Just to update everybody on the opt out strategy. I just pulled my Tu report. 725+. My real score. That's an over 84 point gain over my pre-opt-out score. Do I think the opt-out did it all? No. The differences on my report are this: 2 accounts just hit the 24 mos mark. Ratios are higher than before (more utilized) so that should depress the score. Opt-out in effect. No new inquiries for the last 4 months. 84 points is a huge gain so I'm happy. I just got a large requested increase on one of my cards based on my new, more prime scores. Experian didn't jump that much. Experian is only 50 points higher (as per credit expert score). Don't have Equifax yet. Just wanted to post the positive news. The gentleman who told me of this quoted an average increase of 40-50 points increase in 6 mos with the opt-out strategy and NO new inquiries on a report... so I'm well within his range of results. I wanted to see some results myself before posting his estimates of score increases. I have not yet cancelled any cards. I wanted to keep them open but if I were about to apply for a mortgage I'd trim a Providian or 2 off the file. I certainly now believe that promo inquiries hurt our scores.
That is a nice bump Marie You mentioned the accounts that hit the 24 month. I also have 3 accounts hitting the 24 month this month (november). I am curious do you think the 24 month age factor occurs after the 24th mark is over?? I haven't noticed anything new with score and I am thinking I might not see this til Nov has passed?? Thanks
Call 1-888-5-OPTOUT to opt out of pre-approved credit card offers. No more promotional inquiries on your credit reports. FICO says they don't affect your scores, but who knows? I did this a few years ago, and I vaguely remember also having to send back a written confirmation after the phone call. I don't know if I did the 2-year opt-out or the permanent one.
at the 12 mos mark you stop getting hurt by a new tradeline. At the 24 mos mark you get a big bump in points. at 36 mos you max out your points for the tradeline. Once you close an account, you get those points for 36 mos then the tradeline's just there... I've been told by a reliable source. the other bit I heard this week was accounts under 1000 don't do much for you. So now I actually have a reason to get my Target from 600 to 1000. Otherwise I could care less. I can buy the store for 600 a month
Thanks Marie, I have 3 that hit 2 year mark this month, will this "bump" hit after month is over???????
has to report... so it'll be after your 24 mos cycle closes and then reports... then for some reason you see the bump the first week of the next month... I think.
Hi Marie!!! Thank you for updating us on the board regarding the promotional inquiries. What a response to your "OPT OUT" choice. Keep updating us on this topic. I had better call Target and request an increase to my $1K limit. LOL Best regards, Jim P.S. - I forgot to add - CONGRATULATIONS ON YOUR SUCCESS.
Jim Hey LTNS. On the "OPT-OUT" vs. "Credit-Score" issue, I think that time may have convoluted the issue here...many other factors as well. The FICO scoring model is so complex, and based on the regression of multiple variables, that one can not assume a single factor "over time" has this effect. -Peace, Dave
nave has a good point. that's why I added in the tradelines that just hit the 24 mos mark. agreed, the formula is complex and we'll never get a true handle on it. But, all things equal, my score should've gone up with aging, down with ratios... and the rest? it's a big jump. big. and empirically the broker I'm talking with sees a 50 point jump average with his strategy and he believes that a good bit of it is the opt-out. how much exactly? who knows. I just wanted to post the results and let people decide for themselves. If you don't see a big jump you can always opt in again. I did also NOT apply for a thing. all increases I got were with soft inquiries (ar). The opt-out is my best guess for the large increase, not just an incremental increase in my score over the last 100 days.
