I posted this on another thread intermingled with another subject so thought if anyone had any thought here. I received an offer from Cap 1 for a pre-approved $3,000 credit limit and was wondering if I should go for it. I have not gotten my FICO scores but I know based on one of the online pulls that they are probably below 600. I think it would be highly unlikely I would be approved so I would just end up with a hard. Why do they send these to people with low scores?Do the promotional inquiries only give them limited information and then when people apply, they pull a hard and deny them because they really see how crappy your credit is? It amazes me that I continue to get pre-approvals and I know my credit right now is not so great (soon to be better hopefully). Just curious if any one knows why they send these only to shoot us down.
Okay - great grammar in that first sentence. What I meant to say was that I posted this in another thread with other questions and just got responses on the other subject. Just wanted to find out how the PPs work and whether I should try to get the card which is highly doubtful. I'm sure others of you must get a lot of these too.
It's part of the conspiracy. Inquiries help to knock your scores down. You get 3 hards so someone can charge you a higher interest rate. That's my best GUESS, but it's probably true. Are you scores low because of a couple of lates or low because of chargeoffs? If it's just lates, you might could get approved anyway.
Scores are low due to charge-offs and the two paid judgements plus lots of late payments. I just can't believe how may pre-approved offers I get. Especially when I know I'll be declined.
