Pre-approved vs pre-qualified

"PRE-APPROVED" TO APPLY
"PRE-QUALIFIED" TO APPLY
"HAND-SELECTED" TO APPLY
"ALREADY APPROVED" TO APPLY

There is not much difference...they will PULL A "HARD" or 2 or 3 before making the FINAL DECISION...

BUT ON THE "UP-SIDE"...YOUR CHANCES ARE BETTER THAN A "COLD APPLY"...(like a "COLD CALL" a salesman makes)

 

I get the pre-selected, pre-qualified BS from Citibank constantly. They turned me down last spring after one of those offers. I throw the damned things directly in the garbage now.

 

Pre-approved is better than pre-qualified, but never confuse the two.

PQ means at one time in the recent past, a company bought your info (probably from a CRA) based on your credit score, or other criteria, but it is a very loose selection process. If you send in the app, they will review your employment, any negs on your report and things like that.

PA means you have already been approved "for up to a $XX,XXX.xx credit line, and a CC company would be in big trouble if they didn't honor that approval. So instead of denying your "pre-approved" app, they would give you maybe a $500.00 credit line if they some something scary in your info.

 

Re: Re: Pre-approved vs pre-qualified

SCENARIO--JOHN DOE has no baddies
F.I.C.O. 650 (IN MAY)---PRM

Gets a "PRE-APPROVED" offer (JULY)
F.I.C.O. 680

Sends it in...(AUGUST)
F.I.C.O. 690

DENIED!!!
HAPPENS ALL THE TIME!!!
HIGHER F.I.C.O. THEN WHEN THE "INITIAL" OFFER WAS DONE WITH CRA (MAY)

 

Re: Re: Pre-approved vs pre-qualified

Has anyone ever gotten a pre-approved offer, sent it in, and gotten denied?

I think the fine print has a bunch of disclaimers.

I get so many pre-approvals but with a current score of 580 I doubt I'll get approved so I just throw them away.

 

Re: Re: Pre-approved vs pre-qualified

Oops. I didn't read George's last post which answered my question.

I actually had one that said..."Your good credit standing has earned you...."

A big fat denial no doubt. I feel like sending them a letter back that says .."exactly which credit report were you looking at? Must not be the same one I'm looking at and trying to clean up!"

 

Re: Re: Pre-approved vs pre-qualified

You may get denied, or you may get a card with worse terms.

Credit line up to $30k at rate of 7.9%. Send it in, and get a letter that says that after reviewing your credit report, you don't qualify for that card, but we're sending you one with a $300 limit at 19% or some such nonsense. Make sure you cut up the card and send it back.

Don't throw an offer in the trash--SHRED IT!

 

Re: Re: Re: Pre-approved vs pre-qualified

YES---"PRE-APPROVED" AND DENIED...MANY TIMES!!!

And I have NEVER HAD A "BADDIE" 25+ YEARS

F.I.C.O. 665-739

 

Re: Re: Pre-approved vs pre-qualified

I always get pre approved offers from Capitol one in fact got a letter today that said perhaps you have seen this before in a large white envelope.
The disclaimer is always if you donâ??t meet the credit standards they donâ??t have to issue the card.
I have 2 cards with them already a plain visa and the no hassle why do they think I would want another one anyway.
The only thing I would want was a credit increase on the existing cards.
Fleet always pollutes my mailbox as well with a similar disclaimer.

 

Re: Re: Pre-approved vs pre-qualified

'Pre" means before. As in before you are approved we must run your credit. Simple as that. It's the oldest trick in the book to get you to waste an inquiry so the CRA's get paid and give kick-backs to the creditor. I thought you all knew that by now.

 

Re: Re: Pre-approved vs pre-qualifi

i got one that said, "we talked to your mom" your preapproved!!!

too bad, mom died last year.

 

Re: Re: Re: Pre-approved vs pre-qualified

Actually, you should shred it and mail it back. Then they have to pay postage.

I'm thinking of those worthless Discover "pre-qualified" offers that aren't even good for toilet paper...