Credit Card Pre-Approved Offer Tips
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Posted: Mon Jan 10, 2005 3:02 pm
Post subject: Credit Card Pre-Approved Offer Tips
Bea
Date: 9/22/2000 5:09 am CDT
I have a question about those pre-approved credit card offers that you recieve in the mail. I have received several offers but, they say that I have been pre-selected, not pre-approved. What is the difference? I have been cleaning up my credit report but, I still have some negative information that shows on the report such as 2 charge-offs for bad checks dated 12/94 and 1 charge-off from 11/95. The other negative information that I have on my report is from collection agencies and all of these debts have been paid. I don't know whether I should apply for any of these pre-selected offers from prime lending institutions because I believe that they will deny me credit. Any suggestions you have would be helpful. Thanks
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
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Posted: Mon Jan 10, 2005 3:02 pm
Post subject: Credit Card Pre-Approved Offer Tips
BLE103
Date: 9/22/2000 8:05 am CDT
It just means you met some of the creditor's criteria on the card.However you must go trough all their standards to see if you still meet their criteria all the way.Watch it! If you take them up on their offer they will pull your credit,and this will place an inquirie on your report.Too many of these can hurt your credit.It's best to limit no more then 2 inquiries every 6 months.I got excellant credit,and been turned down by these so called preapproved offers one from citibank,and the other is a&tt universial.The reasons are too much availible credit,and excessive revolving credit usage.Me,and my wife are playing balance transfer game,and i pulled back balances to low interest rates with my existing creditor's.I should of applied for these cards before i took back my wifes balances.
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Posted: Mon Jan 10, 2005 3:03 pm
Post subject: Credit Card Pre-Approved Offer Tips
Eugene Skorodinsky
Date: 9/22/2000 9:46 am CDT
Bea wrote:
-------------------------------
> I have received several offers but, they say that I have been pre-selected, not pre-approved. What is the difference?
There's no difference. "Pre-selected" is more accurate term, but many banks would say you've been "pre-approved" to lure more people into applying.
> I don't know whether I should apply for any of these pre-selected offers from prime lending institutions because I believe that they will deny me credit.
The only way to find out is to apply. So, if you really like the offer and if you need that card, I'd recommend applying. Even if they deny, the harm from one inquiry is not that bad.
In fact you might be amazed how short creditors' memory is. One last year of on time payments might mean more for them than a couple of charge offs 5 years ago.
Eugene.
Posted: Mon Jan 10, 2005 3:02 pm
Post subject: Credit Card Pre-Approved Offer Tips
Bea
Date: 9/22/2000 5:09 am CDT
I have a question about those pre-approved credit card offers that you recieve in the mail. I have received several offers but, they say that I have been pre-selected, not pre-approved. What is the difference? I have been cleaning up my credit report but, I still have some negative information that shows on the report such as 2 charge-offs for bad checks dated 12/94 and 1 charge-off from 11/95. The other negative information that I have on my report is from collection agencies and all of these debts have been paid. I don't know whether I should apply for any of these pre-selected offers from prime lending institutions because I believe that they will deny me credit. Any suggestions you have would be helpful. Thanks
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
archive
Posted: Mon Jan 10, 2005 3:02 pm
Post subject: Credit Card Pre-Approved Offer Tips
BLE103
Date: 9/22/2000 8:05 am CDT
It just means you met some of the creditor's criteria on the card.However you must go trough all their standards to see if you still meet their criteria all the way.Watch it! If you take them up on their offer they will pull your credit,and this will place an inquirie on your report.Too many of these can hurt your credit.It's best to limit no more then 2 inquiries every 6 months.I got excellant credit,and been turned down by these so called preapproved offers one from citibank,and the other is a&tt universial.The reasons are too much availible credit,and excessive revolving credit usage.Me,and my wife are playing balance transfer game,and i pulled back balances to low interest rates with my existing creditor's.I should of applied for these cards before i took back my wifes balances.
archive
Posted: Mon Jan 10, 2005 3:03 pm
Post subject: Credit Card Pre-Approved Offer Tips
Eugene Skorodinsky
Date: 9/22/2000 9:46 am CDT
Bea wrote:
-------------------------------
> I have received several offers but, they say that I have been pre-selected, not pre-approved. What is the difference?
There's no difference. "Pre-selected" is more accurate term, but many banks would say you've been "pre-approved" to lure more people into applying.
> I don't know whether I should apply for any of these pre-selected offers from prime lending institutions because I believe that they will deny me credit.
The only way to find out is to apply. So, if you really like the offer and if you need that card, I'd recommend applying. Even if they deny, the harm from one inquiry is not that bad.
In fact you might be amazed how short creditors' memory is. One last year of on time payments might mean more for them than a couple of charge offs 5 years ago.
Eugene.
posted by CardRatings.com at 12:48 PM
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