topic Re: OPTing out/Struggling to get a mortgage in Mortgage Loans

OPTing out/Struggling to get a mortgage

Ceejay1978 — Sat, 15 Oct 2011 16:24:31 GMT

This is a 2 part inquiry:

I keep seeing talk about "Opting out" before or when applying for a mortgage to stop the bottom feeder collection agencies from poppoing up on your report. How do I go about doing that and at what point should i do it.

I am currently getting my scores up in order to apply for a mortgage. I HOPED to purchase by the end of the year but we are in October now and im struggling to get these last couple points on my credit score. Last pull showed EQ 625 and EX 607. We didnt discuss TU.

My loan officer said there are 2 things hurting- a recent 30 day late w/ Santander and a judgment/collection with Credit Control Corp for an old Cox bill (paid). Having the late payment from Santander removed would increase my score by 38/54 ptsd respectively. And having the TL from CCC removed completely would increase my score by 32pts. Either one would bring my median score way above 620.

Everything else I was advised to do by the LO was done (paid off bills/credit cards, etc).

Any advise for anyone in the last leg of the race????

Re: OPTing out/Struggling to get a mortgage

ShanetheMortgageMan — Sat, 15 Oct 2011 16:47:56 GMT

Even if your score was up there, a "recent" late payment on a car loan after there has been a period(s) of late payments in the past will likely require you to wait until you have 12 months of re-established credit since the late payment. So probably the late payment is doing the most damage.

Re: OPTing out/Struggling to get a mortgage

Booner72 — Sat, 15 Oct 2011 20:08:47 GMT

You can google "opt out" and it will take you to a site and you will opt out for 5 years online, or write in to be opted out for life. Opting out is a smart thing to do regardless of looking for a mortgage IMO. You should do it now to prevent any further lurking. B4 I was opted out I'd have pages and pages of soft inquiries - capitol one looked me up every single week! (I have no idea why). No more junk mail.

The only reason people say they want to be opted in are to get credit card offers. Well, IMO, if you want a credit card, find the one you want and go apply.

Good Luck getting that late removed.

Re: OPTing out/Struggling to get a mortgage

MarineVietVet — Sat, 15 Oct 2011 20:23:32 GMT

@Ceejay1978 wrote:
This is a 2 part inquiry:

I keep seeing talk about "Opting out" before or when applying for a mortgage to stop the bottom feeder collection agencies from poppoing up on your report. How do I go about doing that and at what point should i do it.

I am currently getting my scores up in order to apply for a mortgage. I HOPED to purchase by the end of the year but we are in October now and im struggling to get these last couple points on my credit score. Last pull showed EQ 625 and EX 607. We didnt discuss TU.

My loan officer said there are 2 things hurting- a recent 30 day late w/ Santander and a judgment/collection with Credit Control Corp for an old Cox bill (paid). Having the late payment from Santander removed would increase my score by 38/54 ptsd respectively. And having the TL from CCC removed completely would increase my score by 32pts. Either one would bring my median score way above 620.

Everything else I was advised to do by the LO was done (paid off bills/credit cards, etc).

Any advise for anyone in the last leg of the race????

You can opt out at any time. You can also use the same site to opt back in if and when you change your mind.

Here is the link: Opt Out

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: OPTing out/Struggling to get a mortgage

Odiseous — Sun, 16 Oct 2011 01:15:56 GMT

@Booner72 wrote:
You can google "opt out" and it will take you to a site and you will opt out for 5 years online, or write in to be opted out for life. Opting out is a smart thing to do regardless of looking for a mortgage IMO. You should do it now to prevent any further lurking. B4 I was opted out I'd have pages and pages of soft inquiries - capitol one looked me up every single week! (I have no idea why). No more junk mail.

The only reason people say they want to be opted in are to get credit card offers. Well, IMO, if you want a credit card, find the one you want and go apply.

Good Luck getting that late removed.

There is a benefit to opting in, to get offers. When you are establishing (or rebuilding) your credit; the offers are a good indicator of where you stand; in regards to what you are looking for.

When I started establishing my credit; I got declined for several cards. I really had no clue what I might get approved for.

So; I opted in (yes for the offers). For many months; I was getting the offers for secured cards with AFs. I'd review, then shred them.

Eventually; I stopped getting the offers for secured cards; and started to get the unsecured offers (still with the AFs). Again; review/shred.

Then, I started getting the real offers (rewards cards witn no AF); from Cap 1, AmEx, & Chase. That's when I was sure I was ready to appoved for prime cards.

The point is: unless you're going for a mortgage; it's a good way, to get a general idea of what you'll probably be approved for.

Re: OPTing out/Struggling to get a mortgage

Anonymous — Sun, 16 Oct 2011 01:32:39 GMT

I opted out several months ago, and honestly, I thought it was the best decision that I made to date (besides joining this site). I stopped getting the junk mail and ridiculous offers for nothing. Once I built up my credit then I decided which cards to apply for. I was just approved for a Discover More and AmEx Zync, with, in my opinion, mediocre scores but a strong on-time payment history and a very decent income, so I'm sure that helped my profile for the approvals. I would rather not have folks soft-pulling my report--I'm a very private person in general, so I think I am going to permanently opt-out (especially now that I have two prime cards under my belt). I plan on apping for a mortgage around March so I'm glad I've closed my credit reports off from vicious predators now.

Re: OPTing out/Struggling to get a mortgage

Ceejay1978 — Fri, 21 Oct 2011 03:42:33 GMT

Before this 1 late payment the have for June, there have been no late payments on my entire report since 2006.

However, this is hurting me the most... I feel like I am so close-yet so far

Re: OPTing out/Struggling to get a mortgage

Ceejay1978 — Fri, 21 Oct 2011 03:44:44 GMT

Thanks! I went ahead and opted out.

I dont need any additional credit cards or offers!