The Waning days of Pre-approve

Discussion in 'Credit Talk' started by Steven Z, Jun 30, 2000.

  1. Steven Z

    Steven Z Guest

    "I do not want to waste the inquiry"

    Touching more upon Merediths' response in another thread and having seen similar in increasing number here and elsewhere, it is obvious that the word has gone out to the general mass of consumer's, who having been burned previously, realise how harmful to one's credit score these PHONY "pre-approved" offers are.

    Now with the actual credit scores and explanations available shortly it will hit home in black and white the huge penalty these inquiries extract. Leading to far fewer people filling out these apps and GAMBLE on their credit future.

    So what will be the creditor's response?

    Currently I see a wave of persons running affliates coming on to sites like these and flat out LYING about how EASY it is get approved for prime and PREMIUM cards, yes even with bad credit so the spiel goes.

    The reality is its all lying SPAM, not once has any of these spamsters ever returned to answer any questions about their programs. For all they concern themselves with their commission for each application, they could care less if every last person is declined for as you damage your credit score their enriching their pocketbook.

    Now I realise some here with their perfect credit history and 730+ credit score will insist that they always get approved. So I'll make it simple will all those with scores above 700 please raise their hands, the other 98% of you must live with the fact that

    PRE-APPROVAL = NEGATIVE INQUIRY = DAMAGED CREDIT SCORE

    Personally, I apply for nothing on-line (the worst option), ignore all pre-approved TRASH, and attempt either by phone or in person at a branch with current credit files in hand to convince the rep/officer to grant me the tradeline.
     
  2. JP

    JP Guest

    RE: The Waning days of Pre-app

    Once credit scores are available to the mass public, things will get very interesting. It will be interesting to see what effect it really has on preapproved offers. Hell I still remember the days when you would get unsolicited credit cards in the mail.

    Regards,
    JP
     
  3. Steven Z

    Steven Z Guest

    RE: The Waning days of Pre-app

    When the common person discovers that those negative inquiries from "pre-approved" crap offers are the direct cause of him being offered only C loans versus A/B loans resulting in much higher interest rates and deposit then the "@!#$ will really hit the fan".

    Thats when you'll start seeing the articles and "exposes" about how few persons really do get approved for "pre-approved" offers and what the true cost is of applying for these.

    Thus, I feel that we will either see a return to REAL "pre-approved" cards that state in bold, highlighted CAPITALS, that no matter what you are "guaranteed" approval, presently only one's like Net1st cards make and follow through on that promise.

    Or it will be the end of "pre-approved" offers making a mailboxes a friendlier, cleaner sight and the beginning of a new scam on the creditors' part.
     
  4. bg

    bg Guest

    RE: The Waning days of Pre-app

    STEVEN, good perspective, I hate to see what
    kind of scam CROOKS COUNTRY BANK and
    others will pull if their preapproved offers
    are as you say not so true. JP I remember
    the days before credit cards such as Visa/MC
    and the others. And since those days the scam banks have really flourished especially
    in the last 10 years. Just look at how long some of these banks have been in business and you'll be really surprised.
     
  5. arnold

    arnold Guest

    RE: The Waning days of Pre-app

    are you saying that net1st is a good card or bad card. i really need to know. i know now not to send in for the credicorp card because it is a frued but what about net1st
     
  6. Steven Z

    Steven Z Guest

    RE: The Waning days of Pre-app

    Net1st is a rare oddity in the credit industry, it actually delivers what it promises.

    BUT, it only for those with WORST of credit histories'. If you have experienced a recent bankruptcy or are unable to be approved for a secured card from Capital One/Orchard/FNCB then it is a means to have a sub-prime credit card without being ripped off.

    So the question I pose to you "can you obtain one of the above mentioned others?" if not go for the guaranteed Net1st.

    I needent remind you not to touch Crooks Country Bank, First Bank of Marin, FNCC, First Premiere and every other card you see blasted here regularly.
     
  7. Doris K.

    Doris K. Well-Known Member

    RE: The Waning days of Pre-app

    You hit that one on the nailhead! I've seen more websites and posts on this board encouraging people to apply for the Nextcard Visa than I can shake a stick at.

    The ads promise Nextcard approval to people with bad credit or no credit. In reality, the Nextcard is one of the hardest cards to get, and you damned well better have immaculate credit before applying. They check two of the three credit reports.

    Another I've seen advertised as easy to get, even with bad credit, is the Capital One Platinum card. Don't even think about applying for it unless all three of your credit reports are spotless and show some damned good credit lines!

    People who include these ads on their sites probably get a few pennies for every sucker who clicks the banner and applies. Unless your credit is perfect, all you get out of the deal is an extra inquiry to lower your credit score even more.
     
  8. Jerry Burk

    Jerry Burk Guest

    RE: The Waning days of Pre-app

    Here's a question:

    My credit is EXTREMELY lousy - I had a business failure that dargged me to the bottom: charge-offs, student loan defaults, checks written on deposits that turned out to be bad, and at the moment can't even get a checking account, although I never actually declared bankruptcy - but I received an offer of a CapitalOne gold card actually pre-approved, just signed my name to a mailer and got it promptly, no security deposit or anything. So far I'm very happy with it.

    What was that offer all about? Unusual?
     

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