topic Re: Opting Out in Mortgage Loans

Opting Out

sharpie — Thu, 01 Sep 2011 01:19:55 GMT

As soon as I apply for a mortgage, if I opt out will that keep any sleeping giants from checking my CR? I am not even 100% sure there are any, but don't want any surprises.

For some reason I am very reticent to even apply for a mortgage. I almost lost a house in the 90's and am rather freaked out about even having one again...but this renting is driving me insane.

Re: Opting Out

ShanetheMortgageMan — Thu, 01 Sep 2011 09:43:06 GMT

I think it'll remove the ability for promotional soft inquiries to be made, but not for permissible purpose soft inquiries (like from a creditor checking your creditworthiness). Hopefully someone more knowledgable about opting out will confirm or add correct info.

Re: Opting Out

Booner72 — Fri, 02 Sep 2011 02:36:40 GMT

@sharpie wrote:
As soon as I apply for a mortgage, if I opt out will that keep any sleeping giants from checking my CR? I am not even 100% sure there are any, but don't want any surprises.
For some reason I am very reticent to even apply for a mortgage. I almost lost a house in the 90's and am rather freaked out about even having one again...but this renting is driving me insane.

Hi Sharpie . I don't think you can go wrong by opting out. The only thing you won't get is junk mail and credit card offers. If you really want a credit card, go find them, ya know?

Anyway, I too didn't "almost" lose a house - i literally lost a house in 2001. Closed, had keys, it didn't fund due to DH's wonderful child support issues. I was very very afraid during the entire time between May 2011 through August 21, 2011. Still wonder if they are going to show up and get the keys back sometimes. Though today I got a copy of the recorded deed in the mail. Good Luck!

Re: Opting Out

CreditBuilder01 — Tue, 06 Sep 2011 14:17:51 GMT

I would suggest opting out before you apply for your mortgage. Last year I had a lender pull because I was going to purchase and of course the next month junk buyer collection agency began reporting and updating each month for 6 months straight as a revolving tradeline (illegal reporting) killing my score. I have thus got the collection deleted however I lost about 50 points during the reporting. I did not know to opt out before I applied, I learned that here on these forums.

Good luck!

Re: Opting Out

mamahearts — Tue, 06 Sep 2011 15:07:56 GMT

How far in advance of applying should someone opt out. I opted out I think on Friday or Saturday. Planning to apply early to mid-October. Thanks!

@Chelsea12 wrote:
I would suggest opting out before you apply for your mortgage. Last year I had a lender pull because I was going to purchase and of course the next month junk buyer collection agency began reporting and updating each month for 6 months straight as a revolving tradeline (illegal reporting) killing my score. I have thus got the collection deleted however I lost about 50 points during the reporting. I did not know to opt out before I applied, I learned that here on these forums.

Good luck!

Re: Opting Out

Booner72 — Wed, 07 Sep 2011 00:19:01 GMT

I had already applied when I learned about Opting Out - but I definitely don't have any sleeping secrets that could have popped up on me. Good Luck!

Re: Opting Out

mamahearts — Wed, 07 Sep 2011 01:13:34 GMT

I hope I don't either! Gah! Thanks!

@Booner72 wrote:
I had already applied when I learned about Opting Out - but I definitely don't have any sleeping secrets that could have popped up on me. Good Luck!