Credit Tips: Preapproved Vs. Preselected in Credit Card Terms

Posted On: October 1, 2006

Author: GettingBackIn
Posted: Mon Nov 15, 2004 5:33 pm
Post subject: Pre-Approved vs. Pre-Selected

My credit hasn’t been good in the past but I’ve paid everything off and my score is steadily improving. I’ve been very careful what I do with my credit including current account balances and number of inquiries.

So as my credit improves I keep getting “Pre-Approved” letters for Prime Cards. Correct me if I’m wrong, but if it states You are “Pre-Approved” by law, they must extend me credit unless something has changed for the worse in my credit report after they sent the solicitation.

So, I now have 2 Prime cards, a Visa and a Discover and I got another offer from Bank One. I send it in waiting for my card and I get a letter today stating that they can’t offer me credit because I have a charge off in the past. This is true, though it’s over 4 years ago and I paid in full over 18 months ago.

So I look at the offer again and it states “Pre-Selected” not “Pre-Approved.” First, I’m very upset that I have an inquiry without actually getting a card, but are there regulations with the term “Pre-Selected” as it applies to “Pre-Approved?”

Do I have legal grounds to call them and “demand” a card since their solicitation states “Pre-Selected” or should I just let it go and chalk it up as a lesson that my credit isn’t yet as good as I thought it was?
Thanks—

Author: mouse
Posted: Mon Nov 15, 2004 6:44 pm
Post subject: Re: Pre-Approved vs. Pre-Selected

GettingBackIn wrote:
My credit hasn’t been good in the past but I’ve paid everything off and my score is steadily improving. I’ve been very careful what I do with my credit including current account balances and number of inquiries.

So as my credit improves I keep getting “Pre-Approved” letters for Prime Cards. Correct me if I’m wrong, but if it states You are “Pre-Approved” by law, they must extend me credit unless something has changed for the worse in my credit report after they sent the solicitation.

So, I now have 2 Prime cards, a Visa and a Discover and I got another offer from Bank One. I send it in waiting for my card and I get a letter today stating that they can’t offer me credit because I have a charge off in the past. This is true, though it’s over 4 years ago and I paid in full over 18 months ago.

So I look at the offer again and it states “Pre-Selected” not “Pre-Approved.” First, I’m very upset that I have an inquiry without actually getting a card, but are there regulations with the term “Pre-Selected” as it applies to “Pre-Approved?”

Do I have legal grounds to call them and “demand” a card since their solicitation states “Pre-Selected” or should I just let it go and chalk it up as a lesson that my credit isn’t yet as good as I thought it was?
Thanks—

NOT GUARANTEED APPROVAL

Author: Polonius
Posted: Mon Nov 15, 2004 8:54 pm
Post subject: Preapproved Vs. Preselected in Credit Card Terms

Forgeddaboutit.

http://www.yourcreditsource.org/repairing_getting_credit/truth_credit_card_offers_stop.html

Neither “pre-selected” nor “pre-approved” in an offer means that you have any rights to the offer. It’s just marketing. As the above link points out, banks found “pre-selected” fetched more responses to their direct mailings than simply “selected.” Basically, these offers just say: “We have a nice credit card. Wanna apply for it?”
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