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Preapproval-no credit check?

Frequent Contributor

Preapproval-no credit check?

Has anyone seen this?
 
 
This New Millenium card states "no credit check" and "approved regardless of credit history."
 
Just thought it was interesting.
TU-654 (6/9/08), EQ-660 (5/15/08), EX-?
TU-696 (9/1/08), EQ-702 (2/25/09), TU-700 (3/2/09)
TU-748 (6/4/09), EQ-746 (6/1/09)
TU-746 (7/7/09), EQ-749 (7/7/09), EXP-696 (7/7/09)
7 REPLIES
New Contributor

Re: Preapproval-no credit check?

It may be legit.  Typical cards like that charge you up the nose in fees.  Here are the fees listed for that card...
 
ANNUAL MEMBERSHIP FEE AND OTHER FEES FOR ISSUANCE OR AVAILABILITY
Annual Membership Fee: $59.00
Applicant Processing Fee: $99.95 for one card
or $129.95 for both.


By the time they give you an intial line of $300 the card is just about maxed out!  If you default on the new card the loss would probably be very minimum to them but do major damage to your credit so my guess is they'd expect a new card holder to do pay the fees and manage the card.

I usually avoid cards like this like the plague. I'd rather try for a secured card before I resorted to this type of card.

Just my opinion.



Message Edited by BooBee on 05-21-2008 09:48 AM
Frequent Contributor

Re: Preapproval-no credit check?

Yeah, I'm definitely not interested.  I was just curious what the catch was.
TU-654 (6/9/08), EQ-660 (5/15/08), EX-?
TU-696 (9/1/08), EQ-702 (2/25/09), TU-700 (3/2/09)
TU-748 (6/4/09), EQ-746 (6/1/09)
TU-746 (7/7/09), EQ-749 (7/7/09), EXP-696 (7/7/09)
Super Contributor

Re: Preapproval-no credit check?

You can get spiegels card with out a hard inq.
Super Contributor

Re: Preapproval-no credit check?

Secured card with $160 to open an account plus depositing  $300 to get a $300 CL.  I would check out other secured options or a CU. I would  pass this one up or put it on my last choice list.
10/17/2017 FICO: EQ 829 TU 830 EX 826
Senior Contributor

Re: Preapproval-no credit check?

It makes for an interesting spin on advertising for a sub-prime card.

It's a secured account and your cl is determined by your security deposit.

In addition, there's a $59.00 A/F, and an applicant processing fee of $99.95. And there is no grace period. More classic sub-prime ways to get your money.

IMO a good card to stay away from, unless you have many baddies in your CR's and have bad credit.
"Never ever, ever be late. Never" (FUTR)
Established Contributor

Re: Preapproval-no credit check?



concorduser wrote:
You can get spiegels card with out a hard inq.



Are you sure that there isn' a hard inquiry?  What scores do you need to have.  They are financed by WFFNB- they are hard to acquire!
Starting Score: 555/567/570- Oct-2015: Aug 2017 (TU)646 (EQ) 626, (EX) 635-Goal:700; Current VISA-MC-Amex Credit Cards|NFCU-CashReward-$2k|USSA Visa- $500lAmex USAA-secured $550|Cap J-$700|CapOne Silver $1600lMerrick-$1,900lAnex-Cash (AU)-$2500l Amex Delta Sky Miles- $1k
Commeity Store Credit Cards:$45k, $1100|Amazon-$1,000|Nordstrom-$3000|Neiman Marcus-$700|
Garden Until 2/12018 removing last 1-baddy/decrease UTIL
Highlighted
Frequent Contributor

Re: Preapproval-no credit check?

There is NO HARD INQUIRY.  I got my Newport News card last week.  I think this works with the N News and Spiegel cards, but not other WFNNB cards.
TU-654 (6/9/08), EQ-660 (5/15/08), EX-?
TU-696 (9/1/08), EQ-702 (2/25/09), TU-700 (3/2/09)
TU-748 (6/4/09), EQ-746 (6/1/09)
TU-746 (7/7/09), EQ-749 (7/7/09), EXP-696 (7/7/09)