Pre-accepter vs. Pre-approved?

cdtotten · ‎11-13-2009

Yesterday as I was going through my junk mail, I got a pre-accepted letter from Best Buy Mastercard (HSBC). The letter stated I was pre-accepted, as did the certificate, and said to mail it back to accept my account with them. Although I plan on holding off for a while before I take a new card out, it did offer no annual fee, 0% APR on purchases and BTs (3% fee - no cap) for 1 year, and a couple other nice features.

My question is that I have never seen a pre - "accepted" before and if it truly is any different. I searched through all the disclosures and sheet included and count not find the line that usually says "this is a preapproval and you might not be approved for the actual card because of ...".

Any thoughts?

Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU

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cajunboy2208 · ‎11-13-2009

You were accepted to receive the offer.

Not accepted to get the card.

They will still do a CR pull.

I got one of those from CreditOne, and got approved though.

Also, I have a BBMC as well... I think they accept just about anyone.

Starting Score: 577 01/10/2010
Current Score: 660 07/06/2012
Goal Score: 720

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creditwherecreditisdue · ‎11-13-2009

It's a distinction without a difference. If you proceed you'll end up with a hard INQ. I suspect you will most likely be approved unless your score is not reflective of baddies on your CBR or your credit has deteriorated since they obtained your info from a PRM INQ. Most people consider the store card to be a better product that the MC.