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@SouthJamaica wrote:
@Thomas_Thumb wrote:
@SouthJamaica wrote:There are many different practices among credit unions.
Some do, and some don't, do a hard pull for membership.
As to those who do a HP for membership, some do allow that HP to be used for a credit application in the near future, while some take a second HP.
PenFed's well established practice used to be that there was a HP for membership, but that that HP would be used for any credit product application during the next 30 days. At present, to the best of my knowledge, PenFed's current practice is in flux and I get the feeling nobody knows exactly what the new policy is. https://ficoforums.myfico.com/t5/Personal-Finance/PenFed-accounts-SP-HP-update/m-p/6094836
SJ -
CUs continue to be a mixed bag with membership and use of the membership HP for future credit applications. Have you noticed any difference in coding with CUs relating to length of time between joining and applying for a CC?
No. The HP's for membership always seem to be "installment loan inquiries". And the HP's for CC's are almost always "installment loan inquiries" as well, even though neither has anything to do with an installment loan.
It would appear ill advised to generalize on HP coding and binning for CU credit card applications.
IMHO it's definitely ill advised to generalize on HP coding and binning for CU credit card applications.
However, I suspect CU loans are always coded as loans
I wouldn't know. I have very little experience applying for loans.
- if they do a new HP or use a membership HP. If the membership were a SP, then a new HP is likely required.
Yes definitely.
PS It just occurred to me that HP's in connection with my credit limit increase requests from CU's are also denominated "installment loan inquiries" in most cases. Is it possible that installment loan inquiries cost less, so the credit unions click off 'installment loan' as the reason?
I don't know, but have seen it with many CUs.
@Anonymous wrote:
@dragontears wrote:so reading post 4 there is no data that there is only loan vs credit card inquiries..... and I still believe that the "other loan" type of HP are not deduped.
https://www.fico.com/blogs/skinny-fico-scores-and-inquiries
Thanks, that makes my point, only mortgage, auto and student loan HP are deduped. Other types are not.
@Anonymous wrote:
@GApeachy wrote:What's de-duplication?
@GApeachy read the section in the Primer, it's got slides from fico that will make the concept easier to understand.
Don't wanna break your heart, but we kinda answer the questions, then point members to threads for additional information.
The existence of this forum is predicated on it.
@dragontears wrote:
@Anonymous wrote:
@dragontears wrote:so reading post 4 there is no data that there is only loan vs credit card inquiries..... and I still believe that the "other loan" type of HP are not deduped.
https://www.fico.com/blogs/skinny-fico-scores-and-inquiries
Thanks, that makes my point, only mortgage, auto and student loan HP are deduped. Other types are not.
@dragontears I totally misread what you wrote. It was late. You are correct that auto SL, and mortgage inquiries are separate and grouped separately for purposes of binning.
I dont know if "other" loans are de-dupped and from the sources above they may not be. And your point is correct that we have to divide auto SL and mortgage inquiries into separate categories too, I think. And I tend to agree the other loan types may not be de-dupped, based on the links above.
But good point, we'll have to break the inquiries down further if we hope to determine bins.
@Remedios wrote:
@Anonymous wrote:
@GApeachy wrote:What's de-duplication?
@GApeachy read the section in the Primer, it's got slides from fico that will make the concept easier to understand.
Don't wanna break your heart, but we kinda answer the questions, then point members to threads for additional information.
The existence of this forum is predicated on it.
Oh no problem. As you can see @Anonymous and @dragontears hooked me up with a response and a link. Look forward to reading more from these fine peeps.
I also edited post 13 to put a qualifier.
Based on some thought and good points from @dragontears , loans that are not mortgages, auto, or student loans may not have dedupe and buffering logic applied.
Consequently, I don't think we can use the 30 day buffer as a hard and fast rule as to whether it's installment or CC necessarily, but just as a guide because other types of loans may or may not have this logic applied. That's something we need to collect data points on and determine.
Any members that are applying for any loans that are not mortgage, auto, or student, please contribute as to whether you are taking an immediate hit for your hps or whether they are buffered 30 days.
then maybe we can determine whether or not the other loan type has the logic applied or if they should just be grouped with the general credit card classification.
And as noted above, credit union pulls are a wild card, but may mostly be coded as installment loans.
Community, we need your help. Please contribute dps and any thoughts from anyone are also appreciated.
I want to bring this thread back to the front of mind for the community as this would be VALUABLE data for ALL of us on this forum
Thanks
@1GaDawg85 wrote:I want to bring this thread back to the front of mind for the community as this would be VALUABLE data for ALL of us on this forum
Thanks
@1GaDawg85 thank you you are so correct. And I know a lot of people are applying for personal loans and SSL's and I need to know whether or not those have the 30 day buffer.
But just because you do not get a score hit the same day does not necessarily mean it's buffered, because it could be binned, but if members gets hit the same day, we know they are not deduped.
help Community !
Four points lost when HP for personal loan reached 30 days.