OptOutPrescreen

[rab3rd]

anyone ever done this?

I recently filled out an app with my current mortgage company to refi, I couldnt get pre-approved (why is stupid as my credit scores are all between 790-810), one of the things listed was "too many inquries". I get anywhere from 5-10 pre-approved cards in the mail a week, each time you get one your credit is checked. I googled "how to stop credit card offers" and this OtpOutPrescreen was almost top of the list.

I am wondering if anyone has tried it and if so, did it work?

[ST77]

I opt out of everything I can opt out off

Originally Posted by rab3rd

anyone ever done this?

I recently filled out an app with my current mortgage company to refi, I couldnt get pre-approved (why is stupid as my credit scores are all between 790-810), one of the things listed was "too many inquries". I get anywhere from 5-10 pre-approved cards in the mail a week, each time you get one your credit is checked. I googled "how to stop credit card offers" and this OtpOutPrescreen was almost top of the list.

I am wondering if anyone has tried it and if so, did it work?

[Buddha]

Talk to a loan officer at your mortgage company. They see this all of the time and should be able to deal with it. If not, start shopping mortgage companies.
And if you paid for the credit check out of your pocket, ask for a copy of the report. If you paid, you should be given one.
?The original negative for too many credit checks is that a card holder was out looking for lots of other opportunities to use credit, leading to trouble in the future. If a company checks your credit before sending you an offer, the report will show that and it shouldn't be held against you.
If they don't make an allowance, they have another reason, and it may be that they don't want to lose you to a lower loan rate. Another company, one which doesn't already have your business, will probably see it differently.

[David Whatley]

You can "comparison" shop for the same type of item with out a hit to your credit or any negative impact if you do it within a certain number of days. An example would be shopping for a car, or mortgage, they know you will be checking more than one place, and it isnt suppose to be a negative.
If you need to refi, let me know, our company does that.

[rab3rd]

I am not worried about my inquries. I am asking if anyone has specifically used this optout and if it works. Everytime you get a preapproved credit card, your credit history will have been checked. Everytime its checked its noted and seen as you (the cerdit holder) as going out and trying to open boat loads of credit accounts. Not to mention, I am getting tired of shreding the offers.

Thanks for the offer David but I already have two brokers that I have worked with in the past that have offered to help.

[andyz]

The opt-out of credit bureau prescreening offers has been around for years. Essentially a lender asks the bureau for a list of files that meet a certain criteria. You meet that criteria for many. If you opt-out, you won't be eligible to be on the precreened lists. It is legit. It is part of the Fair Credit Reporting Act law itself.

[photonewb]

those pre approved credit cards are supposed to be what's called a "soft" check on your credit and not count as an "inquiry" that can count against you.

[carrbowl]

after we had credit cards stolen, we put a lock on our credit with the 3 major companies so no one can get reports with out us knowing about it. We don't get anything except from the one credit card company we have. It is wonderful not to get all that crap in the mail.

[SJHester]

Richard is correct, prescreen offers are "soft" inquiries, they show to you the consumer but not to another credit grantor. With a score of 790 or above, the number of inquires should not even matter. if they are no interested in the loan, then it's either something else and they are not telling you or as Joe said, they dont want to convert you to a lower rate, but just as soon as you sign with a new lender (and with a 790 score, that should not be an issue) they will come back telling you they looked at the loan and now can do it.

It's not your score, nor inquires that's the issue, it's either the margins, or not wanting to offer you a better deal (thinking they can keep you paying right where you are).

Again, with a 790 or above you should be shopping lenders seeing who will make you the best offer, anything better than a 750 today should almost auto approve.