just learned this one sounds like a good idea

[rst6pac]

upon searching for a mortgage lender I have been trying to find quick ways to raise my fico by about 5 points and a broker told me that if I opt out of all the garbage offers such as credit card and car loans that purchase your information it can raise your score 10 points in about 2 weeks. The website is www.optoutprescreen.com you just fill it out and bam no more high interst offers acting as preditors on your credit file.

[FloridaGirl]

But those things are not supposed to hurt your credit score at all. It even says so right on your credit reports. You mean to tell me that those "soft inquiries" hurt your score?

[anonymuse]

It's a shame this had to be put in place. The CRAs are the ones that sell them the information--if they weren't doing it in the first place, we wouldn't have to do this.

[anonymuse]

But those things are not supposed to hurt your credit score at all. It even says so right on your credit reports. You mean to tell me that those "soft inquiries" hurt your score?

From their FAQ:

Does Opting-Out improve my credit score?

No, since inquiries for firm offers for credit or insurance are not used in calculating credit scores, Opting-Out does not improve your credit score. Similarly, inquiries for firm offers for credit or insurance do not reduce your credit score

[rst6pac]

broker told me that the soft inquiries don't hurt your score but opting out can somehow raise your score not sure how it works, but he said opt out and usually your score will increase 5 pts or more in about 2 weeks

[anonymuse]

rst6pac, opting out is an excellent option irregardless of whether it helps your credit scores or not--shouldn't our financial affairs be our own business???

[SinkingFast]

The problem with opting out is you don't get the good offers as well.

There was someone here recently who'd been discharged and closed over a year with no, ZERO, credit offers at all. No CC's either. So they were at a standstill on rebuilding credit.

It's a double edged sword I guess.

[Roadrunner]

There are plenty of myths about credit score. Jumping up & down 5 times then spinning clockwise for 2 minutes should have about the same effect on score as opting out does. Neither actually changes anything within the credit report.

If you polled 100 people, you'd probably find roughly half who saw an increase shortly after opting out. But rather than assuming that it was due to opting out it would probably be good to ask what else changed. The report changes constantly - each time one of your creditors updates for (and most update monthly), each time you add inquiries, and as time is added to old stuff. It would be reasonable to expect your score to fluctuate a few points each way on a regular basis even if nothing drastic is changing. Much like your weight can be a few pounds up or down, even if you don't change your eating/excercise habits.

[anonymuse]

Since I'm just going into all this BK business and I'm getting offers daily, I just signed for the 5 year opt out. You can always go back in and opt in before the end of that 5 year period.

Besides that, cc offers are a big source for identity theft which I'll already had huge issues with (sort of, since there was someone with the same name as me but claiming the debts were mine instead of hers).

[FilingOnMyOwn]

I wouldn't opt out. Why try to raise your score by only 10 points, when you could use the good offers they send you to raise it by 100 or more?

[anonymuse]

I wouldn't opt out. Why try to raise your score by only 10 points, when you could use the good offers they send you to raise it by 100 or more?

I'm not going to incur any more debt on the eve of bankruptcy plus I can get rid of 3/4s of my mail. ;0

[tinroofrusted]

upon searching for a mortgage lender I have been trying to find quick ways to raise my fico by about 5 points and a broker told me that if I opt out of all the garbage offers such as credit card and car loans that purchase your information it can raise your score 10 points in about 2 weeks. The website is www.optoutprescreen.com you just fill it out and bam no more high interst offers acting as preditors on your credit file.

This sounds like a lot of bunk that the mortgage lender fed you so that y0ou wouldn't be looking at other offers that may come in the mail from other lenders....

I have never heard of such garbage in my life....

[FilingOnMyOwn]

I'm not going to incur any more debt on the eve of bankruptcy plus I can get rid of 3/4s of my mail. ;0

I don't use my cards. Once I get them in the mail, they get chopped up But they show as open lines on my credit report.

[anonymuse]

I don't use my cards. Once I get them in the mail, they get chopped up But they show as open lines on my credit report.

But I'd have to list it in my creditor matrix and then it would be closed when I file.

[Roadrunner]

Good point Anonymuse-

I think most in this folder have already been discharged. Good idea to research for the down the road though!