Hi,

I just got Pre-Approved offer for Exxon Mobil card. What’s meaning of pre-approved? Does it mean they are going to pull hard inquiry anyway if I send app back or not?

I’m new in building credit history, and this is a first offer I got. I have two secured cards. Should I go for this offer or wait for some better offers from prime cards?

How many hard inquires is smart to have in let’s say 6 month period of time?

Thanks!
Denny

Denny,

I would hold off for something better than a gas card. Even though pre-approved, they will still pull a hard once you send it in. As far as the inquiries go, I have seen that more than three in a six month period is too many for some creditors.

Hope this helps!

-NiceGuy

__________________
-NiceGuy

************************
Amex Blue Cash 6.9%F
Citi PS 7.9%F
Pentagon FCU 8.9%F/3.9%FBT
Bank Of America Plat 9.9%F
First TN Plat 9.9%V
Amex Gold Pref Rewards 0%

EQ 580 4/00 --> 752 3/04
EX 563 4/00 --> 767 3/04
TU 591 4/00 --> 771 3/04

I was sent a pre-approved ExxonMobil offer last November. They pulled a soft (EXP in CALIF) before sending me the offer and never pulled a hard after I sent it back.
Incidentally, I got $200 with a score around 600. Since you are lounging in the 700 club, the card would almost definitely be yours for the asking.

Denny,


If all you have right now is secured cards, I would suggest that you accept the preapproved offer.

In my opinion, one inquiry won't hurt you now. You have to use your inquiries for something, and this looks like a good use.

You can't be sure you'll get any prime offers soon, so you can get this card, build some history without annual fees, and probably wait for the same time you would have waited anyway.

Wishing you credit success,

__________________
RichGuy
www.artofcredit.com
Credit isn't money; it's a way of life.

Thanks to all of you guys! I appreciate your help. I have one more question regarding this offer – what for I have to peal off the Exxon sticker and affix it to acceptance certificate. Doesn’t that sound silly? What’s purpose of this sticker?

Once again, thanks a lot!

Denny

P.S. RichGuy – thanks for wishes!!!

Ooops! I forgot to ask does they report card to all 3 CRA's?

Denny

Denny,

I have ExxonMobil Gas Card for over three years and they reported to all 3 crdit bureaus. By the way, they don't update account history every month. They haven't update report since last August.


Ron.

Different experience here. They report to all three and they report QUICK. Sept is reported by the first week of October.

The best part: they report credit limits. That should help boost your score as far as utilization is concerned.

You could be cruising to Club 800 in no time!

I have had my Texaco gas card since 1998 (chp 7 discharged 5/92) and got it to reestablish credit. I was denied for the exxon card so I went with Texaco (which is now Shell BTW)

If you got that offer then I don't think one inquiry is going to hurt your score. Since you have secured cards, then a gas card might help your mix.

I use my Texaco all month each month to pay for my gas in both our vehicles. Then when the statement comes due I pay it in full. This saves on interest plus shows a good payment history.

It might be worth it if you plan on using it for little gas purchases then paying it off each month. I wouldn't get it otherwise cause why pay interest on gas! It's just too darn expensive right now.