New credit cards

[GoingTo800]

Is it just me or doesn't it seem that when you app for a card and they approve you they should disclose all the terms before they open the account. For instance if you app and they approve they open the account on your credit report, even if you close it right away, it seems when you app they should come back and say we are willing to approve you for $xxxxx , would you like the offer? I know Im not the only one to ever app and have a limit ridiculously low compared to other cards that I don't even want it. Seems you should know the limit and everything and accept it prior to them actually opening the account and affecting your AAoA etc if you decide the terms don't fit your profile well. Am I alone in this frustration?

[ferrari]

That's why I love my credit union. I was on the phone with the credit analyst negotiating my limit. He offered $2500 I told him I will only open the card if he matched my highest limit at the time which was $6000, so he did.

[LS2982]

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@GoingTo800 wrote:
Is it just me or doesn't it seem that when you app for a card and they approve you they should disclose all the terms before they open the account. For instance if you app and they approve they open the account on your credit report, even if you close it right away, it seems when you app they should come back and say we are willing to approve you for $xxxxx , would you like the offer? I know Im not the only one to ever app and have a limit ridiculously low compared to other cards that I don't even want it. Seems you should know the limit and everything and accept it prior to them actually opening the account and affecting your AAoA etc if you decide the terms don't fit your profile well. Am I alone in this frustration?

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That would be too right

[LS2982]

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@ferrari wrote:

That's why I love my credit union. I was on the phone with the credit analyst negotiating my limit. He offered $2500 I told him I will only open the card if he matched my highest limit at the time which was $6000, so he did.

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That is awesome!!

[Open123]

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@LS2982 wrote:

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@GoingTo800 wrote:
Is it just me or doesn't it seem that when you app for a card and they approve you they should disclose all the terms before they open the account. For instance if you app and they approve they open the account on your credit report, even if you close it right away, it seems when you app they should come back and say we are willing to approve you for $xxxxx , would you like the offer? I know Im not the only one to ever app and have a limit ridiculously low compared to other cards that I don't even want it. Seems you should know the limit and everything and accept it prior to them actually opening the account and affecting your AAoA etc if you decide the terms don't fit your profile well. Am I alone in this frustration?

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That would be too right

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That would make too much sense.  I mean, it would make it too hard to "bait and switch."

[Chris123nTx]

That would just add an extra step.and cost which would hit.everyone one way or another. Generally speaking, if you really know your credit profile and have really looked at the cards/banks you are interested in, you can have some what of an idea where you will land with them. Once they incur the cost of a credit pull, they are not going to then come up with letting people just say changed my mind. Of course that can vary a lot, but you see it all the time, people apping for cards.that if they really considered.everything, then they would know they would not be approved, or have low limits, and high interest rates. I am very conservative though when it comes to applying for or asking for credit and it is all just my opinion.

[drkaje]

I agree with Chris123nTx.

Most of the times I've gotten a bad result, low limit, or card that just plain didn't suit my needs/lifestyle could have been prevented with some research.