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If you upgraded from last years IUP, Hard pull or soft?
- Thread starter edlex
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Exactly. I'm not sure where any other case should happen. It might be that you check your FICO and get it from one of the other agencies and they weren't the one Citizen's used, so there was no effect. I didn't see an effect either, but I'm sure there was a hard pull since every year for the IUP, it is a brand new loan, which means, new hard pull credit check.
How is that being confirmed, really? Hard to believe that any particular process at any Apple store is different from any other IUP renewal. Or, why would anyone not have the same experience as anyone else?
I can add: Extraordinary claims need extraordinary proof.
I had heard this as well but nothing definitive. When I entered my social security number the approval came almost instantly which is why I wondered if a hard pull was initiated or not.
How is that being confirmed, really? Hard to believe that any particular process at any Apple store is different from any other IUP renewal. Or, why would anyone not have the same experience as anyone else?
I can add: Extraordinary claims need extraordinary proof.
Yes, they should chime in and inform us exactly how they know this.
And, yeah, I agree with both of you, it took literally seconds for the process when I got my phone last Sunday. But it's a completely new loan, so... unless someone has good reasons and proof, it really should be a hard pull. It's not a re-extension of credit on an existing loan, etc.
Perhaps since we are existing members Citizens simply does a verification instead of an actual credit check?
EVERYONE in the IUP is an 'existing' member, right?
. Everyone that went to a store for a new phone this year is someone from last year who was turning in a phone, getting a new one, paying off their first loan, and getting a new one for the new phone. New loan, new hard pull.Yes, you would think they might do a soft pull, but it's been said a hundred times it's a hard pull just because it IS a new loan every year. Anyone that sees different needs to tell us why they see/think that. There is no reason for a few people to get a different result from Citizen's. We have also seen that FICO score (high or low) is not a differentiator.
EVERYONE in the IUP is an 'existing' member, right?
Not really since there are people joining the IUP for the first time in purchasing the iPhone 7. It's clear from the context that "existing members" are those who joined last year.
Well, lol, everyone walking into a store upgrading talking about a second credit check...
This is my second year on IUP. I did not have a second credit pull. I did last year, not this year.
And what we're trying to determine is where you're seeing that... Are you looking at all three reporting agencies or what? A new loan should have a new credit check (hard pull).
I am only looking at Equifax and TransUnion. Last year my pull was on Equifax, I would assume it would be the same this year as banks usually pull from the same agency. With that being said, I have received a car loan without a hard pull as well, and that is looking at all three agencies. As you said, a new loan should but doesn't mean it will.
Some people are reporting a second pull and others aren't. So clearly its a mixed bag. I'm curious to know if you had a minimum credit score last year and you made all your payments, they would just do a soft pull going forward.
You would hope that would be the case and it may be (good score and good history: soft pull). The issue is that people are so concerned about a possible hard pull for some reason (I really don't care) that unless the rules are spelled out and I'm not sure they can be, it may always be uncertain.
I didn't say I had a hard pull this year, just that the process was quick and painless. The consensus was that since every year was a new loan, it would be a hard pull.
What we may be finding out is that Citizens *reserves* the right (of course) to do a hard pull but may not, based on score/history as you say.
But thousands of lines have been written here over the last year trying to tie this down.
This. It's at Citizens discretion if they want to do a hard pull or not, and possibly based on an existing relationship with them, with on time payments, they may just forego a hard pull. Last year the hard pull showed up for me on only one of the three (Equifax) within 24 hours. This year I haven't seen anything yet and I got the phone on the 16th. I'll keep an eye on my reports like I always do but in my personal past experience anytime I applied for credit, if there was an inquiry it would have posted by now.You would hope that would be the case and it may be (good score and good history: soft pull). The issue is that people are so concerned about a possible hard pull for some reason (I really don't care) that unless the rules are spelled out and I'm not sure they can be, it may always be uncertain.
I didn't say I had a hard pull this year, just that the process was quick and painless. The consensus was that since every year was a new loan, it would be a hard pull.
What we may be finding out is that Citizens *reserves* the right (of course) to do a hard pull but may not, based on score/history as you say.
But thousands of lines have been written here over the last year trying to tie this down.
Same here. Last year the credit inquiry showed up immediately. This year nothing yet. Upgraded on 16th
Thanks for the info. They may be 'soft pull'ing certain people. I really don't want to start a flame war over who/where the cutoff is...