The Overstock Credit Card does indeed require a hard pull on your credit when you apply. This means that the issuer, Comenity Capital Bank, will access your full credit report from one or more of the major credit bureaus to evaluate your creditworthiness.
When you apply for any credit card, the issuer needs to assess your credit history and financial situation to determine if you’re a suitable candidate for their card. They do this by conducting a hard inquiry or hard pull on your credit. This allows them to review your credit score, payment history, outstanding debts, and other relevant information.
A hard pull differs from a soft pull, which is a more superficial review of your credit report. Soft pulls are typically done for informational purposes, like pre-approval offers or background checks, and do not impact your credit score. On the other hand, hard inquiries can temporarily lower your credit score by a few points.
It’s important to note that while a hard pull may have a minor impact on your credit score, the effect is typically short-lived. Generally, the impact diminishes within a few months, and the inquiry remains on your credit report for two years.
While the Overstock Credit Card offers several benefits, such as rewards and special financing options, it’s important to carefully consider whether the potential benefits outweigh the potential impact on your credit. If you’re actively seeking credit or have concerns about your credit score, it may be wise to weigh your options and consider if this card is the right fit for you at this time.
Remember that each individual’s credit situation is unique, so it’s always a good idea to review your own credit report and consult with a financial advisor if you have any concerns or questions about your specific circumstances.
The Overstock Credit Card does require a hard pull on your credit when you apply. This allows the issuer to assess your creditworthiness and determine if you meet their criteria. It’s important to weigh the potential impact on your credit score against the benefits of the card before making a decision.