WaMu how depressing

[gdtobefree]

I was sent a "Pre-Approved" letter thinking OH BOY OH BOY something to add to my rebuilding.

So anyway, I went online and put in the code verified all the information hit submit ............................................................................... "We are sorry we can't approve your application at this time....................."

WAAAAAHHHHHHHHHHH

[WhirledPeasPlease]

Yup, I fell for that one TWICE.  I'm sorry you had to go through this.

[Anonymous]

When you get the actual rejection letter look at the reasons why they turned you down. Then work on those reasons. Then wait until the improvements show on your report and reapply.

[gdtobefree]

ROTF I know NOW why I was turned down. I fell for it hook, line, and sinker.

[Anonymous]

Sorry gdtobefree. I can honestly say I know EXACTLY how you feel. I used to get a decline with EVERY pre-approval I got in the mail.

Don't worry. Work on your baddies. If you have any cc's, pay them religiously WELL in advance, never be late or go over the cl. In time you'll start getting approvals. It's not an overnight process to repair your credit then start building, to be sure.

Hang in there!

[Anonymous]

I always understood those "pre-approval" letters to be a "firm offer of credit" but you have to meet their requirements.  In other words (as I see it), they share consumer lists with their business partners, sort of a "fishing experiment".  They offer, but they reserve the right to say no if they see something on your credit report they don't like or are suspicious of. 

That's just my take because the only thing I do with those letters is shred them.  It's something fishy about them offering me anything pre-approved! 

[haulingthescoreup]

I read something similar to what MsQueenB said. I read that there are companies that contract with CCC's to provide lists of potential customers. To do this, they buy lists from the CRA's of consumers with scores in a certain range, and maybe a very rough thumbs up, thumbs down on credit histories. Then they send these letters to those who fit the profile, and they see who bites.

I think that some of these screeners use much tighter settings than others, and they look at derogatories on the histories more closely. For instance, I've been getting pre-approvals from BofA and from US Bank, but not from American Express or from Discover, who I know disapprove of recent lates. I haven't even gotten softs from those two (yet), so I think I'm automatically excluded from consideration.

I think that's why so many people get burned on these things: these companies don't filter tightly enough when they're gathering names for the mailing lists, so they send letters to those who included the card in BK, or once had a charge-off, or now have too many inqs, etc.


edited to correct confused and confusing info!

Message Edited by haulingthescoreup on 03-02-2008 07:06 AM