Opt Out

I haven't opted out, so I can't answer this one.

 

On Equifax mine states "blocked for promotional purposes" but on my other 2 it states nothing. I don't know if it is cause they don't list it or because they didn't opt me out. But I do not receive anymore preapprovals lately so I'm thinking it is working.

 

I'LL TAKE ALL YOUR PRM'S!!!

 

That's why I haven't opted out and have a shredder. Let them send the offers and bump my hard inquiries away!! I'll just keep shredding. Some days the pile for shredding is bigger than the pile for recycling!

I know there was some discussion last year about whether or not opting out affected your score. Did anyone every figure out anything specific?

 

I prefer not to get all that junk mail. I was getting like 5 of them a DAY and now I get maybe 1 a week! I have enough credit and I don't need anymore at this time. It saves me having to shred everything and/or throw junk away.

 

Getting the junk mail doesn't bother me. I usually sit in my easy chair with a class of wine and go through my mail. I have a box next to me for recycling and one for shredding. When I'm done, I dump the recycling one into the recycling bin and just stick the others in the shredder on the way by. There's usually only one page that has any information that needs to be shredded. The rest just goes in recycling.

But, each of us has our own preferences. That's what the world is all about!

 

I opted out because, if I even GET a solicitation, it's an automatic $1000 suit against the CRA. The solicitation and the soft inquiry are great evidence in Court. I need the money more than I need the junk mail (BTW, there are 2 suits pending at this time).

 

I would not opt out for 2 reasons.

The PRM inquiries can do a little "B" on some of the hards.

Some of the best CC offers (0% lifetime BT, etc) are exclusive to these mailers.

Someone can reply to a mail offer and get a better rate then a 20 year customer.

Right GEORGE?

My scores are just now getting close to 700 and I am already getting some crazy offers in the mail.

 

But if you don't need credit why would you opt in??!!!
It's just JUNK to me. I have 3 CC's at 7% or less and I don't need anymore. Just a waste of my time to have to throw that junk out. Over extending yourself by playing the credit game (applying for cards you don't need, etc..or juggling cards) can get you into trouble if you're not careful. Plus even though it's "preapproved" does not neccesarily mean they won't pull a hard when you send it back in! That hard will hurt your score.

And explain why a "soft" inquiry (which is not used in scoring) would affect "hard" inquiries????

 

I believe that all of my files say Blocked for promotional purposes. I will check for sure tonight.

 

iambroke, a soft inquiry affects your hard inquiries through bumpage. If you get enough softs, then the hards will "roll off" before the two years.

I didn't say I ever accept the offers. But, as someone pointed out, sometimes there are better offers. I pay all my cards in full monthly unless I have a low BT rate. There are some rates I'd never pay off early, because I can take the money, invest it, pay back the card and interest and pocket the rest. And once a card is used for BT, it isn't used for anything else. Therefore several for purchase use. You need several to clear a card. For example, right now I have a fair chunk of money on a BT rate at one bank (I won't name them now, don't want to put everything together). I now have an offer from a second bank for BT for life of transfer, no fees, almost 2 points lower. It's a card I've been using for purchases. Now I have to go to a back up card at a third bank, start using it for purchases, pay off the second one, BT the first to the second, then the first will be freed for purchases. But neither card number one or two can be used for purchases until I get the BT done, because I don't want to risk something sitting there collecting interest at an exorbitant rate.

Depending on how I "play" my cards, I could have three that I don't want activity on for a month or so.

Using someone else's money, but having it there for an emergency, is not going to get me in trouble. I've come too far for that now.

 

But you know having too much available credit will hurt your score too and affect your approval for some things. I just don't like to juggle my cards back and forth. You're just trading one debt for another one. But then again I pay my cards in full each month and don't carry a balance so it doesn't really affect me.

 

I also pay in full and don't carry balances on my day-to-day purchases. I carry balances when it's in MY best interest to do so--as in using other people's money to make money.

I don't think I have too much available credit, and having the extra cards certainly helps my balance to limit ratio.

 

I WALK TO THE MAIL BOX 4 1/2 HOUSES

"IF" I GET NO BILLS...I BETTER GET SOME JUNK MAIL OR I WILL SCREAM!!!!!!!!!!!!!!!!!