I posted about a month ago that BofA cut my limit from 43,200.00 to 21,600.00. I had about a 20k balance so I transferred that over to a card with 0%. Now yesterday I find out without any notice or permission they pulled my credit report and lowered that same card to $500.00. The lady I spoke to about a month ago from BofA told me shes seeing most cards go from 20-40k to $500.00 so I wasn't completely surprised. But what I was surprised about was the fact that they pulled my report.
So my question is, do I have any grounds for which I can dispute that inquiry? I don't know all the rules/laws on that and whether that when I signed up with them in 2003 that I had given them permission to pull it at any time? Any input is appreciated...
Message edited by: domain311 on 2009-11-08 06:40:00 CST
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Was it a hard pull (inquiry) or soft pull? Most creditors will do periodic soft pulls to review a customer's credit history, and they can do that at any time and do not need permission if you are already a customer ...
No, it was not a soft pull-this is why I am asking. It showed up on my tu report as an inquiry so I was pretty pissed when I saw that. I've been very strict and even decline when an oil company or satellite service recently asked for my ssn-I either declined their service or was willing to pay an extra fee not to check it. It's just personally not worth it to me-I'd rather "save up" an inquiry for something that I really need.
You dance with the devil...your gonna get burned son. Unless you are doing AORs there is absolutely no justification to carry credit card debt around like that.
LostConsumer said:Revike, I thought that authority generally applied also to hard-pulls? Is that not the case? Permissable purpose can apply to hard or soft pulls - my question to OP was just to clarify, not to imply BOA wasn't allowed to do a hard pull. As SIS said, creditors can do a hard pull for review, but the vast majority don't. If it was a hard pull, OP might want to call BOA and talk to someone who understands the difference, and at least request that it be re-coded as a soft pull if possible. Doing a hard pull for a CLD is adding insult to injury ...
wackyrabbit said:You dance with the devil...your gonna get burned son. Unless you are doing AORs there is absolutely no justification to carry credit card debt around like that.
That's kind of a general statement-I do not agree that carrying balances are only justified if doing an AOR...but that's my opinion and at this point, I have no other choice. On the other hand, a lot of people had made some poor decisions with credit usage...myself being one of them in the past.
But the fact of the matter is, yes, I do have large credit card balances-at the same time I am doing everything right as far as I know to get these balances paid off. I basically do not use them anymore and have not in almost 2 years now-if I do, its to gain rewards and that balance is paid in full. I am making more than minimums on everything, never late, and usually pay large chunks every several months as my income fluctuates.
Revike said:LostConsumer said:Revike, I thought that authority generally applied also to hard-pulls? Is that not the case? Permissable purpose can apply to hard or soft pulls - my question to OP was just to clarify, not to imply BOA wasn't allowed to do a hard pull. As SIS said, creditors can do a hard pull for review, but the vast majority don't. If it was a hard pull, OP might want to call BOA and talk to someone who understands the difference, and at least request that it be re-coded as a soft pull if possible. Doing a hard pull for a CLD is adding insult to injury ...
I will try calling again...as I did the other day when I first saw it. There of course was a number next to who pulled the report so I called it. There was a womans voice on the message with her name and saying to leave a message, etc. Then she said "if you are calling about an inquiry that you now see on your credit report, please call 1-866-......." I called that number and it was busy....
It was explained above that FI are within their rights to at random/will/discretion check your credit files at anytime. They could also at their will/discretion cut, increase, decrease availability of credit to you.
The inquiry should be a soft pull, hence no impact at all to your scores; so why the rush?
Cheapoking said:Why would you dispute a valid inquiry?
It was explained above that FI are within their rights to at random/will/discretion check your credit files at anytime. They could also at their will/discretion cut, increase, decrease availability of credit to you.
The inquiry should be a soft pull, hence no impact at all to your scores; so why the rush?
I understand they can increase/decrease, etc. at their will and will periodically review your report (a soft pull) whenever they want-this however I have never seen before, personally.
This is the whole reason for me bringing this into topic-Because it was not a soft pull and it did affect my score as it shows as an inquiry.
I apologize if any confusion has been created on my part...as this thread seems to be raising a lot of negative ratings-which I am not really clear on why.
I felt it was a valid topic where BofA are doing hard pulls, resulting in an inquiry on my account, without my permission or me requesting more credit. I brought this up to see if anyone had any more info on it...and in general, figured it wouldn't be bad information to share.
Message edited by: domain311 on 2009-11-08 10:16:23 CST
It dropped 4 points-yes, that might not sound like a lot, but it dropped nonetheless...and as I stated, its very improtant to me to not to have anything unecessary on my report and even the slightest bit counts.
If this is a soft pull, get over it. However, OP has made it clear that this appears to be a hard pull. I would dispute this with the CRA on the ground that hard inquiries are supposed to mean you are seeking new credit. OP was not. Therefore, reporting a hard inquiry for this account review provides inaccurate information to those who would check OP's credit.
peteypablo said:If this is a soft pull, get over it. However, OP has made it clear that this appears to be a hard pull. I would dispute this with the CRA on the ground that hard inquiries are supposed to mean you are seeking new credit. OP was not. Therefore, reporting a hard inquiry for this account review provides inaccurate information to those who would check OP's credit.
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