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My bank offered a credit line increase and I wasn't sure about the hard pull
They gave me the choice: accept a $5,000 bump with a hard inquiry, or a smaller $1,000 increase with just a soft pull. I took the soft pull option to avoid the temporary score dip, and my FICO 8 only moved a couple points. Anyone have a rule of thumb for when a hard pull is actually worth it?
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ivan828d ago
I've seen people stress over a 5 point drop from a hard pull while carrying a 90% balance on another card. The math isn't mathing. If you need the extra four grand of real credit to lower your overall use, that hard pull is a bargain. A tiny score dip for a few months beats paying interest because your limits are too low. You basically paid a thousand dollar premium to avoid a minor, temporary blemish.
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oliver5237d agoTop Commenter
Forget the score, that interest is the real killer.
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