Opting In

[Cheryla18]

I opted back in on Jan 5 2014 ...i was wondering if anyone knew how long it takes for them to update the information. I am mainly interested in the Shopping cart trick right now.

Thank  You

Cheryl

[FinStar]

I'm sure other folks will chime in with the opting-in experience; however, those scores need to be higher.

[Cheryla18]

---

@FinStar wrote:

I'm sure other folks will chime in with the opting-in experience; however, those scores need to be higher.

---

Yes I know they need to be higher.  However and i know everyone one's situation is different....I just saw a post with a person who got a pre approval for VS with only 2 points more than my Ex score. Also they will be going up when i pay down a personal loan later this month. That is why i decided to Opt in now.....instead of waiting til later.

Cheryl

[bigblue7722]

---

@FinStar wrote:

I'm sure other folks will chime in with the opting-in experience; however, those scores need to be higher.

---

+1 its gonna be very hard to get the shopping cart trick to work with those scores. What types of cards does the op have?

[Cheryla18]

I know i have work to do. I currently have a Secured CC with a CL of $1,000 and a personal loan of $1,000 Both will be paid down within the 3-5 % Util...by the end of this month.....So that is why i opted in right now and wanted to know if anyone knows how long it takes for them to update. Let me also say That even if i get a Pre-Approved offer I am not going to take it because i am working on something else  ATM... and opening a new acct will kill my AAoA.....I will simply be using the Shopping Cart Trick as a tool in my process

Thanks for all the help

Cheryl

[RobertEG]

The simple fact that you opt-in and get a pre-approval offer does not ensure they will approve the credit.

If their offer originated based on their obtaining your name from a listing provided by the CRA, which is what the opt-in and lout process covers, when they obtained your name, they were not given any account specific information by the CRA.  Their promotional inquiry thus did not permit them to fully evaluate your approval, and was required to have been a "soft" inquiry.  They want you to then initiate your own request in response to their offer.

Pre-approval means that when they requested your name from, they were required to have specific criteria in place that, if you subsequently apply and thus grant them authority to pull your full credit report, they are bound by their firm offer only if they find you actually meet their stated criteria.  They can then make a hard-pull without any need for your consent.

If you are simply shopping, once you bite on their offer, you may end up with a hard pull, and no approval.

Caution is thus advised in submitteing a request for credit based on their pre-approval offer.

[Cheryla18]

---

@RobertEG wrote:

The simple fact that you opt-in and get a pre-approval offer does not ensure they will approve the credit.

If their offer originated based on their obtaining your name from a listing provided by the CRA, which is what the opt-in and lout process covers, when they obtained your name, they were not given any account specific information by the CRA.  Their promotional inquiry thus did not permit them to fully evaluate your approval, and was required to have been a "soft" inquiry.  They want you to then initiate your own request in response to their offer.

Pre-approval means that when they requested your name from, they were required to have specific criteria in place that, if you subsequently apply and thus grant them authority to pull your full credit report, they are bound by their firm offer only if they find you actually meet their stated criteria.  They can then make a hard-pull without any need for your consent.

If you are simply shopping, once you bite on their offer, you may end up with a hard pull, and no approval.

Caution is thus advised in submitteing a request for credit based on their pre-approval offer.

---

Robert I appreciate your response. Thank you for the words of caution...  I can't open a new acct at this point in time in order to not kill my AAoA because I opened a secured CC in May of 2013  & a Personal Loan in Aug of 2013.  I certainly don't want to make my struggle any longer by any means.  I was more looking at it to see how close i might be to being Approved but not actually pull the trigger on it.