quick points to credit

john · Joined: 23 Jun 2008 Posts: 36 17.36 Dollars($)

cant tell you how many times ive come accross a 659 mid score and the program requirments would be 660. without paying down on credit cards and repulling etc etc etc. does anyone have any tips on how to improve scores fast without taking derog's off of credit or that type of thing?

brian1 · Posted: Wed Jun 25, 2008 11:50 pm Post subject:

I have heard that opting out will give a few points in a quick manner. Never seen it myself so I cant testify that it works

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi.

I think quick manner to improve credit is not too good. Paying the debts and bills on time, paying down the debts are the ways to improve credit score. The Credit Repair Tool in this site is a good option through which you can analysis and improve your credit. Have a look at it at http://www.mortgagefit.com/calculators/credit-repair.html

Hope this helps. Feel free to ask if you have any further questions.

Best of luck,
Larry

john · Joined: 23 Jun 2008 Posts: 36 17.36 Dollars($)

the opt out does work but i was wondering about anything else. and always get permission to opt out a borrower.

John

Posted: Mon Jun 30, 2008 5:43 pm Post subject:

What is an "Opt Out"

erb1953 · Joined: 24 May 2008 Posts: 79 0.19 Dollars($)

opting out means that you don't want mailings mailed to you that you go to the opt out website and fill out the form so that you don't get the mailings, When these stop, then the inquiries on your report will slow down or stop, thus raising your score.

When companies post inquiries on your report, that is when they request to see your history and score then it will lower your score, opting out would prevent this from happening.

banker0679 · Posted: Mon Jun 30, 2008 6:59 pm Post subject:

Opting out WILL NOT increase your credit score.
This is a common myth used by a lot of mortgage professionals.
"https://www.optoutprescreen.com/faq.htm#6"
"Does Opting-Out improve my credit score?
No, since inquiries for firm offers for credit or insurance are not used in calculating credit scores, Opting-Out does not improve your credit score. Similarly, inquiries for firm offers for credit or insurance do not reduce your credit score."

High credit scores are rewarded to those who have on time payments, diversity of credit, and low balances on revolving debt.

Removing inquiries can be done online with Equifax.
With Experian & Transunion you will need to send in letters.
Equifax can remove them in about 1 week

[Link deactivated as per the forum rules]

john · Joined: 23 Jun 2008 Posts: 36 17.36 Dollars($)

ive actually seen the opt out work first hand though. i know it says it doesnt but it must unless my clients were "lucky" in the fact that their scores went up 15 points or more each...

banker0679 · Posted: Tue Jul 01, 2008 10:23 am Post subject:

I'm speaking of experience, and from what the optout says.
Most ppl who need extra points to qualify will more than likely have their credit repaired AND go to the optout.

I have tried this many times just so to see if it would avoid trigger leads.
I instructed the borrower to do so, and their score stayed the same.

Posted: Tue Jul 01, 2008 10:26 am Post subject:

ive also seen it not work. i should of said that too but i was busy at the time.

jasonpolito · Posted: Tue Jul 08, 2008 8:21 am Post subject:

I asked about opting out to give a quick boost to my score, but found it that it would not work.

jbarto65 · Joined: 04 Nov 2007 Posts: 623 -0.20 Dollars($)

I did not think it would either, but you never know. Thanks for coming on here and putting the myth to death for us. Very Happy

fireyone_02 · Joined: 20 Mar 2008 Posts: 281 2.17 Dollars($)

I agree that opting out surely couldn't help. I have opted out myself just to keep all those affers from polluting my mailbox.

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