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I got a letter in the mail today from FNBO Direct.
It looked like a credit card pre approval. It had the terms enclosed, a flyer thanking me for being a customer, an "invitation code" and and "acess code" .
However the only thing separating it from a real pre approval was the wording, it said "your invited to apply".
I looked it up and it appears these are called "ITA" (invited to apply) offers, they are not even prescreened.
I think these types of offers should be disallowed, as it can trick a consumer into applying for something they can't get approved for. They are too "official" looking. If it's not something tailored to a customer, such as actual pre-screened offers, then they need to remove all these codes that make it look like such.
Well don't get sneaky on us and app for the card! Wait...have you already?
Anyways, you can opt-out so you don't have to worry about receiving any of those tricky offers in the mail, as well as freezing all of your reports.
You can get denied on a preapproval just like you can get approved on an invitation.
It isn't sneaky, its marketing.
It's not sneaky.
The best way to tell the difference is to look for the Opt-Out language.
For example, both my mom and I got mailers from Discover about a week of each other. Hers had the opt-out language, and mine didn't. We were both approved.
I also get tons of invites to apply for the AMEX Delta Skymiles credit card, but that's only because I'm a Skymiles member. I've gotten maybe three or four of them and none of them have had pre-approved or any such Opt Out language.
@injustifiiable wrote:It's not sneaky.
The best way to tell the difference is to look for the Opt-Out language.
For example, both my mom and I got mailers from Discover about a week of each other. Hers had the opt-out language, and mine didn't. We were both approved.
I also get tons of invites to apply for the AMEX Delta Skymiles credit card, but that's only because I'm a Skymiles member. I've gotten maybe three or four of them and none of them have had pre-approved or any such Opt Out language.
+1 million, did it have the Opt-Out wording in the letter?
@john398 wrote:
@injustifiiable wrote:It's not sneaky.
The best way to tell the difference is to look for the Opt-Out language.
For example, both my mom and I got mailers from Discover about a week of each other. Hers had the opt-out language, and mine didn't. We were both approved.
I also get tons of invites to apply for the AMEX Delta Skymiles credit card, but that's only because I'm a Skymiles member. I've gotten maybe three or four of them and none of them have had pre-approved or any such Opt Out language.
+1 million, did it have the Opt-Out wording in the letter?
Mine didn't. My mom's did, tho.
@FixMyCredit1992 wrote:I got a letter in the mail today from FNBO Direct.
It looked like a credit card pre approval. It had the terms enclosed, a flyer thanking me for being a customer, an "invitation code" and and "acess code" .
However the only thing separating it from a real pre approval was the wording, it said "your invited to apply".
I looked it up and it appears these are called "ITA" (invited to apply) offers, they are not even prescreened.
I think these types of offers should be disallowed, as it can trick a consumer into applying for something they can't get approved for. They are too "official" looking. If it's not something tailored to a customer, such as actual pre-screened offers, then they need to remove all these codes that make it look like such.
I wouldn't apply for anything that stated that anyway
There is a risk of denial when applying for anything, no matter a pre-approval or credit score. I understand what you are getting at, but it somes down to marketing. They are not breaking the law and it is not up to them to break it down Barney Style for everyone.