I got an offer in the mail today from Sears. It says I am "pre-qualified" for a card with a limit up to $5000 and no annual fee. Intro ARR 7.9%, after 6mo 16.99%. The return certificate asks only that I sign and write in my SSN. Does this mean I am pretty much guaranteed approval? I don't want another inq if I won't get the card. Anyone else gotten one of these?
txstep, Two years ago, my brother got pre-approval from Sears and they give him $3500 (max) for Sears card. Last yr, they convert his Sears Card into Sears Gold Mastercard. By the way, they still check your credit and if you don't have any negative, they will sent you the card. No such thing guarantee approval. Ron.
But when you apply don't you usually have to provide your income and other information? This offer just asks me to sign. No difference?
I got the same type of offer this summer even though I had a previous charge off with sears about 8 years ago. I went ahead and mailed it in (hoping they had a short memory) and they did indeed pull a Credit Report (Equifax) but it was approved with a credit limit of $537 (they must use some type of formula to figure out your limit that doesn't round up or down).
I had old charge-off account with Sears more than ten yrs ago and they approved me $1596. They pull credit from Equifax. Ron.
Txstep, I'm NOT trying to be negative...but be leary. My scores are about the same, maybe a tad higher and I can't even get approved for a secured card hardly. When I was applying (no more for 6 mos minimum, or until I hit 650) I got denied for everything!! I got a Pre-qualified Citibank Platinum Select with up to a $25K limit in the mail today. Just sign put SS # and any information for balance transfers I want to do. But I know there is NO WAY in heck they would approve me so I quickly shredded it and just thought to myself...one day Don't let them intimidate you into using inquiries you will need later.
When Sears sends those that only require a signature, you're basically in. My Aunt got one and so did my sister. they were both approved.
I know I can get approved for cards. I just got a Cap One gold card with $2500 in November 2001. I have a good history since 1999. I think my low scores are due to a Citibank paid collection in 1998 and utility bills that are paid charge-offs (before I knew that was a bad thing), and small available balances on all my cards (I'm working on that.) I was turned down for discover and they sent me a preapproved offer so that is why I am worried. The sears card would just be nice to have.
txstep, If you don't have any previously unpaid account with Sears, they will give you the card. I got pre-approval from Discover and they denied me because I have previously charge-off accounts with them. The charge-off account came off two yrs ago and I got approved for Discover. Ron.
