Dispute Credit pull?

[shulem92]

So you actually *do* believe a bank would want more info. before lowering or eliminating a credit line than it would before extending MORE UNSECURED CREDIT?

Wow.

What do you mean, "In what way it it unsecured"? It seemed obvious we were taking about credit cards here. Banks don't "shut down" car loans before repossessing the vehicle; likewise, they don't "shut down" mortgages without maintaining their interest in the home.

Its a possibility. A bank that has a relationship with a customer will very often extend more "unsecured" credit without pulling the report (I.e. chase is notorious for raising credit limits without even asking, forget about hard-pulling). OTOH they better have a very good reason why they are closing down an account.

[jsk173]

Its a possibility. A bank that has a relationship with a customer will very often extend more "unsecured" credit without pulling the report (I.e. chase is notorious for raising credit limits without even asking, forget about hard-pulling).

You know Chase — like Amex, and Citi, and just about every other major CC issuer — soft pulls cardholders on a regular basis, right?

OTOH they better have a very good reason why they are closing down an account.

Says who? Banks can close accounts whenever they want. There are shutdown threads right here on this site.

[shulem92]

You know Chase — like Amex, and Citi, and just about every other major CC issuer — soft pulls cardholders on a regular basis, right?

Soft! Not hard! Were discussing hard!

[jsk173]

Soft! Not hard! Were discussing hard!

LOL. You don't seem to have any clue what you're even arguing.

You just seemed to argue that Chase gives CLI without pulling a report at all, which is nonsense. They obviously monitor their customers' credit reports closely.

[shulem92]

Says who? Banks can close accounts whenever they want. There are shutdown threads right here on this site.

They would want a valid reason that they can pass off to the consumer, otherwise why can't the consumer open new accounts?

[jsk173]

They would want a valid reason that they can pass off to the consumer, otherwise why can't the consumer open new accounts?

"After a recent review of your accounts, we have decided to end our relationship with you."

That's it. That's all a soon-to-be-former Chase customer gets.

[shulem92]

LOL. You don't seem to have any clue what you're even arguing.

You just seemed to argue that Chase gives CLI without pulling a report at all, which is nonsense. They obviously monitor their customers' credit reports closely.

Stop responding and then editing your posts. Its getting super annoying! And yes my point was that to extend credit, most LI don't need to do a hard pull if you are an existing customer, because between the soft pull, and their own credit portfolio they have a pretty good idea.

[jsk173]

Stop responding and then editing your posts. Its getting super annoying! And yes my point was that to extend credit, most LI don't need to do a hard pull if you are an existing customer, because between the soft pull, and their own credit portfolio they have a pretty good idea.

But they need to do a hard pull for a shutdown?

Come on.

[shulem92]

But they need to do a hard pull for a shutdown?

Come on.

Did I say they need to? No. I said that it is very likely that they would do a hard pull (if allowed) just to cover all the bases

[jsk173]

Did I say they need to? No. I said that it is very likely that they would do a hard pull (if allowed) just to cover all the bases

It's clearly allowed, as per the statute that's now been cited roughly 40 times.

[shulem92]

It's clearly allowed, as per the statute that's now been cited roughly 40 times.

It it were allowed, don't you think they would? Just to cover their bases? And if the whole thing according to you is just to penalize the consumer, why wouldn't they do it when shutting down an account? For a couple of bucks? Seriously?

[jsk173]

It it were allowed, don't you think they would? Just to cover their bases?

Cover which bases? Banks can close an account for just about any reason they want, and they know plenty about their current accountholders from the soft pulls they do on a regular basis.

And if the whole thing according to you is just to penalize the consumer, why wouldn't they do it when shutting down an account? For a couple of bucks? Seriously?

Yes, seriously. What would be the point? There wouldn't be one.

If the person's credit is already bad, a hard pull would have a meaningless impact. And if the person's credit is clean but the account is being closed anyway, why throw salt in the wound?

[shulem92]

And if the person's credit is clean but the account is being closed anyway, why throw salt in the wound?

Do you not understand the word penalize? Anyway, I gtg. Its well past my bedtime to be arguing with a troll

[shulem92]

Cover which bases? Banks can close an account for just about any reason they want, and they know plenty about their current accountholders from the soft pulls they do on a regular basis.

Yes, seriously. What would be the point? There wouldn't be one.

If the person's credit is already bad, a hard pull would have a meaningless impact. And if the person's credit is clean but the account is being closed anyway, why throw salt in the wound?

Stop editing your posts. Make up your mind BEFORE you post

[jsk173]

Do you not understand the word penalize? Anyway, I gtg. Its well past my bedtime to be arguing with a troll

I do understand the word "penalize." Closing someone's account after a minor and quickly cured default, or after no default at all, is a penalty in itself. There's no reason to throw salt in the wound.

[jsk173]

Stop editing your posts. Make up your mind BEFORE you post

Don't be dishonest. I sometimes (quickly) add a sentence to the end of a comment but I don't go back and change the content or meaning of my comments.

[shulem92]

Don't be dishonest. I sometimes (quickly) add a sentence to the end of a comment but I don't go back and change the content or meaning of my comments.

First of all, u do change the meaning sometimes. Here is one example. Second of all u edit posts that no one knows you edited so they can't properly respond. (When u edit a post there are no notifications),at least on tapa..

Of course. You realize a soft pull gives the bank most if not all of the same info., right?

[jsk173]

First of all, u do change the meaning sometimes. Here is one example. Second of all u edit posts that no one knows you edited so they can't properly respond. (When u edit a post there are no notifications),at least on tapa..

LOL. I didn't change the meaning of that comment at all; I added a minor clarification.

Also, edited comments have an "edited" notation/timestamp on the website, so it's not like anything surreptitious is going on.

[noturbizniss]

I've never had a discover card and have gotten pre approvals from them.
However if soft and hard pulls are the same then why do they still hard pull even with pre approvals

[JTZ]

It's illegal for anyone to pull even a soft of your credit without a permissible purpose.

Here is another 100% false statement. Softs are pulled all the time without you having anything to do with institution that is pulling the soft. Here is something you can do yourself to prove what I am saying is correct. Get a real copy of your CR and look under inquires. It will show soft and hard inquires. Under soft inquires you most likely see pulls you never gave permission to, they had a permissible purpose for or ever had anything to do with. Here are few under mine.

PRM-AAA AUTO CLUB GROUP 10/24/16
PRM-LIBERTY MUTUAL RESPONSE MARKET 10/21/16
PRM ONL-WYNDHAM VACATION OWNERSHIP 07/31/16

Most of you would say what is the big deal? Just let the troll keep trolling. The problem is he continually posts wrong information in this and other threads that can get members in trouble. When you correct him with facts he just keeps repeating the same BS over and over.

ETA: they had a permissible purpose for