Hard Credit Card inquiry

Discussion in 'Off Topic' started by richinaz, Aug 26, 2011.  |  Print Topic

  1. richinaz
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    richinaz Silver Member

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    From Credit Karma I see that there are two "Hard Credit Card inquiries" on my account. I did a refi through a credit union so that is likely to be one of them but I have no idea where the other one came about. Any ways to find out more info? I'm looking for a new job, could that ever trigger one?

    I'm also concern for security reasons.

    Thanks.
     
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  2. Lufthansa Flyer
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    Lufthansa Flyer Gold Member

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    Have you applied for a job? In some cases as part of the application process, you are giving a potential employer authorization to pull credit. Actually I think the vast majority of employers (especially major firms) have it as a standard part of their hiring process.

    You can subscribe to something like Myfico.com or order a copy of your credit report to see. If I were you I'd go back to the CU and ask them to pull one out of concern that your credit report may be inaccurate or compromised since doing the refi. They may do it for nothing.
     
  3. Million Mile Secrets

    Million Mile Secrets Silver Member

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    Credit Karma pulls from your TransUnion report, so we can narrow the credit bureau to TransUnion. You can request a free copy of your TransUnion credit report once a year from Annual Credit Report.com

    As 744 points out, many employers perform credit checks as part of the hiring process, so that could potentially have caused the inquiry.
     
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  4. LETTERBOY
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    LETTERBOY Gold Member

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    I thought if a potential employer did a credit check it was only a soft inquiry.
     
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  5. richinaz
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    richinaz Silver Member

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    I won't get into a long story but I try to keep a somewhat close eye on my credit due to something a credit union told me when I tried to open an account. Essentially they use some ID Verification software that reported someone else used my SSN. The catch-22 situation was that they would NOT report it to the police or provide any info to me. They told me the police needed to contact them. After several calls to the police department they told me they can't initiate anything without some evidence of a crime against me (i.e., the CU needed to provide some documentation to me to give to the police).

    After going in circles getting nowhere I gave up. I did put credit alerts on my accounts and got copies of the credit history and didn't see any unusual activity. When I did a refi of my house in June my other credit union had no issues with anything. So I just want to be careful.

    Any recommendations regarding credit watch services? I know some of the stuff you can do yourself for free but in my circumstance it might pay to be extra careful. I see services from places such as Identity Guard and True Credit which are suppose to monitor all 3 services. Normally I wouldn't pay for this but it might be prudent to watch things carefully over the next year or two.

    Thanks.
    Rich
    (Yes, I have been filling out some job apps as I'm trying to get back to Maryland/VA area where my family reside and there are more work opportunities in the tech/def areas.)
     
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  6. deant
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    deant Milepoint Guide

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    When the company I worked for had a data breach, they provided credit monitoring for all employees for 3 years. The bureau that they chose was Experian. Seemed to work fine and they gave me notices whenever there was a change to my report.
     
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  7. Million Mile Secrets

    Million Mile Secrets Silver Member

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    It depends on the agency which performs the background check. In my case, I've always got hard inquiries on my report, but I imagine that there are situations when it is only a soft inquiry.
     
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  8. Sweet Willie
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    Sweet Willie Gold Member

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    It absolutely should be a soft inquiry, period.

    If it is a hard inquiry, your employer is pulling the wrong type of credit report & has access to datapoints on your credit report that your employer does not have a right to. Please report any employment hard hits when you pull your free credit reports (one per year from each of the big three credit agencies) from www.annualcreditreport.com

    I think you may be quoting the wrong item, as a refit at your credit union would not be a "hard credit card inquiry", it would simply be a "hard credit inquiry". Any type of credit approval (don't forget that credit reports can be used when opening/renewing insurance) initiated by you, the consumer, will result in a hard inquiry.

    As far as finding out what your hard inquiries are about/from, simply see the company that pulled your report and contact them if you don't recognize it.
    If you really feel you need it, go with whichever is the cheapest that monitors ALL 3 agencies.
    again, as long as the credit monitoring is for all 3 agencies, then that is good coverage. If it was just for Experian only, you would have left yourself open to potential fraud with the other 2 agencies.
     
  9. Million Mile Secrets

    Million Mile Secrets Silver Member

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    I used to work in finance with access to lots of confidential and propriety data when the hard hit happened, so perhaps the hard hit was only for a unique sub-set of employees.
     
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  10. Sweet Willie
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    Sweet Willie Gold Member

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    yes in certain select positions, sometimes a hard pull is required by an employer, a 'proper' HR function would be to let the employee know that a hard pull will occur.

    That said, the by far majority of employment pulls should be soft inquiry, whether pre employment or current.
     
  11. DannyTW

    DannyTW Member

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    I have used Identity Guard a little for both my wife and for me. I joined through Costco's website because I got a substantial discount doing it that way. I eventually canceled my account (my wife's is still active) because they were over-charging me by $5 / month and anytime I would call them, they would say to call Costco, and Costco would say to call ID Guard.

    Aside from that, their service is ok. You get credit reports AND scores from all 3 agencies, once a month, but I think you have to go in and initiate the report manually. They recently revamped their website so it's a lot more user friendly. I just have my wife set up for their basic service, not their "tons of extras" package.

    The thing I really like about the service is that it is really easy to cancel and re-enable, so once my wife is done applying for credit cards again, we will cancel the service until we need to start thinking about applying for credit again.
     
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  12. Sweet Willie
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    Sweet Willie Gold Member

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    as the name states with the service you used, one of the primary benefits that a monitoring service offers is near real time notification if your credit is accessed by you (or someone else using your credit). Obviously if you cancel, you lose out on what I consider to be the most important feature of a monitoring service, namely stopping potential fraud.

    Also remember your credit isn't just used for credit underwriting, it can also be used as a basis for insurance premiums & as stated above, potential employment.
     
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  13. Kalboz
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    Kalboz Gold Member

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    Many factors affect your credit score and the same are considered by creditors. These including but not limited to the following:
    • Have you declared a bankruptcy within the past 10 years?
    • Do you have any delinquent accounts?
    • What percent of your available credit are you using?
    • How many Hard Inquiries do you have?
    • What is your number of open Installment Loans?
    • Do you have a mortgage?
     

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