Why do banks regularly sp reports?

[Traveler101]

When I pull my reports, I see almost monthly the same people, Capital one, Amex, Barclay's, USB soft pulling my reports across multiple CRA'S. I don't see any from credit unions. Wonder what the reasoning is behind it. Amex and usb are relatively new, both under 6 months. The others have been doing it for years. 

[Kforce]

To find out who to send offers, & advertising.

To see if they need to lower your CL or close your card.

Are you naughty or nice

[cashorcharge]

Sometimes it feels like...somebodies watching me...

They're keeping tabs on you....they keep tabs on a lot of people...

It's a standard practice

[Traveler101]

They must think I'm naughty. Banks that is. I never see it from credit unions. And I haven't been on a spree either. The last 2 cc opened were the first in 2.5 years.

[Traveler101]

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@cashorcharge wrote:

Sometimes it feels like...somebodies watching me...

They're keeping tabs on you....they keep tabs on a lot of people...

It's a standard practice

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I know..I'm singing that song..lol

[OmarGB9]

As mentioned above, to keep tabs on you. Not sure why CUs don't. I guess cause it costs money and since they're member-owned, maybe it's not worth it for them?

[Traveler101]

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@OmarGB9 wrote:

As mentioned above, to keep tabs on you. Not sure why CUs don't. I guess cause it costs money and since they're member-owned, maybe it's not worth it for them?

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Definitely gives a feeling on self consciousness. Almost makes me hesitant at times to apply for any new card or account to some respects. Afraid they may lower the boom on me. Especially in today's economic climate. I thank you folks for your responses.

[OmarGB9]

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@Traveler101 wrote:

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@OmarGB9 wrote:

As mentioned above, to keep tabs on you. Not sure why CUs don't. I guess cause it costs money and since they're member-owned, maybe it's not worth it for them?

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Definitely gives a feeling on self consciousness. Almost makes me hesitant at times to apply for any new card or account to some respects. Afraid they may lower the boom on me. Especially in today's economic climate. I thank you folks for your responses.

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It's just standard practice. They do it to all of their customers. No need to feel self conscious.

If they do "lower the boom" due to economic conditions, just know it wasn't anything you did, and merely a sign of the times. Nothing personal. 

[CreditCrusader]

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@Kforce wrote:

To find out who to send offers, & advertising.

To see if they need to lower your CL or close your card.

Are you naughty or nice

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[Hex]

Who says credit unions don't soft pull check credit reports? I'd be willing to bet that when Navy Federal and PenFed provide me with my scores they take a little looksee at it themselves. I'm pretty sure that's where they get the data to process soft pull credit limit increases and special offers.