[loanseller]

Hey guys. Could really use some advice here. I have a client with a 795 credit score, and wants to get a deal done. She is getting a second house next month, and does not want to have here credit pulled. At least not until a soft approval is given, and its terms that fit for her and her business. I know that IOU does soft credit pulls now. . My question is, who else does a soft pull during the submission process? Thanks for the help guys, and have a great day!!

[Regium]

Quarterspot, Ondeck

[Lmonus]

CFG Merchant Solutions will take a look and present a soft offer for you before we run credit if you would like.

We do it all the time with Credit Sensitive merchants. Let me know if you want to give us a shot.

Thank you,

Lior Monus
CFG Merchant Solutions
Lmonus@cfgms.com
Direct: 516-319-5826

[FCG]

Everyone

[loanseller]

Yeah...

[loanseller]

Everyone

Yeah...

[Chambo]

heh, yeah,...that's why there's a laundry list of who's who in cash advance ont he merchant's personal credit report

[loanseller]

heh, yeah,...that's why there's a laundry list of who's who in cash advance ont he merchant's personal credit report

Hold on, can you say that again? What do you mean?

[aredmond]

Hold on, can you say that again? What do you mean?

Exactly what he said. When you look at a merchants credit report you see a "laundry list" of credit pulls from MCA companies all the time.

[Regium]

Exactly what he said. When you look at a merchants credit report you see a "laundry list" of credit pulls from MCA companies all the time.

That laundry list are the houses that do hard pulls. You won't see the houses doing soft pulls in that list

[aredmond]

That laundry list are the houses that do hard pulls. You won't see the houses doing soft pulls in that list

Obviously.....

Chambo was inferring that most funders claim "soft pulls" but you always see a laundry list of MCA providers on merchants credit reports. I was concurring with that statement.

[MCNetwork]

Sales reps like to say the lenders only do soft pulls to get the paper in...until the merchant looks at his credit report

[Funder Mark]

What exactly is a soft credit pull?

[ridextreme]

What exactly is a soft credit pull?

When a bank sends you a pre-approved credit card, they obtained your credit score via a "soft pull" which means there is no inquiry. It's usually when someone pulls your credit without your permission for marketing purposes, or in conjunction with a background check for employment. There is also a soft pull when a consumer requests his own copy of a credit report such as credit karma. Your score will not go down a couple points for 6 months.

Just tell the customer to send everything in and you won't pull credit. Then tell him everything looks great, they want to approve you for 75K, and we will have the terms when they check your credit, would that be ok? If they say no, then they were never interested in moving forward in the first place. They're just window shopping.

[FundingCzar]

When a bank sends you a pre-approved credit card, they obtained your credit score via a "soft pull" which means there is no inquiry. It's usually when someone pulls your credit without your permission for marketing purposes, or in conjunction with a background check for employment. There is also a soft pull when a consumer requests his own copy of a credit report such as credit karma. Your score will not go down a couple points for 6 months.

Just tell the customer to send everything in and you won't pull credit. Then tell him everything looks great, they want to approve you for 75K, and we will have the terms when they check your credit, would that be ok? If they say no, then they were never interested in moving forward in the first place. They're just window shopping.

Spot on. There is so much misinformation out there. Yes there really are soft pulls, and many lenders use them now. If you are lending inhouse (not syndicating) you can even get on with Experian and do soft pulls yourself with a verbal authorization. There are 9 lenders I'm aware of that have switched over to exclusively soft pulls, and a handful that still do a hard pull but only just before funding.

[Michael I]

Hey guys. Could really use some advice here. I have a client with a 795 credit score, and wants to get a deal done. She is getting a second house next month, and does not want to have here credit pulled. At least not until a soft approval is given, and its terms that fit for her and her business. I know that IOU does soft credit pulls now. . My question is, who else does a soft pull during the submission process? Thanks for the help guys, and have a great day!!

even a soft pull still shows up on the credit report .

[CreditGuy]

even a soft pull still shows up on the credit report .

No. It does not.

[Sachip24]

this actually exists? I thought that was scheming reps say to get people to send in paperwork. Whats the point of a soft pull? wouldnt they have to actually pull credit before funding? if they find stuff that ruins the deal at closing it would all have been a big waste of time that could have been avoided from the start.

[ridextreme]

this actually exists? I thought that was scheming reps say to get people to send in paperwork. Whats the point of a soft pull? wouldnt they have to actually pull credit before funding? if they find stuff that ruins the deal at closing it would all have been a big waste of time that could have been avoided from the start.

yes they will pull your credit before funding

[FundingCzar]

yes they will pull your credit before funding

Depends on the Funder, quite a few no longer hard pull at all.

[EmpireRoth]

Hi we don't pull any credit at Empire funding! Please let me know a little bit more about the deal. Thanks

Empire funding
1022 Ave M Brooklyn NY
646 930 4338

[John Galt]

Been doing soft pulls for years. Had a big argument a year ago with some of the seniors here who suggested it didn't work. It's even in my welcome letter to lock others out. PS: Sean asked me to put them on ignore so an argument wouldn't continue.

[premierecapitalfunding]

in our practice we have a light credit check on the approval stage that doe not effect the merchant's credit score and do hard checking after signing the contract. I was assuming most of MCA companies working this way, no?