Does this mean I'm "Pre- Approved" for the card? The fine print said this "You have been specially selected to receive this offer of credit from us."
Ann, 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. For more reading on this subject visit our site: http://www.creditmania.com/feature.htm So, Ann, depending on your credit history, you may be just adding another inquiry to your file. Peace, Barry Noret CreditMania.com, Inc. A Unique Personal Finance Portal http://creditmania.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ *About our suggestions: We respond to your questions and make no claims that our suggestions will fit your exact needs. This is for informational purposes only and should never be construed as legal advice. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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.
Hi, 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.
