Credit Pull Database; What’s That?

In the world of credit cards, you may hear the name Credit Pull Database thrown around. To your ears, it may sound like the file folders at an accountant’s office. But in truth, a credit pull database is something that can be useful to you and your friends and is something that you can seriously consider being friends with.

So what’s this database that credit card applicants are all hyped up with? A credit pull database is a data which tells you where credit card issuers pull credit from when you apply for a card.

Who does all this information belong to? Previous applicants who applied for various credit cards, who took the time to put their results into a credit pull database for people like you, doing research before applying for a new card.

You can find credit pull databases on the internet. They are set up like websites.

What difference does all this information make, you may ask? Since each credit bureau is displayed slightly differently, it comes in handy when you get to pick and choose which credit bureau your credit report will be pulled from when you apply for a credit card. You can choose that depending on which credit card you choose to apply for. This’ll help you apply in a way that increases your chances of getting approved.

There are also more details included in the data. The data is where you check for all this information so that you can choose a credit card which really suits your current credit situation.

Information That Can Be Included In A Credit Pull Database

Credit Card Name

Credit card results will always display the credit card name to allow you to search the cards you’re interested in.

Approved or Not

It will always tell you whether the applicant has been approved for the card or declined. That’s how you can determine what your chances are of getting approved according to the applicant’s other details.

Credit Pull

This tells you where credit was pulled. The options are one of the credit bureaus; Transunion, Equifax, and Experian. Like mentioned above, you can choose a card from a bank you know will pull credit from a bureau you are okay with. One with few inquiries; an inquiry on a report is a sign of a hard pull that was done when you applied for a new credit line, which affects your credit score because it shows you may not be a cautious borrower, opening too many accounts in too short of a time span. Or, not many late payments on accounts, which will make you a consumer that a bank would want as their customer. Or, one of your reports may be frozen with no access to it. All that will take a part in allowing you to choose which bureau to be used for a credit pull.

Credit Score

What credit score did the applicant apply with? Is your credit score close enough, or higher than theirs, to make the card issuer happy to take you? As the credit score shows how much of a responsible borrower you are, you’ll want to make sure your credit score is in line with the card you’re aiming for.

Credit Limit

The credit limit the applicant got approved for will tell you a bit of what limit you can expect for yourself (if all other details match up too). A higher credit limit is best so that you can spend on the card and still have good credit utilization, which is spending only 9% of your credit limit. That’s what banks like to see.

Annual Income

The issuers will want to see if you have the means to pay your future statements.

State Applied From

You can search for results within the state you’re applying from. Different states may have different policies. Usually, the banks are all branches of large companies, such as Chase, so states applied from shouldn’t make too much of a difference. But it helps to know.

Credit History

The more time passes from when you opened your credit account, the better your credit history becomes. A good credit history pleases credit card issuers.

Date Applied

So that you can search for recent approvals. Or look back to a certain time period to get an idea of how the company dealt with approvals through certain times.

Comments

For applicants, to add additional comments to give you even more resources. Comments such as how many credit cards they have open, how long it took to get approved, etc.

To Sum It Up

Credit pull databases are there to aid you in deciding which card to go for and also, to give you an idea of how likely you are to get approved according to everything that’s taken into account, and what your credit limit can be.

Sharing your results with consumers like you is doing a favor for others and for yourself. What goes around comes around, and the more you share, the more others will share, and all that will help you when you’re going for yet a new credit card.