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We are applying for a VA Loan and were told by our broker that if we opt out of offers we will see a 8-12 pt boost on our fico's. Can anyone tell me if they've heard of this?
I was under the impression that offers received from opting in are soft pulls, meaning no hits/dings to your score....so i couldnt see how that would boost the scores when there is no impact at all
Never heard of such a thing.
@Anonymous wrote:Never heard of such a thing.
Me either. If you would please ask your broker to explain how this would work and come back and tell us. I'm curious what the answer is.
He sent me an email to opt out and noted in the same e-mail it gives you a 8-12 point boost on all Fico's. i will clarify with him tomorrow and also follow my scores and let you all know as i am curious too.
Time to find a new broker because this one doesn't have a clue what he is talking about.
If you think there is merit in this broker, make very sure you understand what they are saying. Its very odd what you are telling us.
I have never, ever heard of that before.
I'd ask him to explain the WHY.
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OP, I heard of others saying the same (as if from a position of authority), but it isn't true. FICO doesn't score comments like the opt-out notice, fraud alerts, or credit freezes. It'll only limit the soft pulls and soft pulls aren't scored by FICO either.
Now opting out will prevent the temptation of applying after receiving a preapproval offer, and that'll save you 8-10-20+ points due to the new account reporting. It'll save you because you won't know about the preapproval to begin with by which to apply.
ymmv, but I opted out in January 2012 and haven't seen my score go up one bit.