Not sure if right area to post this...In Feb. of 2015 I purchased a new water softening system through Rain Soft for our nre home. Where I live the water is very HARD and you must have one of these. It was an installment plan, equal payments for 5 years at 7.9%...not too bad. The financing is through Synchrony. Turns out this is a revolving account with a credit card. I was surprised by that, because I do not need another softener. The unit was $5K and the limit on the card is $6K. So, of course all of this time the utilzation is high, since this is actually a revolving account. I have read all of the things about Synchrony on here and thought I understood their gig. My other accounts with them have the Luv button, and thanks to you all here, I use the button and they are good to me. For this account you must call in for CLI. So, I finally do, yep its India trying to sound American, and then again transferred to the Solutions group! She was efficeint and nice. I explained about the utilzation and she understood. "Not a problem", she said. "I just need to ask you a couple of questions and we will take care you." I felt nice and comfy, only 2 questions, my income and do I own the house.' Boom, $14K CLI came back. Ok, great so I will be under the 30% now. Thank you. Well, then today Bankrate sends me a TU alert for Synchrony. No alerts from MyFico, I have the 3B Ultimate product. I login to Credit Karma, sure enough, the inquiry is there...a hard pull! I am not happy! She did not say anything about that. Now a HP for no reason, what would be a SP with a Luv button. Uuuugghhh! So, anyway still no alert from MyFico. I guess I am mostly venting, but wanted to share.
Well, while it may be annoying that you received a HP that you weren't expecting at least you ultimately got what you wanted in a more than 2X CLI which brought your utilization down to a workable number. The couple of points you may lose from the HP will easily be cancelled out by the lower utilization.
It's irritating that she didn't disclose that it would be a HP up front, but I guess what can be learned from this going forward in the future would be to ask just to make sure.
Thanks BBS! I appreciate your nice reply. Yep, I should have asked!
When you are asking for credit (even a CLI request is asking for credit) a creditor has permissible purpose to pull a CR. Some only do a soft pull when it's a CLI request but that is not always the case. Make a point to ask them prior if you are concerned with getting a HP.
|Total CL: $304.1k||UTL: 3%||AAoA: 6.8yrs||Baddies: 0||Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping|
Now a HP for no reason, what would be a SP with a Luv button.
A CLI is permissible purpose.
The nature of the account should have been disclosed to you before you applied. Make sure you read and understand that stuff before agreeing to it.