Receiving a credit card pre-approval offers via a mail is pretty cool and enjoyable, especially if it’s an offer for a credit card that has a very low-interest rates or a very good rewards program. But then. If you’ve received a credit card pre-approval offer before, then you are familiar with the fact about pre-approved credit card offers and that’s the fact that you can still be denied for a credit card even after been “pre-approved” for it.
Credit Card Pre-Approval Reviews – What Pre-Approved Really Mean?
Credit card issuers have a selection procedure they use to point out potential customers that are fit for a particular credit card. Through these procedures, they seek a list of consumers who fit a certain requirement, like those who have a certain credit score or have a certain number of accounts.
If a customer meets this requirement, his/her name will be uploaded to the list and the card issuers then send a pre-approval offer. It is better you see it as an offer to apply for the credit card than for you to think it’s a sure offer to receive the Credit card.
Pre-approval has no effect on your credit score because the credit card issuer made no negative report on your credit history. But then, the credit card issuers will make a deep inquiry of your credit report if you choose to apply. The inquiry that proceeds from your application can go a long way to hindering your credit score depending on the other information in your credit report.
Ways to Locate Pre-Approved Credit Cards
That you didn’t receive a pre-approved offer via mail doesn’t necessarily mean you don’t qualify for one. Below are ways you can obtain a pre-approved credit card:
A few credit card issuers have a way of easily knowing whether you’ve been pre-approved for a credit card or not. Your basic information will be required such as your name, last four digits of your social security number to see which credit cards if any, you may qualify for.
These pre-approval checks only do a simple check on your credit report which means it won’t affect your credit score unless you decide to apply for a credit card.
- American Express
- Bank of America
- Capital One
- Merrick Bank
- S. Bank
Provident checking to know if you’re pre-approved for a credit card can actually save you the stress of applying for credit cards that are out of your ally. This act is very important since new credit inquiries can adversely affect your credit score and make it more difficult to get future applications approved.
Credit Card Pre-Approval Offers Sometimes Change
When you receive a pre-approved credit card offer, an application is still needed to be submitted. As though the credit card by be obtained by oneself. The moment you submit an application, the credit card issuer will make a view on your credit history and the information on your application to make a decision on whether you actually qualify for the credit card or not.
What could possibly happen is that you’re approved for the credit card with the same terms that were listed in the offer letter sent. If you’re a little less satisfying: you may be approved, but then with less favorable terms than what was listed on the offer. For instance, you may be approved for a higher interest rate or a shorter promotional period. The worse possible outcome is that you could be denied for the credit card completely.
Free Credit Scores after an Unfavorable Decision
If you did not get the pre-approved credit card (or any credit card) or you’ve approved but for less favorable terms than you were offered because your credit score didn’t meet the needed requirements, you will receive a free copy of your credit score used in making such decision. A free credit report will be given to you if in any way you are deprived due to the outcome on your credit report. You are then given 60 days to get this free credit report.
What is hindering your chance of being approved can be figured out in this period to enable you to do work to improve your credit score just in case you decide to reapply for another credit card in the future.
Remember to Shop Around (seek other options other than the mail u received)
You might have received a pre-approved credit card offer yet it may not be the best offer out there. But before you react, browse online to check the credit card’s most recent offers. You may be surprised to find other better options than the offer you received in the mail.
So due Shop around to ensure you get the best offer. You can make a comparison between the credit cards you qualify for based on rewards, perks, interest rates, and fees.
Avoid Pre-Approved Credit Card Offers
If you’re disturbed with too many messages about pre-approved offers and you no longer want to receive pre-approved credit card offers, it’s very easy. You can limit the offers you receive by mail. Simply opt-out at optoutprescreen.com.
You can opt-in again on the same website if you are previously opted-out. The opting-out line will stop many pre-approved offers. You may still receive offers from companies you previously did business with or from companies who have your information from other sources other than the credit bureaus.
You can still use the major credit card issuers’ online pre-approval tools to shop around or seek credit cards when you’re ready to apply for a new credit card. With this, you would be in charge when you’re searching for credit cards on your own.