Best Soft Pull Credit Cards
If you need to build credit or control spending and are set on avoiding a hard credit inquiry, a handful of true soft pull credit cards are worth considering.
Although they offer next to nothing in the way of rewards or perks, these secured card options all report to the national credit bureaus and do not require a hard inquiry.
Here are some of your best soft pull credit card options:
Whats The Mystery Behind Which Bureaus Are Used By Card Issuers
Ulzheimer, the credit-reporting expert, says he understands why some card issuers might balk at divulging which credit bureaus they rely on.
I can see some card issuers being hesitant to disclose which bureau they use for card underwriting because consumers are often coached to apply with a lender that pulls the credit report where their score is the highest. Its a rudimentary way to game the system, to some extent, he says.
This isnt national security. But they are certainly not required to disclose that information to a potential applicant, Ulzheimer adds.
A card issuer typically picks one report from one bureau when deciding on a credit card application, he says. Why? Pulling reports from all three credit bureaus for every application would be too costly.
Ulzheimer says a card issuer chooses a bureau based, in part, on what type of agreement it has with that bureau. These contracts almost always include a commitment to buy a certain number of reports from a bureau, he says.
Opperman, the Credit.org executive, says a card issuer also might use different bureaus based on which card youre applying for and which state you live in.
Weve seen reports of Chase, for example, pulling from each of the three major credit bureaus depending on the borrowers home state, Opperman says.
In some cases, a card issuer might pull a report combining data from more than one bureau, although Opperman says this isnt a common practice among card issuers.
Raise Your Credit Limits
Another thing that lenders look at is the percentage of your credit limits that youre using. If youre maxing out your credit cards, lenders are likely to think youre in dire financial straits.
If youre barely using any of your available credit, you can probably handle some additional debt.
You can usually request credit limit increases on your existing credit cards through the lenders online portal.
Increasing your credit limits will reduce your credit utilization, boosting your score.
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How Long You’ve Been Trying To Improve Your Credit Score
Although time is of the essence to improve payment history, there are some very powerful moves you can make to see noticeable signs of improvement within weeks:
- Checking your credit report for errors and disputing them
- Paying down a balance on a credit card to zero
- Improving your utilization ratio by paying all balances down to less than 30% of credit limit
Best For Amazon Financing: It Depends
While both the Amazon store cards from Synchrony Bank and the Amazon Visa cards from Chase come with promotional offers for cardholders, the terms are slightly different.
If youre looking to pay off an Amazon purchase over time and are debating which route to go, you may need to choose between a longer financing period and a lower minimum purchase requirement .
Both cards let you choose between Equal Pay financing which charges no interest if you make your equal monthly installment payments on time and Special Financing which uses a deferred interest model.
While the difference is not dramatic, Synchronys Amazon store cards offer longer financing periods on Equal Pay purchases. With the store cards, you can get six, 12 or 24 months to pay off your minimum purchase of $150, $600 and $800, respectively. The Chase Amazon Visa cards, on the other hand, offer six-, 12- and 18-month financing plans on minimum purchases of $150, $250 and $500, respectively.
Keep in mind, the 25.99% variable APR on Synchronys Amazon store cards is fairly high compared to the average credit card interest rate and could come back to bite you if you opt for Special Financing.
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What Are Soft Pull Credit Cards
Soft pull credit cards are cards you can get with only a soft pull of your credit. Sometimes called no credit check credit cards, these products allow you to apply for credit or open a new account without damaging your credit score via a hard pull.
Soft pull credit cards are tough to find, and its virtually impossible to get an unsecured credit card without a credit check. Opting for a soft pull credit card will almost certainly mean missing out on the top rewards credit cards and sticking to secured credit cards instead.
As their name implies, secured cards require a security deposit and will be most useful if you need to build credit or want to control spending.
Tip: If you already have an account with a card issuer, you likely wont have to undergo a hard pull to switch or upgrade to a new credit card with that same issuer. Still, to protect your credit, its best to double check what sort of inquiry your issuer performs before you request a product change.
What Is A Soft Credit Pull
A soft pull, also called a soft inquiry, happens when you or someone you authorize like a landlord or potential employer checks your credit report. In some cases, these inquiries can also be performed without your permission, such as when card issuers prescreen potential customers for direct marketing. Luckily, although soft inquiries show up on your credit report, they do not have any impact on your score.
Hard pulls, on the other hand, are usually performed when you actually apply for credit and a lender approves or denies your application. These inquiries stay on your credit report for two years and will temporarily knock a few points off your . However, they generally wont affect your score for more than a year.
See related: Soft pull vs. hard pull
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File A Dispute Directly With The Creditor
You can also contact the company that provided the information to the bureau in the first place, such as a bank or credit card issuer. Once it receives a dispute, a lender is also required to investigate and respond to all disputes that might impact your score.
Remember to include as much documentation as possible to support your claim. It’s also helpful to include a copy of your report marking the error.
The address you should mail the letter to is usually listed on your report, under the negative item you’d like to dispute. You can also contact the lender directly to verify the mailing address and the documents you should include.
If the lender finds that it was mistaken or cannot prove that the debt actually belongs to you, it will notify the bureau and ask it to update your file.
How The Amazoncom Store Card Affects Your Credit Score
- ApplicationApplying for the card will drop your score by around 5-10 points regardless of whether youre approved or denied. This is easy to bounce back from after a few months of responsible use.
- PaymentsSynchrony Bank, the cards issuer, will report your payment status to the on a monthly basis. Paying on time should increase your credit score, while late payments will cause it to decrease. Paying in full every month and not carrying a balance is the best situation.
- Using more than 30% of your credit limit can have a negative impact on your credit score. Using around 1% to 10% is ideal, but even using 0% will help your score. Synchrony Bank will report your credit utilization to the credit bureaus on a monthly basis.
- Closing the AccountCanceling your card can have a negative impact on your credit score, but exactly how much of an impact depends on how long you have had the account open and how big your credit line is. Older accounts with bigger credit lines will hurt your score more if you close them.
In summary, the only way the Amazon.com Store Card affects your credit score thats out of your control is the initial hard pull with the application. After that, whether your score goes up or down depends on how responsibly you use the account.
At the end of the day, you probably wont be successful in overturning your denial, but theres no harm in trying.
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Amazon Prime Rewards Review: Perhaps The Ultimate Store Card
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Does Applying For An Amazon Credit Card Hurt Your Credit Score
When customers first receive their Amazon Prime Visa, their credit score may drop slightly for a short period of time, which should not affect customers in a major way as long as they are not making large payments such as purchasing a mortgage or applying for a loan.
However, after the initial drop-off, Amazon Prime Visa customers should expect their credit utilization to improve, as having a Prime Visa as an additional credit card will help to increase a customers total available credit!
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If You Count Yourself As A Loyal Amazon Customer You Might Be Able To Earn A Nice Chunk Of Your Spending Back Or Even Finance Your Purchases With One Of The Amazon Credit Cards
There are four to choose from, so how do you pick which one is right for you? Here are a few questions to ask.
- What type of Amazon shopper are you ?
- Do you want the option to finance a large Amazon purchase or not? Well guide you through your four choices in this Amazon credit card review so that you can make the best decision for yourself.
- Are you a frequent Whole Foods shopper? As of October 2020, eligible Prime members will earn 5% back on Whole Foods Market purchases when using the Amazon Prime Rewards Visa Signature Card. Cardholders who arent eligible Prime members will now earn 3% back on Whole Foods Market purchases when using the Amazon Rewards Visa Signature Card.
Drawbacks Of The Amazon Card
While Amazon’s new card overall is a good option for consumers, the card still comes with a relatively high APR of 28.24%, Rossman said. The average median APR for retail cards is 25.64%, according to a CreditCards.com survey.
Store cards typically charge higher rates in large part because they’re easier to get, Rossman said.
Both analysts said consumers need to be especially wary of the special financing with deferred interest on purchases that Amazon promotes. If you don’t pay off the purchase before the promotional, no-interest period ends, you will owe back interest since the original purchase.
If you buy something and you don’t pay it off within that six months or 12 or 24 months, then you will likely get a bill for any interest that would have accrued on that account since the purchase date, Schulz said.
Follow USA TODAY reporter Frances Yue on Twitter
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Submit Your Request By Mail:
First, you’ll need to download and complete the Canadian Credit Report Request Form.
Second, you must provide a photocopy of two pieces of valid, non-expired Canadian Government-issued identification. At least one of the two IDs must include your current home address. Examples of acceptable documentation include:
- Driver’s license
- Birth certificate
- Certificate of Indian Status
In order to protect your personal information, we will validate your identity before mailing your credit report to your confirmed home address. If your address is not up-to-date on either identification, you must also provide additional documentation that shows your current home address . Your copy should show the date of the document, the sender, your name, address and your account number.
- Documents must be less than 90 days old
- We recommend you blackout any transactional details.
- If you provide a credit card statement or copy of your credit card as proof, please ensure to blackout your CVV.
While providing your Social Insurance Number is optional, it helps us avoid delays and confusion in case another individual’s identifying information is similar to your own. If you provide your S.I.N., we will cross-reference it with our records to ensure that we disclose the correct information to you. We will not use it for any other purpose or share it with any third party.
As a last step, you will need to submit your completed form and proof of identity
Kindly allow 5 – 10 days for delivery.
Platinum Secured Credit Card From Capital One
The Platinum Secured Credit Card from Capital One has a few of the most appealing terms in the industry.
Depending on your credit, you might get a card with a $200 limit for just a $49, $99, or $200 deposit.
The majority of secured cards require anywhere between $300 and $500, so this is a bargain. Theres no annual fee, youll get a credit review after only six months, and you can use it pretty much anywhere.
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Best Amazon Card For Rewards Points
You can earn the most rewards by using either the Amazon Prime Rewards Visa Signature Card or the Amazon Prime Store Card, both of which allow you to earn 5% back on Amazon.com purchases if you have a current Amazon Prime membership. Watch out, though: You wont be eligible for zero-interest financing if you select this option with the Amazon.com Store Card.
The Amazon Prime Rewards Visa Signature Card now offers 5% back at Whole Foods, which may be a very tempting rewards rate if youre a frequent Whole Foods shopper.
Note that with the Amazon Prime Store Card, you can get your 5% back as a statement credit or redeem for Amazon.com purchases. With the Amazon Prime Rewards Visa Signature Card, you have more redemption options, including Amazon.com purchases, statement credit or gift cards.
How A Credit Score Is Calculated
Its impossible to know exactly how much your credit score will change based on the actions you take. Credit bureaus and lenders dont share the actual formulas they use to calculate credit scores.
Factors that may affect your credit score include:
- how long youve had credit
- how long each credit has been in your report
- if you carry a balance on your credit cards
- if you regularly miss payments
- the amount of your outstanding debts
- being close to, at or above your credit limit
- the number of recent credit applications
- the type of credit youre using
- if your debts have been sent to a collection agency
- any record of insolvency or bankruptcy
Lenders set their own guidelines on the minimum credit score you need for them to lend you money.
If you have a good credit score, you may be able to negotiate lower interest rates. However, when you order your credit score, it may be different from the score produced for a lender. This is because a lender may give more weight to certain information when calculating your credit score.
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What Credit Score Do You Need To Get Approved By Amazon
In order for Amazon to approve a credit check, customers and potential employees must attain a score of 640 at the lowest. If customers have a score of 700 or higher, Amazon almost always approves applications.
However, If the score is lower than 640, Amazon may be required to reject credit card and employment applications.
Additionally, Amazon will only process a credit card check if the customer or employee is 18 years or older and holds a valid ID and SSN.
If a customer does not have these criteria, they will be automatically rejected.
Short Or Insufficient Credit History
If you lack a credit file and are considered “,” you’ll find it difficult to be approved for credit cards that require a credit history and perform hard inquiries.
How to improve it: Work on building credit by becoming an on someone else’s card or consider applying for cards that don’t require a credit history, such as the Petal® 2 “Cash Back, No Fees” Visa® Credit Card .
Secured cards, such as the Capital One® Secured Mastercard®, also typically provide better qualification odds for credit newbies and can be used just like an unsecured card, but require a refundable security deposit in order to receive a line of credit.
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Negative Credit Report Entries That Impact Your Score The Most
Most accurate negative items stay in your file for around seven years. Fortunately, their impact diminishes as time goes by, even if they are still listed on the report.
For example, a collection from a few years ago will carry less weight than a recent one especially if there arent any new negative items in your history. Improving your debt management after receiving a derogatory mark can show lenders you’re unlikely to repeat the issue and help increase your score.
These are the most common items that can lower your credit score:
Multiple hard inquiries
Multiple hard credit checks over a short amount of time are a red flag for lenders, as it tells them that you are applying for credit too often and, potentially, being denied.
However, there are some exceptions to this. For example, if youre looking to buy a home and want to compare interest rates between several lenders, you can. FICO and VantageScore, the two most commonly used credit scoring models, give consumers a window of around 14 to 45 to compare rates this is known as rate shopping. All credit inquiries done between this period of time will show up on your file as one item.
Foreclosure can also cause a credit score to drop substantially. According to FICO, a score can drop up to 100 points from a foreclosure, depending on the consumers starting score. Foreclosures stay on your record for seven years.