cbairey

why OPT OUT?

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Hubby & I attended a home buyer class today. learned a few goodies

reasons to opt out, besides keeping peolpe from sending you tons of junk offers, your score will go up about 20 points!, lenders see that your not getting alot of pulls, so looks like your not out shopping for credit..

the home buyer class is about 5 hours long, but you have to take it for a "down payment" program, hubby and I are looking at all options and hey if we can get a extra 10,000 its worth the 5 hours, what was sad, we where the only ones who knew what was on our Credit Reports..

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Hubby & I attended a home buyer class today. learned a few goodies

reasons to opt out, besides keeping peolpe from sending you tons of junk offers, your score will go up about 20 points!...

How exactly do you do that--opt out and increase your score? Last year we were turned down for a VA mortgage refi with Wells Fargo, and the loan consultant recommended we "opt out" to enhance our credit, but I never could figure out just what that entailed.

Any specific advice from your homebuyer's seminar?

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How exactly do you do that--opt out and increase your score? Last year we were turned down for a VA mortgage refi with Wells Fargo, and the loan consultant recommended we "opt out" to enhance our credit, but I never could figure out just what that entailed.

Any specific advice from your homebuyer's seminar?

You can simply opt out at the link below.

https://www.optoutprescreen.com/?rf=t

Basically what it does is prevent yourself from receiving pre-approved credit card offers (also know as firm offers) and such by telling the credit bureaus in advance that you are not interested. It is also explained at the website.

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How exactly do you do that--opt out and increase your score? Last year we were turned down for a VA mortgage refi with Wells Fargo, and the loan consultant recommended we "opt out" to enhance our credit, but I never could figure out just what that entailed.

Any specific advice from your homebuyer's seminar?

scorch posted the link, we had three lenders at the class, all suggested the OPT OUT, it will also cut down on offers after you close on a loan, some people may have noticed a increase in "junk" mail after looking for loans, Car , Home, Life,ect this will help stop them and increase your score by up to 20 points,,

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Can someone explain why opt-out would increase my credit score? As I understand it promotional pulls are only reported to yourself and do not have an effect on credit score at all! what am I missing?

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Can someone explain why opt-out would increase my credit score? As I understand it promotional pulls are only reported to yourself and do not have an effect on credit score at all! what am I missing?

these pulls can add up. let say 3 points, you get 10 pulls, your down 30 points, it can make a differance in your rates, credit lines ect,

now lets say a "hard pull" is 10 points you get 10, a whopping 100 points down, now you cant get credit,,

opt out lets you control( some what) whos pulling your credit.

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I believe those firm offers are a result of soft pulls. I am only speculating, but not having opted out may show a risk to lenders because it can show that you may get a firm offer, apply, get approved and max out the card(s).

Also, opting out probably shows that you are not a credit seeking whore. :p

Edited by scorch
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I disagree that a soft pull affects your score, as well as opting out. If that was the case then AR AM as well as consumer pulls would tank your score unto itself. While I am a fan of the opt out option, I see no analogy that it affects score.

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So I think that by now we have come to the conclusion that opting out does:

1. NOT increase your credit score, not now and not in the future

2. DOES make sure you do not get a ton of junk mail

In theory it can increase your score indirectly. Like I explained earlier, One may get a firm offer, apply, get approved and max out the card(s), and maybe even put themselves in a situation where he or she is unable to pay it all off. I know of a couple of people who believe that credit cards are evil because of such tactics.

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