03-15-2013 02:12 PM
Hi everyone, just the other day I recieved an offer in the mail for a preapproved car loan with Alliant Credit Union with an apr of 3.74% interest rate with a bonus of $100.00 to be placed in my savings account. Has anyone recieved this type of offer as well, has anyone recieved a similar offer and was it actually legit. Thanks for any information...
03-15-2013 06:56 PM - edited 03-15-2013 06:58 PM
Looks like a standard promotional offer for credit.
So-called promotional offers for credit are normally received due your name being provided to the creditor by the CRAs.
Any creditor can obtain a listing providing current creditor addresses, but if provided by the CRA, they must make you a "firm" offer.
The "preapproval" pitch is not really final approval... it is conditional.
So that is most likely where it came from.
What does it mean?
It means first that if you apply, you will then be giving them, without the need for express permission, the ability to pull your complete credit report.
They will then use that to make their final detrmination.
Preapproved means if you meet their standard requirements, once reviewing your credit report, then you will be approved.
However, if you dont meet their requirements, they must do one of two things.... either decline outright or send you an offer under less favorable terms than the one stated in their preapproval offer. If they either decline or offer a less favorable rate, they must inform you of the CRA from which they pulled your credit report, and you can then send a copy of their letter to the CRA within 90 days and obtain a free copy of your credit report.
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