Is Capital One's secured a hard pull or soft credit inquiry?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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xdunlapx
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Is Capital One's secured a hard pull or soft credit inquiry?

Postby xdunlapx » Sun Aug 26, 2012 9:10 pm

Does Capital One do a hard or soft pull on your credit for their secured card? What is the difference between hard pull and soft pull? I'm a newbie in learning all about credit and credit cards even though I am 28 :(
Capital One Secured Mastercard (9/2012) $226 limit


CC Deville
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Postby CC Deville » Mon Aug 27, 2012 3:52 pm

xdunlapx wrote:Does Capital One do a hard or soft pull on your credit for their secured card? What is the difference between hard pull and soft pull? I'm a newbie in learning all about credit and credit cards even though I am 28 :(


It is my understanding that it will be a hard inquiry on all three bureaus. I know they pull all three for unsecured but I honestly don't know for sure on the secured.

Have you also considered BofA and PNC secured cards instead? They might be the better option for future growth.

shoptalk01
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Postby shoptalk01 » Mon Aug 27, 2012 4:54 pm

I just applied for a secured and they did a hard pull

xdunlapx
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Postby xdunlapx » Mon Aug 27, 2012 5:52 pm

Well I don't think I could get a BOA card because I had one that went to collections and was charged off. I think it may still be in collections though I haven't received a letter about it in a few years or so. So I doubt I could get a card from them. I hadn't thought of PNC, I went to credit.com I think and they recommended the capital one secured card. It has 22.9% APR but I'll be paying it off every month. I only put $125 as a deposit so that is probably only what my credit limit will be. I'm not sure. I haven't received the card yet, I just deposited the money early Friday. I hope it comes this week so I can start using it. I need to buy MS Office for college and I could do that using the secured card.

I did just get a discover card offer in the mail today. I was surprised. There was no activation fee, no annual fee and it was a better APR than my secured card. But I tore it up. I am not in the position to need more than one card. Though it would be nice if they approved it. I doubt they would. My equifax score is about 596 as of about a month ago. I applied for credit and was denied and in the denial letter it gave my score as a reason they denied me, along with delinquent accounts.

CC Deville wrote:It is my understanding that it will be a hard inquiry on all three bureaus. I know they pull all three for unsecured but I honestly don't know for sure on the secured.

Have you also considered BofA and PNC secured cards instead? They might be the better option for future growth.
Capital One Secured Mastercard (9/2012) $226 limit

xdunlapx
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Postby xdunlapx » Mon Aug 27, 2012 6:03 pm

How does a hard pull affect my credit?
Capital One Secured Mastercard (9/2012) $226 limit

xdunlapx
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Postby xdunlapx » Mon Aug 27, 2012 8:56 pm

What is the difference between hard pull and soft pull? Which affects credit more and by how much?
Capital One Secured Mastercard (9/2012) $226 limit

Crashem
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Postby Crashem » Tue Aug 28, 2012 1:25 am

xdunlapx wrote:What is the difference between hard pull and soft pull? Which affects credit more and by how much?


A soft pull or inquiry does not affect your credit at all. Examples include when you pull your credit report, or account review by existing card issuers. Hard inquiry or pull affects your credit score. This is the only type Of inquiry/pull you should worry about. Basically it is assumed if you have a hard pull, you are applying for credit of some sort. Remember there are 3 credit bureaus. When you apply for credit, the lender can pull credit inquiry from 1 or more credit bureaus. Credit bureau don't share inquiry data with each other. As such, if you apply for several cards and do your research, you can spread out your inquiries between the credit bureaus to minimize inquiries on each of them. Cap one however likes to pull all three bureaus which stinks as most lenders just pull one.
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xdunlapx
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Postby xdunlapx » Tue Aug 28, 2012 1:58 am

Ah ok, thanks. :)
Crashem wrote:A soft pull or inquiry does not affect your credit at all. Examples include when you pull your credit report, or account review by existing card issuers. Hard inquiry or pull affects your credit score. This is the only type Of inquiry/pull you should worry about. Basically it is assumed if you have a hard pull, you are applying for credit of some sort. Remember there are 3 credit bureaus. When you apply for credit, the lender can pull credit inquiry from 1 or more credit bureaus. Credit bureau don't share inquiry data with each other. As such, if you apply for several cards and do your research, you can spread out your inquiries between the credit bureaus to minimize inquiries on each of them. Cap one however likes to pull all three bureaus which stinks as most lenders just pull one.
Capital One Secured Mastercard (9/2012) $226 limit



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