inquiry is only shown in subsequent credit reports that are provided to the named consumer,and not to others.  Thus, a subsequent inquiry will onlly show prior soft pulls if it is made by the named consumer.  That is true regardless of whether the prior inquiries were coded soft because they were made by the named consumer, or coded as soft because they met the criteria for coding as such by the CRAs.

The FCRA does not mention the terms hard or soft inquiry.  The only regulation and distinction made within the FCRA of what can be seen by others when they make a so-called soft inquiry is for the specific and special type of inquiry provided for under FCRA 604(c), which is what is commonly referred to as a "promotional inquiry."

More explicitly, as a service to potential creditors, the FCRA offers a service that permits potential creditors, regardless of whether they currently have an account with a consumer or whether the consumer has initiated any request for credit, to submit a listing of criteria to a CRA, and have the CRA screen their files against those specified criteria, and provide a listing of consumer names and addresses of those whose credit files currently meet the specified criteria.  The purpose is to permit potential creditors from limiting their solicitations to only those who will likely meet their approval criteria.  The FCRA explicitly and specifically precludes such inquiries from providing any account-specifc information to the inquiree, and explicitly and specifically states that the inquiry cannot be shown in any subsequent credit reports provided to parties other than the named creditor.  

[trusty]

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@Anonymous wrote:
"only thing conceivably frustrating, would be attempting to apply for a plethora of credit products through only soft pulls"

Yes. That's exactly what I said in my post, I was going to be shopping around and doing a lot of soft pulls.

But Trusty, I'm not quite sure what makes you think you cannot go credit shopping with soft pulls? Of course you can. That's the entire purpose of a soft pull. Ive been doing that my entire life. I mean the purpose of a soft is to give you a preliminary interest rate with terms and an amount so you can do a comparison before pulling the trigger.

Thanks for the vote of confidence on getting approved though lol.

Maybe you're thinking credit cards? I'm talking about personal loans through the various lenders out there.

And I think you misread my post, which was the frustration was in trying to Google and get a answer to my question. Not in the process.

But yes. For my end, it's EXTREMELY important to know that others are not seeing it, because not only am I going to check out several different personal loans, I also intend on starting at the top and working my way to the bottom with all my credit cards and asking for credit line increases.

All told I'm probably going to wind up with about 15 soft inquires. So I find that to be extremely important to know whether or not its seen because they may view that as scary LOL.

But I think I got my answer from others and I feel VERY secure now after readinf some of the replies that I have nothing to worry about

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It seems to me that if you have been shopping by deliberately using only soft pulls for your, "entire life," than you would already know that the only downside to promotional inquiries... is that they are not actually a guarantee of rate or approval.

Therefore, the reason I don't consider them to be "shopping" per se, is because the terms of approval will oftentimes change when you actually apply - with a hard inquiry. In addition to that, loan terms are largely dependent on factors that are not listed on a credit report. 

So, I'm genuinely saying; if there is a way to shop with only soft inquiries, that is a guarantee of rate and approval... please share.

[Anonymous]

I don't know why I can't seem to attach the question to my response? Sorry about that that's why I use names lol!

To Rusty: LMBO!

Yes, you can, simply by doing something first before going on to the second soft pull step. Yes it is true, lenders will "sometimes" have a tendency to change the rates on you, but I emphasize the words "sometimes" and "tendency".

The softpull is normally the second step I take. I will give a current example. I recently took a personal loan for $25,000 from Marcus (GREAT company by the way) but that was AFTER narrowing it down to a few different companies.

My first step was to call and ask precisely what you are saying. Letting them know that you are expecting the interest rate that was quoted based upon your score. And if that is not the case to let you know now. 95% success rate. However???

You'd be shocked at how these companies are looking to rip you off. Prosper was the freaking WORSE!!! Quote you this interest rate of 11.99, and then AFTER doing a hard credit pull, and AFTER talking with them first to make sure they don't alter that rate, they did approve me. For that rate. But then had all these ADDED FEES thrown on. Ridiculous fees, closing costs, like it was a freaking home mortgage!!!! Just an absurd rip off is all it was.

If you calculated the fee's into the loan amount it wind up coming out to be around 14%!!! That's deceiving, it's misleading, it's everything bad you hear about companies looking to rip off consumers and even though the loan was offered I told them to stick it where the sun don't shine! On such a simple matter as a personal loan there should not be any fees involved!

But back to my example, you will find that the vast majority of them do in fact offer you the interest rate that you were quoted assuming you're not lying or giving them any information other than is true.

I tried literally every company out there, all of them. So-fi, Prosper, Discover, Marcus, Lending Tree, Lending Club, Blah blah.

Marcus shined liked the sun on a dark night. Highly recommend. In fact I left such a good review on their website that it must have been circulated around and I have gotten several calls from their executives high up on the corporate ladder wanting me to discuss my experiences in person to them!

Wanting to know if there was anything that they could change to make the experience even better!!! My reply was no. It was fantastic. That my friends is a great company!!

My point is, most of them are on the up and up and though there's a couple more I put on the list that altered things some, you just need to call and go the extra steps before doing anything blindly on a computer.

So my ending point is, though that is an area of concern, its not enough concern to stop you from doing that. Call first and find out about any hidden fees, whether or not the quoted interest rate is going to be honored, and based upon the answers you receive go further or not.

The fact that some companies like Prosper are looking to stick it up your butt is not enough reason to not trust the quoted rate.

[Anonymous]

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@Anonymous wrote:
I got all my scores back up above 750 and now I'm shopping for some credit with lots of soft pulls. Researched this topic until levels of frustration and can't seem to find a REAL answer. Couple came close but I didn't feel confident that it was answered by someone who really knew

So one thing I do ask, no guessing please. There is enough speculation out there to drive people crazy and would LOVE to have this addressed by a lender who actually does soft pulls to get a definitive answer!

Thanks

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My Gosh st least a dozen people in here have told you only you can see soft pulls. That’s the law for crying out loud. Many on here know as much if not more than the credit experts. Only you can see your soft pulls. Not a single other person or anyone running your credit can see your soft pulls.