Opt'd in for prescreen last Thursday

Christhegardener · ‎11-09-2016

Hi all,

I am new to credit and this forum, so I just found out about opting in for prescreens (I think I foolishly opted out when I first started building my credit 6 months ago..) I have been trying to look up exactly how long I will have to wait for prequalification screeners and offers to pop up online and in mail. However, I couldn't really find much about the data points. Please let me know how long you guys waited or if theres an average wait time somewhere online that you could share. I'm very anxious (as with many newbies) and would like to opportunity to get through prescreens and offers.

Thanks!

cuthatcard · ‎11-10-2016

Others may chime for a better answer but for me :

I began here, getting back in the Credit game, back in April . So after getting 2 paid derog off, I app'd for 2 cards. The CareCredit and QS1 , got both.

Been "opted in" , have zero derogs, long history , 2 cards on 1 CRA , 3 on the other 2. 1 is quite old.

Scores are :TU-761, EQ /EX are 742...get no mailers in now 7 months !

Do get pre-equals , but no mailers, so I guess YMMV !

Good luck !!

FICO :November 2016
TU-761 EQ 756. EX - 749
No Baddies
QS1 -$2,000. Care Credit $9,600.00 CHASE Freedom $3,000.00 Discover IT $1,000.00
Inq TU 4 EQ 3 EX 2

Anonymous · ‎11-10-2016

I never opted in for anything and get piles of them every month. I don't pay for myfico so credit karma TU score is 750 ish. I get offers from capital one and wells fargo all the time in snail mail. In email I only got one offer, preapproval for ebates, which I took.

RobertEG · ‎11-10-2016

Not all offers for credit are sent based on the CRA screening provision of the FCRA.

If the offer is sent based on a listing obtained from a CRA, the offer becomes a "firm offer for credit," and will state in the offer that it is based on a listing obtained from a CRA.

However, if a creditor obtains your name/address from any other source, they can send an unsolicited offer for credit, and it is NOT a firm offer for credit.

If you have been opted-out and rescind that option, then it must first be processed by the CRA, and then the CRA must subsequently receive a request from a creditor for a listing of consumers who meet the criteria specified in their inquiry. Opting-out simply removes your name from any listing that can be provided by a CRA for an unsolicited offer for credit.

The screening by the CRA must then determine that your credit file meets the criteria specified by the creditor in their inquiry.

If not, you will still not be included in the CRA listing, and thus not receive a firm offer for credit.

Christhegardener · ‎11-15-2016

@RobertEG wrote:
Not all offers for credit are sent based on the CRA screening provision of the FCRA.
If the offer is sent based on a listing obtained from a CRA, the offer becomes a "firm offer for credit," and will state in the offer that it is based on a listing obtained from a CRA.
However, if a creditor obtains your name/address from any other source, they can send an unsolicited offer for credit, and it is NOT a firm offer for credit.

If you have been opted-out and rescind that option, then it must first be processed by the CRA, and then the CRA must subsequently receive a request from a creditor for a listing of consumers who meet the criteria specified in their inquiry. Opting-out simply removes your name from any listing that can be provided by a CRA for an unsolicited offer for credit.
The screening by the CRA must then determine that your credit file meets the criteria specified by the creditor in their inquiry.
If not, you will still not be included in the CRA listing, and thus not receive a firm offer for credit.

Thanks for clarifying Robert! This definitely cleared up a lot of confusions for me. I guess only time will tell if Opting in will pay off for my credit profile.