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Discussion in 'Credit Talk' started by Ann, Mar 24, 2000.
"You have been specially selected to receive this offer of credit from us."
Barclaycard Ring™ Mastercard®
No annual fee, No balance transfer fees, No foreign transaction fees, Low interest!
CREDIT CARD WITH NO ANNUAL FEEBarclaycard Ring™ Mastercard®
Credit One Unsecured Visa®for Rebuilding Credit
Credit card for people with bad credit to rebuild credit!
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First Access VISA® Credit Card
Access to credit even with bad or limited credit! Reports to 3 major credit bureaus and accepted wherever you see the Visa® sign. Get application response in 60 seconds.
CREDIT CARD FOR BAD CREDITFirst Access VISA®
Green Dot primor® Visa®Classic Secured Credit Card
Credit lines available up to $5,000! Reports to three national credit bureaus; perfect card for reestablishing credit. Guaranteed approval*!
SECURED CARD FOR REBUILDING CREDITprimor Secured Visa Classic
Credit One Bank® Unsecured Visa® with Cash Back Rewards
Get cash back on every purchase. Unsecured credit card with monthly monitoring for credit line increases. Improve your credit history with responsible use.
CASH BACK UNSECURED VISACredit One Bank
I am curious, does the offer state Pre-Approved? Or Pre-Qualified? Or Pre-selected?
The use of these terms mean nothing much these days, since credit card companies are using lists provided by the credit bureaus. The only pre-qualification to get on the list may have been the neighborhood you live in. The fine print usually states that they will run an actual credit report once you return the application.
A true pre-approval comes with just a signature line.
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So, Ann, depending on your credit history, you may be just adding another inquiry to your file.
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It states "You are Pre-Approved" for the particular bank Mastercard.
Read the fine print. It is COMMON practice now for it to read something to this efect:
"You were selected for this offer based on selection criteria supplied to credit repoting agencies. We may rescind this offer if your credit worthiness at the time of your acceptance of this offer does not meet our requirements."
In other words, their "PRE-APPROVAL" is worth no more than that tissue which youo keep in your bathroom.
In a word? "No."
Actually you probably are "pre-approved", but usually if your credit isn't perfect or you don't have credit they tac on about 21 to 22% APR or you have to pay a membership fee annually and/or a processing fee. So I wouldn't get it. Try going to Visa.com to check out some banks that don't have annual memberships or processing fees.