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Discussion in 'Credit Talk' started by cosjef, Jul 22, 2001.
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Re: Opting Out Adds Points?!!!
Nave | 760 posts since Feb 2001
188.8.131.52 | 07.16.2001 @ 21:26
I'll try it...
(I believe you can opt-back-in as well)
YOU LOSE GOOD OFFERS...NOT ALWAYS...BUT MANY TIMES MAILED OFFERS ARE BETTER THAN "OFF THE STREET" OFFERS
IF YOU FIND OUT FOR A FACT, THAT OPTING OUT GETS MORE THAN 20 POINTS, I'LL THINK ABOUT IT...BUT 3 POINTS, FORGET IT...
Equifax and TU you can opt out at their website. Experian you have to call 1-888-5optout. And If you opt out for Experian they opt you out of the others whether you want it por not. So, I opted out at EFX and TU websites, then called the 800 number. Then when I want to receive any offers from one of the others, I can go to the website and opt back in.
From TU's site (note mention of Innovis)
Opt-Out Contact Information
TransUnion wants to help direct marketers give American consumers the choices they want. This choice includes the right to say, "No, thank you" to these direct mail offers. If you want your name and address removed from all mailing lists offered by the main consumer credit reporting agencies â?? TransUnion, Experian, Equifax, and Innovis â?? call 888-5OPTOUT (888-567-8688), or write to the following address:
TransUnion LLC's Name Removal Option
P.O. Box 97328
Jackson, MS 39288-7328
Again this is all experiential and not factual, but I wouldn't have bothered if I thought the bump would be less that 20 points either. I liked the promos but I now know what I can get and what I can't. Besides, I'm still only getting subprime promos.. and I have the best of that world so I won't accept any new offers anyway out of the subprime category.
He did quote over 20 points more in 6-9 mos after opt out. For me that makes a difference. I'm not sure if for you it'd matter as much since your score is much higher than mine.
You don't have the bk saddling you so you have more options.
Even if the promos are on a sliding scale... let's say you get 6x3 points in a 6 mos period. That's a big difference for me.
He said it takes a minimum of 90 days to see a difference since the inquiry score impact is the worst within that 90 days (90 days from the start of the first month after opting out). Eg: opt out now see difference first week in Nov.
Also, he pulls only mortgage reports so the scale may differ from credit cards. Certainly there are differeing fico models out there.
There are certainly a lot of variables out there that will affect us. if this has a shot of helping me then I'm taking it. I won't go prime where I am right now.
I guess I figured if I opted out for 6 mos or so and worked a bit more on my reports, it won't hurt me because I won't apply for a thing until next year.
One way I'll test it is to opt out and then opt in again and NOT apply for a thing. Test score with promos showing for 90 days and see if it decreases.I think that would be the only way to really test it (and the scores should go up w/aging and no other big changes like huge payments).
Regardless, I agree with you. Everyone should do all strategies advised on this board with discretion. Nothing is guaranteed, that's for sure.
Other ways to get rid of junk mail
Here are some other mailing lists you may want to get your name off of:
Mail Preference Service
Direct Marketing Association
P.O. Box 9008
Farmingdale, NY 11735
To remove your name from many telephone solicitation lists, send your complete name, address and phone number with area code to:
Telephone Preference Service
Direct Marketing Association
P.O. Box 9014
Farmingdale, NY 11735
To be removed from the mailing lists of the major data compilers, call or write to these firms. (Note: These companies also subscribe to the DMA's Mail Preference Service.)
R. L. Polk & Co.
26955 Northwestern Highway
South Field, MI 48034
First Data Info-Source Donnelley Marketing, Inc.
Data Base Operations
1235 "N" Ave.
Nevada, IA 50201.
(888) 633-4402 or (515) 382-8321
901 West Bond
Lincoln, NE 68521
100 Paragon Dr.
Montvale, NJ 07645
(201) 476-2000 or (800) 223-7777
The Zero Junk Mail web site (http://www.zerojunkmail.com) offers a comprehensive service to reduce unsolicited mail.
The web site of Junkbusters (http://www.junkbusters.com) offers a number of free services to help you get rid of unwanted snail-mail and e-mail.
Outpost Network (http://www.outpost.net) is another online service that helps you cut down on junk mail (fee charged).
Consumer Research Institute at http://www.stopjunk.com/environment.html.
Obviously Implementations Corp. at http://www.obviously.com/junkmail.
Ecofuture at http://www.ecofuture.org/ecofuture/jnkmail.html.