Which Credit Agency Does Each Bank Use?
If you are into the credit card churning game, then you must at some point have run into an issue getting approved for a card. Many times the banks will cite “too many new accounts”, but other times they will cite the number of recent inquiries.
Thankfully there are three credit reporting agencies (Equifax, Experian & Transunion) and most banks normally only pull your report from one for credit card applications. (Capital One generally pulls all three.) This allows you to spread out your inquiries to make your credit profile look better to the bank.
A Fantastic Tool
While you can always check each of your credit reports to see which bank used which agency in the past, that isn’t necessarily the most efficient way to do it. CreditBoards maintains a “Credit Pulls Database“. This database contains information submitted from members of their site. Not only is the information generally accurate, but it is up to date as well.
The Credit Pulls Database is a very simple tool. It allows you to search by creditor, credit agency, state and score required. In the creditor field you can either generically type in the name of a bank such as “Chase” or you can specifically type in the name of a product like “Chase Freedom”. (Some banks use different agencies for different products.)
After performing your search, you will find the results ordered from newest to oldest. If provided, you will see whether the person was approved or not, their score, the date and any other relevant data.
The Credit Pulls Database is a simple and easy tool to use to determine which agency a specific bank will use to pull your credit. When formulating a strategy for a round of applications, it is really important to diversify credit pulls as much as possible.
Did you know about this tool? Do you use it or another tool? Let me know in the comments.