With rules such as 5/24 in place that deter churners, it makes it difficult for people like us in the credit card game to come up with a good application strategy. It’s important to comb over every single detail of credit cards that you’ll want and need, and plan it out in such a way to where you can get the most value without being locked out of applications. Every single piece of your credit report matters when going about these sort of things too.
While a hard inquiry here or there may not make a big difference, when it comes to maximizing your score, every single piece of information counts. So when it comes to avoiding unnecessary inquires, news like this is pretty bad to hear.
Chase has reportedly been conducting two different hard inquiries for the same credit product. To be clear, I’m referring to two hard inquiries from the same bureau, not just two in general. The only way the second one is being removed is if the user calls in and asks for the hard inquiry to be removed
This is pretty bad news, for multiple reasons. Not only should they only be doing one round of hard inquiries, but the other problem is they are not automatically removing them! The big issue is that not only do those hard inquiries impact peoples credit score negatively, but they will also stay on their credit report for two years (only impact your score for one)!
I would hope that in the near future, they’ll go back and fix the issues for people, but who is to say they will? If you have recently applied for any sort of Chase product that requires a hard inquiry, such as a credit card application, it would be in your best interest to check your report. If you are seeing two inquiries, I would contact Chase to get the duplicate removed.
Hopefully this issue will be fixed by the time I apply for my last few Chase cards!
Have you been hit by multiple hard inquiries? Let us know your experience down in the comment section below!