How can I stop all the credit card offers in the mail? – Credit Card Insider

How can I stop all the credit card offers in the mail? – Credit Card Insider


Hi, I’m John Ganotis from CreditCardInsider.com and today’s question is: Why do I get so many credit card offers in
the mail? And the follow-up question: How can I stop them? So, the reason you get so many
credit card offers in the mail is that the credit card companies want you to
sign up and they have mathematical models that show them that if they send
out all these credit card offers and sometimes the same offer to the same
person multiple times that some percentage of people will actually apply
and they’ll end up making money in the long run. Now, they don’t generally just
waste postage sending the same offer out to everybody. Instead what they do is send specific
targeted offers out to specific groups of people who already match certain
criteria in their credit history. So if you get something in the mail that says
“pre-approved,” “pre-qualified,” “pre-screened,” or “pre-selected” for a credit card, chances are
the credit card issuer has already screened your credit history and decided
that you are a good fit for that card. Now, how does a company that you’ve never
done business with know about your credit history? Well, credit card issuers
can actually buy that information from the credit reporting bureaus. And we
already did another video that talks about that process in more detail called “What
does it mean to be pre-qualified for credit card?” so I’m just going to link to
that video if you want to learn more about how the credit card issuers buy your
information from the credit bureaus. But basically, if you do get an offer in the
mail you can find out if the offer already considers your credit by looking in the
fine print. So you might get an offer that looks something like this with all
of the terms, and then somewhere it will say “pre-screen and opt-out notice” if the
issuer has already considered your credit history before sending you this
offer. Now, since they’ve already looked at your credit history to some extent the
credit card issuer may give you better terms on this offer than you would be
able to get if you just went to the issuer’s website. So that could be a
better sign up bonus, or a better interest rate, or something like that. Basically, since the credit card issuer
has already pre-screened you with certain criteria through the credit bureaus, then
they might offer you something better than what you would get just applying through the
issuer’s website. So you can actually check to see if there are existing pre-qualified offers for you from certain issuers by going to specific issuer
websites. And, for example, the Editor of Credit Card Insider was able to get over
$100 more in a sign up bonus by going to an issuer website and seeing if he
was pre-qualified for any cards than he would have got if he just went and
applied for the card through the issuer site normally. It also comes in handy to
have these prequalified offers when you’re shopping around for a new credit
card because whenever you apply for a credit card outright and send in the application you’re
going to get what’s called a hard inquiry. And too many of those can start to bring down your credit scores. But if you go on to an issuer website and
see that they have a pre-qualified offer available for you, then you’re more
likely to get approved for that when you do apply. You’re still going to get that
hard inquiry, but you know that the credit card issuer already thinks that this offer
is a good fit for you based on your credit history. Now, on to the question: How can I stop all these credit card offers that are filling up my mailbox? Pretty
much anything that has this prescreen opt-out of notice is going
to have some information about how you can opt out specifically with that
issuer, but there’s actually something that similar to the Do Not Call list for
telemarketers in the US and that’s a website. It’s called Opt-Out Pre-Screen and
you can go to that at www.optoutprescreen.com. And the website, to be
honest, looks pretty shady. That’s the real website and they let you opt out online for up to five years and you can also get a form on that website
that you can mail in to opt out permanently. Also, it’s worth noting that
the form opt-out pre-screen actually asks for your social security number. In the FAQ on their website they say that that’s so that they can better identify people, for example, people that have the same
name, but you can actually submit it without your social security number if
you’re nervous about that. But that is legit website to opt out of this stuff.
It’s www.optoutprescreen.com. And I’ll link to that in the description of this video, too. Now, by default, as I said you can opt out for five years or you can
opt out permanently by mail, but you can actually opt back in on the
same website. Now, when you do opt out the request gets processed with the credit
bureaus within five days, but it might take a little bit longer for the actual
credit card offers to stop. I’d say give it at least a couple of weeks. Now, as I
said before, you might be able to get better deals through these prequalified
offers than you would be able to get just applying. And so, the strategy that I
suggest is that if you want you cut down on the amount of mail that you’re
getting from these credit card issuers, simply go to that website and opt-out.
Then, when you are in the market for a credit card again, go back to the website,
opt back in, and then give it a month or two and then you can start to shop around,
maybe on the issuer websites, and see if they have any pre-screened
offers for you or see if you start getting any in the mail. One last thing to note
is that there are some myths out there that using this opt-out pre-screen website
to either opt-out or opt-in of these offers can hurt or improve your credit.
All that you’re affecting here really is, other than your mail, is soft inquiries on
your credit, which don’t negatively impact your credit scores. They do show
up on there, but they won’t hurt your credit scores and so if you do this, or
choose not to do this, you’re not going to damage or give up a possible
improvement your credit. So I hope that this video has helped you learn more about how you
can stop those offers if you want to, or use them more strategically really as a
great way to get better benefits and then stop a bunch of junk mail when
you’re not looking for a new credit card. I’m John Ganotis from CreditCardInsider.com. Make sure you subscribe to this YouTube channel so that you can
get all of our future question and answer videos where answer visitors
questions from viewers like you. Also, make sure you go over to CreditCardInsider.com. That’s where we have lots of great information about credit
cards, and you can also ask your questions over there by clicking the “Ask” button in
the top-right corner of any page. Thanks for watching, and have a great day.

13 Comments

  1. Matthew Anderson says:

    Is it best to switch to electronic billing rather than paper billing if you pay your cards early/on time and don't carry balances?

  2. Sam Kerr says:

    Is Getting a "Authorized User" on a Credit Card a good idea for the first time like from you Mom or Dad?

  3. Darvin Ray says:

    I know your credit score can affect how high or low your APR wil be, but can your APR affect your credit score?

  4. jvcakg says:

    Let me ask you this, do you think a credit card is an invention?

  5. ItEvil2LiveBackwards IE2LB says:

    Can you please answer this question..I lower down one of my installment loans and that dropped my Transunion score 55 points! Why! I don't understand

  6. Real Experience G SINGH says:

    excellent i love the web site and youtube channel, i have learned a lot, by reading and watching all the videos, i have learned almost all from these videos from zero to now, and after watching them i tried to consider what was told to do, i did and i raised my limit of both cards
    one from $500 to $1500
    second $ 1000 to $ 2000
    and not only this, they responded to all my questions and help me to understand much more than before,
    even now i had helped my friends and family to learn more and they all were also benefited from the same.
    PLZ NOTE :- this for the people who watch this video and read the articles, i am just a person who read and watched and i am sharing my experiences, so the way i got help how to learn and make my credit good you all should get the same, i am not working or getting paid for this. but yes i also like to help ppl by sharing my side.

  7. Manny prays116 says:

    Let's say someone has a credit score of 500 and get a derogatory mark and score goes down 30 points, if you pay and get it off your account will you get those 30 points back?

  8. I Control My Fate says:

    Thank god. I was like, Hell no I am not entering my Social Security number on this website!

  9. Kevin Portillo says:

    Why the hell does it all to involve shady third party companies???
    like you call to that stupid line to Opt-out and it NEVER helps, it is a loop hole for offers and it never stops, I've called and waited but there is nothing there!! only offers and more telemarketing!
    is this all shady bussiness made legal!?

  10. Al May says:

    how can I start getting credit card offs in the mail? Credit karma says my transition is 590 and equifax is 630. I am looking for unsecured credit cards.

  11. oscar A says:

    Hello I have a question I have 2 credits cards one is secure credit card and the other I apply in capital one. My credit score was good almost 700 but recently I seem it drop I have $300 on both and I use all in both cards but always pay on time. I went to the bank one told me it's cuz I see my credit alot through credit karma or because I'm not using it enought. The other say even if I have use all my credit in not suppose to pay it off completely ex (I owe $297) they said besides paying it completely off like I always do I'm suppose to only pay $25 so it can built my credit little by little or only $200 this month and the $97 next month. They say that way in paying a big amount yet leaving for next mount which builds me credit. But wouldn't that be as if I wasn't able to pay. Or mess my credit even more.

  12. Ivy Agnes Nguyen says:

    How can one figure out which offers one is most likely to get over time? I often get First Premier, Indigo, and Total Visa offers & have cards with Capital One, Discover, Amex, as well as several retailers like Macy's & TJ Maxx.

  13. Albert Castro says:

    Does all those offers they send does it affect my credit score ? By screening me

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