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Pre-approved: definition please

Frequent Contributor

Pre-approved: definition please

If you are PRE-APPROVED, does it mean that you are guaranteed to get the card if you apply? Like, there is zero chance of rejection?

 

In contrast to PRE-SCREENED offers, which is basically an invitiation to apply, with no guarantee of approval.



09/30/2017 - EX 811 (Credit Scorecard EX FICO® Score 8, range 300-850)
11/20/2017 - TU 842 (Discover TU FICO® Score 8, range 300-850)
10/24/2017 - EQ 845 (Citi EQ FICO® Bankcard Score 8, range 250-900)
GOAL - 800! - App free since 11/22/2017
Message 1 of 9
8 REPLIES
Valued Contributor

Re: Pre-approved: definition please

In my experience, they are the same thing. You still need to apply and there will be a Credit pull, which means there is a chance of denial.

Do not assume preapproved means approved.

In My Wallet: Amex BCP (12/12) $50,000, Chase Freedom (12/12) $16,500, Cap1 Quicksilver (6/12) $14,000, Barclaycard Rewards (5/13) $10,500, Citi Prestige (4/16) $30,000

Last App: June 27, 2015
Message 2 of 9
Frequent Contributor

Re: Pre-approved: definition please

Receiving pre-approved credit offers doesn't necessarily mean that you're going to get a new credit card. It just means that, at first glance, you seem to meet the lender's requirements. The lenders make that "first glance" by automatically scanning credit bureau records looking for people who appear to meet their lending requirements. If your credit profile is a match, the pre-approved credit offer comes in the mail.

Once you complete the short application that comes with the pre-approved credit offer, the lender examines it to make sure that you still met their lending requirements. If all is well, the card arrives in the mail.


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
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Message 3 of 9
Contributor

Re: Pre-approved: definition please


brother7 wrote:

If you are PRE-APPROVED, does it mean that you are guaranteed to get the card if you apply? Like, there is zero chance of rejection?

 

In contrast to PRE-SCREENED offers, which is basically an invitiation to apply, with no guarantee of approval.


Pre-Approved does not mean the credit is guaranteed at all.  At the time they soft pulled your credit report you did meet the basic criteria for you to have an account but things change, When you submit your "Pre-Approved" application they will pull your credit again and if you still meet their min standards for the account then you will get it otherwise you can still be denied.

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
Message 4 of 9
Frequent Contributor

Re: Pre-approved: definition please

Thanks for the clarification. I guess there still is no such thing as a sure-thing Smiley Tongue



09/30/2017 - EX 811 (Credit Scorecard EX FICO® Score 8, range 300-850)
11/20/2017 - TU 842 (Discover TU FICO® Score 8, range 300-850)
10/24/2017 - EQ 845 (Citi EQ FICO® Bankcard Score 8, range 250-900)
GOAL - 800! - App free since 11/22/2017
Message 5 of 9
Contributor

Re: Pre-approved: definition please

No Problem

AMEX Platinum, AMEX Blue cash (10k), AMEX Delta (10k), US Bank Premier Line (14.5k), US Bank Cash + (7.5k), Chase Freedom (5k), Fred Meyer Rewards Visa (7.5k), US Bank Flex Perks Travel Rewards (5k), Discover IT (9.5k), Chase Sapphire Preferred (8k), Alerus Financial Visa Signature issued by Elan (10k), BofA Cash Rewards (10k), Citi Thankyou Pref (6.5k) TU FICO Score = 807, EQ FICO Score = 780, EX FICO Score = 780,
CreditKarma score = 785, CreditSesame score = 773, Vantage = 903
Message 6 of 9
New Contributor

Re: Pre-approved: definition please

Right there is no sure thing unless you make it to fit that to be able to become secure for it to not have any way of becoming a loss in some or many forms I thought.???
Message 7 of 9
Blogger

Re: Pre-approved: definition please

Applying through the applications that come with pre-approved offers with invitation codes doesn't give you any advantage over applying online as usual, IMO.

Message 8 of 9
Highlighted
Established Contributor

Re: Pre-approved: definition please

I think they mean:

 

Pre-screened - we will make you lust after the card.

 

Pre approved - you will eventually give in to the lust and apply for the card. 

Or at least in my case...

Message 9 of 9