Reply
Frequent Contributor
mrscharlie
Posts: 299
Registered: ‎04-28-2008
0

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)
Valued Member
BooBee
Posts: 44
Registered: ‎02-06-2008
0

Re: Preapproval-no credit check?

[ Edited ]
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
mrscharlie
Posts: 299
Registered: ‎04-28-2008
0

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
concorduser
Posts: 6,026
Registered: ‎09-18-2007
0

Re: Preapproval-no credit check?

You can get spiegels card with out a hard inq.
Super Contributor
marty56
Posts: 5,672
Registered: ‎10-06-2007
0

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.
09/12/2013 FICO: EQ: 772 EX:813 TU:752
Senior Contributor
Sylviatob
Posts: 4,596
Registered: ‎09-14-2007
0

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)
Frequent Contributor
NICKI183
Posts: 340
Registered: ‎02-29-2008
0

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!
Current FICO scores: Mid 500's (5/27/14)
Current FICO score: 590 (10/27/14
Cap One: QuickSilver ($750), Journey($500), CapOne ($500) Secured USSA-AMEX ($550), Secured Discover IT ($200), Target ($500), Merrick Bank ($600), Fingerhut ($660)
Subprime: First Premier x2, Emblem Bank, Merrick Bank
Frequent Contributor
mrscharlie
Posts: 299
Registered: ‎04-28-2008
0

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)

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}