If I opt out with all 3 reporting agencies for any credit card offers my credit score will go up???

Question

Is this true ... or my credit will remain the same??

Answer 1

It is true, your score will go up from 3-30 points.

www.lendingsolutionsnetwork.com

Answer 2

Using credit responsibly is about the only thing that raises your score. Paying the card completely off or cutting it up or opting out does not help your score. It will remain the same.

Many people mistakenly think that you can have a higher score by not owing anyone but in fact you are more of a risk because there is no proof that you are able to use credit it in the manner that they want you to use it.

My uncle has over $20,000 in debt but he has an 820 credit score because he buys everything on credit and pays it off over the course of 24 months. He will never max out his credit. He will simply use about half of his limit and then get another card and then pay it off the first one little by little. By the time he gets close to maxing out the next 3 to 4 cards, the first one is payed off and he starts to run that one back up again.

So when you look at his credit report you see 22 open accounts all current and paid on time. His brother can't even get a pack of gum in his name because he has never had anything on credit.

Answer 3

Supposedly, yes. I work in mortgages, and I know that we have seen improved scores for our clients after they have opted out.

Reason being, presumably, is that for the next 3 years (which I believe is how long the "opt-out" lasts for), you are far less likely to take on new revolving debt that might cause you to overextend yourself.

To opt out, go to http://www.optoutprescreen.com