Hard Credit Pull

I completed an assignment yesterday requiring my permission for a hard pull; the shop paid $175. I checked my score today and it was down 1.17%. I mention this only due to my having heard how said pull will have an adverse affect upon one's credit. Predicated upon this experience, I will not hesitate to apply for similar work in the future and I encourage others to consider these shops.

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After having one hard pull for a credit card, it took two years for my score to go back (839 out of 850).

I have been told by several bankers that once your score goes above 780 it's all about the same when it comes to your credit worthiness. Any concern about a difference between 839 and 850 is likely your anal-retentive, type-A perfectionist side coming out, LOL (most shoppers have some sort of OCD to varying degrees and there is nothing wrong with that).

My score is currently 820 and it fluctuates between 800-830. I have never had any issues getting credit cards or anything else. If it goes closer to 800 again, I am not worried.

shopperbob: thank you for putting that in perspective.

"I told myself to quit you; but I don't listen to drunks." -Chris Stapleton

You can have two pulls in two years, after that it becomes a problem.
(edited because it is 2 years, not 3)

Edited 1 time(s). Last edit at 01/17/2020 06:49AM by SoCalMama.

@SoCalMama wrote:

You can have two pulls in three years, after that it becomes a problem.

Except they’re only reported for two years.

There’s a lot of needless perfectionism and some superstition about credit scores. So many factors are weighed in granting credit.

Bigger factors are age of history and % used. All the time people brag about closing credit cards they don’t use. If there’s no annual fee, there’s no benefit and it’s likely you will lose points.

@1cent wrote:

@SoCalMama wrote:

You can have two pulls in three years, after that it becomes a problem.

Except they’re only reported for two years.

You're right. I just edited my post.
I leased a car and had two pulls in an hour. One by the sales guy. One by finance. I will not be buying or leasing there again. I did not notice it until a few months later. It was annoying because I bought two cars that weekend and had 3 credit pulls for 2 years on my report.

People do not really understand what FICO scores represent.

I laugh out loud at people who refuse a great paying job because it'll be a hard credit pull.

@SoCalMama wrote:

@1cent wrote:

@SoCalMama wrote:

You can have two pulls in three years, after that it becomes a problem.

Except they’re only reported for two years.
You're right. I just edited my post.
I leased a car and had two pulls in an hour. One by the sales guy. One by finance. I will not be buying or leasing there again. I did not notice it until a few months later. It was annoying because I bought two cars that weekend and had 3 credit pulls for 2 years on my report.

You could dispute the extraneous hard pull as you did not authorize it. Pretty much a slam dunk to get it removed but you may have to be persistent.

@JustForFun wrote:

@SoCalMama wrote:

@1cent wrote:

@SoCalMama wrote:

You can have two pulls in three years, after that it becomes a problem.

Except they’re only reported for two years.
You're right. I just edited my post.
I leased a car and had two pulls in an hour. One by the sales guy. One by finance. I will not be buying or leasing there again. I did not notice it until a few months later. It was annoying because I bought two cars that weekend and had 3 credit pulls for 2 years on my report.

You could dispute the extraneous hard pull as you did not authorize it. Pretty much a slam dunk to get it removed but you may have to be persistent.

They fell off in December 2019, so I'm good now. I bought two cars over a weekend in December 2017. One for me and one for my teenager.

I believe scoring systems also group pulls that are within a short period. It’s normal to shop around for rates on car loans and mortgages.

A hard credit pull has a minimal impact on your credit score. It usually drops my score 3-5 points. For the most part, my score goes back up within 1-2 months. I'm a credit card churner and open plenty of new credit cards in a year. I have 6 inquiries right now on my Experian report and my credit score is a 782.

It took me quite a few years to come to this conclusion - but a credit score is used TO GET CREDIT. As long as it is high enough to get whatever loans or credit cards you apply for, the number is effectively irrelevant. I've never really worried about applying for loans/cards impact on my score and it has hovered my entire adult life between 780-820. Never had a loan or credit card application denied and really, that's all that matters.

@nixkit wrote:

It took me quite a few years to come to this conclusion - but a credit score is used TO GET CREDIT. As long as it is high enough to get whatever loans or credit cards you apply for, the number is effectively irrelevant. I've never really worried about applying for loans/cards impact on my score and it has hovered my entire adult life between 780-820. Never had a loan or credit card application denied and really, that's all that matters.

Your loan rate is based on your score.
You'll get accepted, but you won't get the best rate.
That's the difference.

@SoCalMama wrote:

You can have two pulls in two years, after that it becomes a problem.
(edited because it is 2 years, not 3)

That's a bit extreme...

For argument sake, I'll just use my personal profile as an example, as I can vouch for this personally.

Currently, I'm going through a cash-out refinance on my primary home and also refinancing a rental property right now under my name at the same time. I am able to obtain the highest possible interest rates due to my credit score (>740 is essentially whats needed for the optimal interest rate).

I had to double check to make sure, but I have 8 credit pulls (including the pull for the loan refinances ongoing) in 2019 alone, 10 hard pulls total over the span of 2 years.

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 33 year old male and willing to travel!

Edited 1 time(s). Last edit at 01/17/2020 09:08PM by Tarantado.

I have had at least 10 hard credit pulls in the last 14 months, maybe more. During that time period my credit score has wandered in the range of 780-786. Nothing outside of that range. AND, I was compensated handsomely for the shops that required those credit pulls, between $125 and $600. Oh, and in September I bought a used car and got a very good deal on the credit terms because of my credit history.

Based in MD, near DC
Shopping from the Carolinas to New York
Have video cam; will travel

Poor customer service? Don't get mad; get video.

@SoCalMama wrote:

You can have two pulls in two years, after that it becomes a problem.
(edited because it is 2 years, not 3)

Completely untrue. I play the sign up bonus game a lot. One of my reports has 7 pulls in the last 2 years, the other 2 are LOL. Pulls still only ding me 4-5 points and usually go away within a month.

There are reasons that a body stays in motion
At the moment only demons come to mind

@JASFLALMT wrote:

I have been told by several bankers that once your score goes above 780 it's all about the same when it comes to your credit worthiness.

It's my understanding 780 is a bit high for that. Most lenders have no difference in terms for anything above 740, some use 760, 780 is rare.

There are reasons that a body stays in motion
At the moment only demons come to mind

Well maybe it was 760. I don't remember, I haven't sat down with a banker in a couple of years. I know it wasn't 740.

@JustForFun wrote:

You could dispute the extraneous hard pull as you did not authorize it. Pretty much a slam dunk to get it removed but you may have to be persistent.

It wouldn't matter, multiple pulls on the same day by the same lender or type of lender (unless it's a credit card) don't affect your score. For example, if I applied for a Chase, Amex, and Citi card all on the same day my score would indeed drop based on 3 separate credit pulls. If I have 7 pulls all from auto lenders on the same day my score will only drop as if I had 1 pull.

There are reasons that a body stays in motion
At the moment only demons come to mind

@SoCalMama wrote:

Your loan rate is based on your score.
You'll get accepted, but you won't get the best rate.
That's the difference.

True. But anything about mid700s is going to get the best rate anyway. And for me, I couldn't possibly care what my interest rate is. I don't do installment loads of any kind and I only use credit cards for the sign up bonuses and pay them off immediately.

There are reasons that a body stays in motion
At the moment only demons come to mind

@bgriffin wrote:

@JASFLALMT wrote:

I have been told by several bankers that once your score goes above 780 it's all about the same when it comes to your credit worthiness.

It's my understanding 780 is a bit high for that. Most lenders have no difference in terms for anything above 740, some use 760, 780 is rare.

Agreed. From personal experiences, above 740 is a wash. The difference is that though the calculations are different depending on what model is used, what's been reported to what agency, etc.

Shopping the Greater Denver Area, Colorado Springs and in-between in Colorado. 33 year old male and willing to travel!

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