What are people doing about frequent credit pulls (leasing, mortgage etc) and their credit score. The pulls seem to stay on your credit for 2 years. And yes they play a small part in your score but it still drops a bit with each pull.
Our refinance took like 3 pulls. Initially pull then the company took forever and had to pull again in 3 months and ultimately I went with a different lender that needed to pull.
For those that lease frequently it can also be an issue.
I donāt give it a second thought.
Whatās the lower limit on the excellent scale, 760? 780?
I am at 780 after some reason pulls, was 800+. Still great but donāt want to drop.
I do quite a few pulls each year and have never had an issue getting instant approval / top tier
It absolutely is, no doubt about it and Iām not aware of any way around it.
If someone is leasing a few cars every year or two this wouldnāt even come on their radar, but for people with a problem like me (LOL) your score will definitely be affected. Fortunately, the hits from hard credit pulls are relatively minor, but I have seen on my score that they definitely add up.
Same here, which is why we have to make sure we keep a nice buffer in our credit scores to account for the small hits that come from our serial leasingš
What grinds my groin is when a dealer or leasing company screws up and ends up pulling my credit multiple times for the same lease.
I was only denied once for too many inquiries even with a 780+ score; that was with the credit card for MLife Rewards; when I spoke to the credit analyst they said they donāt like more than 2 inquiries no matter the score.
It all counts the same in your score.
Even this is our context ā assuming this is the lowest of 3 bueaus for one FICO score?
Itās going to depend on the brand you are leasing at the time and what they use. In FICO V8, right now, 740 is the magic number (but mostly because of how the score distributions currently fall, which changes).
But agreed, once you get/keep your score at a certain level, itās just there to be abused (within reason).
I think so far this year I will have something like 14.
Is that true even when the pulls are spaced more than 30 days apart?
I know Chase has that 5 / 24 rule for inquiries - Iām sure some lenders are obnoxious about it too
If you read (like a day of replying on 4xe threads)
You would know the answer
I almost made that joke at OP - they could open two Chase cards right now.
People think a captives credit check is:
If (score > ?) { is_approved(); }
Score is one of the first thing checked to decide to keep checking (or not): number of trade lines, credit utilization, age of bureau/trade lines, those are all things they can care about (or not).
Hard pulls or soft??
I was likeā¦ok your loss!
I havenāt noticed it affect my score (I currently have about 15 hard pulls in the last 2 years and my scores are between 805-820), but I can totally understand if a lender takes into consideration the number of inquiries when deciding to approve a loan or not. The score is just one piece of the overall creditworthiness of an applicant. Some lenders might get spooked if there are too many inquiries or short-lived accounts (both of which can easily be explained by the issue I have of not keeping a car lease longer than a few months 
).
What I was referring to might be slightly more nuanced, or perhaps I missed it in that thread way back when. What I was referring to is when a dealer screws up a lease contract and the leasing company bounces it 30+ days later. If that leasing company then says they need to pull credit again because the previous report is more than a month old, I have a feeling that still is viewed as a second inquiry.
Itās only nuance is the āyour score is not your bureauā.
You see all the inquiries on your bureau, and you might have three instead of two.
Your score is a point-in-time, calculated from whatās in your bureau (one in this case with 3 pulls).
In the newer scoring models (8 and 9) they consolidate against the trade-line that was opened (or not). Not to say it might not affect you this minute if you try to lease again from someone using v2 (which is disappearing fast, and itās a very small ding if any) ā and with the number of leases you go through, I canāt imagine it doesnāt go to an analyst 99% of the time (who approves it in under 5 minutes).
Chase (for instance) should only count those inquiries as one of your 5/24, though everything they do is a dark art that people only gossip about, as @Benedetto mentioned.
Pretty sure the Chase 5/24 rule applies to actual credit cards issued. The idea is that Chase along with a number of other issuers that also use the 5/24 rule was to cut down on the number of people who were churning credit cards for the sign up bonuses.
Somewhat related
