cancel
Showing results for 
Search instead for 
Did you mean: 

Opt out Offers

tag
Cwaxler2008
Established Member

Opt out Offers

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?

Message 1 of 11
10 REPLIES 10
chan85
Established Contributor

Re: Opt out Offers

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

Current Debt Management:
$15k Trinity Financial Management (scheduled pay off late 2021)
$10k NFCU
$350/mth Bridgecrest Auto Loan
Goals: Pay off credit card debt & buy a new home before end of 2020

Long Term Debt:
Fed Loans - $150k
Navient - $100k

Taking a "if God don't do it, it won't get done..." approach to paying these off.
Message 2 of 11
Anonymous
Not applicable

Re: Opt out Offers

Never heard of such a thing.

Message 3 of 11
MarineVietVet
Moderator Emeritus

Re: Opt out Offers


@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.

Message 4 of 11
Cwaxler2008
Established Member

Re: Opt out Offers

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.

Message 5 of 11
boomhower
Valued Contributor

Re: Opt out Offers

Time to find a new broker because this one doesn't have a clue what he is talking about.

Message 6 of 11
Anonymous
Not applicable

Re: Opt out Offers

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.

Message 7 of 11
FrugalRican
Blogger

Re: Opt out Offers

I have never, ever heard of that before.

 

I'd ask him to explain the WHY.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Message 8 of 11
llecs
Moderator Emeritus

Re: Opt out Offers

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.

Message 9 of 11
JusdoNit
Established Contributor

Re: Opt out Offers

ymmv, but I opted out in January 2012 and haven't seen my score go up one bit.Smiley Wink


Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800

If your outGo is more than your INcome than your UpKeep will become your downFALL.

Take the FICO Fitness Challenge


Message 10 of 11
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.