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What does this even mean?

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jamesdwi
Valued Contributor

Re: What does this even mean?

The card marketing division does not talk to the underwriters Marketing only guesses at the type of people that will be approved and requests the list of addresses and sends out the email, when you actually apply underwriting takes over and makes the final decision. 

the really fun part is that the underwriters giving out credit cards, are different from the underwriters that approve CLI's so then you end up with situation like chase, where you are turned down for a $500 CLI, but apply for a new chase CSP carrd and recieve a $25,000 CL. 


Cards: Chase Southwest 20k & CSR 17k & CSP 10k & FNBO 30k Oregon Duck 5k, & AMEX BCP 32.5k & Amex Magnet 15k&amg; Hilton Surpass 7.5k & Delta Gold 12k & Zync NPSL, Fidelity AMEX 17k Commerce5.9k & Cash Forward 7.5k & Sams Club MC 20k, Paypal Extras MC 10k, Paypal Credit 7.25k CapOne Venture 15k, QS 2.5k, QS 750, Amazon 10k, Walmart 10k, Citi Simplicity 18k, Discover IT 23k and a nice stack of store cards.
Landmarkcu Personal Loan 10k
Message 11 of 23
killer_queen229
Established Contributor

Re: What does this even mean?

I don't know about Capital One, but I do think Chase has been reliable regarding that.
Message 12 of 23
longtimelurker
Epic Contributor

Re: What does this even mean?


@killer_queen229 wrote:
I just checked and it indeed does say that. I personally wouldn't go for them again they've denied me like 3 times. I just found it interesting. Although when I did it on Chase's website, the card I ended up getting approved for was one of the recommended cards.

Yes, "recommend" means nothing apart from "we have not found a matching prequal"

Message 13 of 23
Anonymous
Not applicable

Re: What does this even mean?


@Anonymous wrote:

What about mailed offerings?  I have one that expires 5/30/2015, and it reads "Preselected offer" for the cash awards Visa.  I'm not going to app this I was just curious on the wording of the "offer" or is it like the weekly stuff I seem to get from Discover that always says "invitation"?

 

The funny of this?  The opening paragraph says "your excellent credit history suggest you have very high standards when it comes to the financial products you choose".  The funny is years ago I burned them in a CO of rhe 99/500 card.  Possible it was long enough beyond there ban period but I find it highly unlikely.


If the APR is set in the mail offer and NOT in ranges like 12.99% - 22.99% then it is a good offer.  If it is in the ranges, then switfly let the dog or hampster play with itSmiley Tongue

Message 14 of 23
killer_queen229
Established Contributor

Re: What does this even mean?

The only card I did want from them was the Susan G. Komen one.
Message 15 of 23
Anonymous
Not applicable

Re: What does this even mean?


@killer_queen229 wrote:
I don't know about Capital One, but I do think Chase has been reliable regarding that.

As many other's here will tell you, both Capital One and Chase pre-quals are rock solid. They are both almost guaranteed approvals if you are pre-qualified. The only reason I say almost is because if you apply for like a CSP or something and put 10k on your income you'll be denied regardless.

Message 16 of 23
killer_queen229
Established Contributor

Re: What does this even mean?

I've always been a little annoyed that TD Bank and BOA have never approved of me, but I try to not let it deter me. I have cards from much larger banks. Cards that not everyone has (I've had people on here tell me that and it's true).
Message 17 of 23
longtimelurker
Epic Contributor

Re: What does this even mean?


@Anonymous wrote:

@killer_queen229 wrote:
I don't know about Capital One, but I do think Chase has been reliable regarding that.

As many other's here will tell you, both Capital One and Chase pre-quals are rock solid. They are both almost guaranteed approvals if you are pre-qualified. The only reason I say almost is because if you apply for like a CSP or something and put 10k on your income you'll be denied regardless.


Or if your credit record has taken a dive since the SP that the preapproval is using.   But yes, generally very solid.

 

And in a perhaps vain attempt to pre-empt!     This is ONLY one way.   If Chase/Cap One preapproves you will almost certainly get the card (subject to above caveats).   If you do not get a preapproval, it DOESN'T mean you won't get the card, just that a preapproval has not been stored for you.

Message 18 of 23
taxi818
Super Contributor

Re: What does this even mean?

Each lenders website for pre quals are different. the only two that are almost a sure thing is cap one and chase. anyone else is just a roll of the dice.

Simply know your profile. what the lender looks for. and go for it. just that easy. in BOA. i put spongebob. squarepants. and it gave me a recommendation. so the site is not crap. Chase is ok. i just got first pre qual there. but now going to verification crap with them. i finally mailed them all they want certified.

cap one is golden as well. never ever denied if i got pre approved on their site. good luck

Message 19 of 23
Existentialist
Frequent Contributor

Re: What does this even mean?

I'm going to differ slightly from the thoughts & opinions of some members herein  specifically with regards to some preapprovals being more reliable than others. The more accurate wording should be 'odds greatly improved' if anything but no way should be automatically construed as a drop in the bucket - heres why...

 

U hav to first understand that PRE anything means absolutely nothing in the grand landscape of credit approvals. Thinking anything else is naive. Lets use your ? regarding mailings as an example. First one needs to know how prequal's are generated. Its a measure in the business known as 'permissable purpose'. When a lender prescreens U for credit its based on a list sent to them via the bureaus of consumers who fit a certain profile. At this point all the lender has is a list of generated names & addresses. This info is referred to as 'limited' permissable purpose meaning the info is limited in range. So they have NOT checked your credit - bcuz they cant.

 

 

The situation then changes to 'permissable purpose' once U choose to accept an offer of credit and that is when the HP takes place and the creditor then is able to review your credit bcuz you hav now initiated it. When the offer was mailed to U it functioned as an SP bcuz the lender only had 'limited' permissable purpose to your info (in the form of name & address) via CBs. So the point here is that no issuer can guarantee U credit via a pre-screened/pre-qualified/pre-approved/pre ANYTHING bcuz up until the time U actually accept an offer they only have 'limited' permissable purpose. There is an exception however and I've touched on this elsewhere.... its when U already have a relationship with the lender in ? so if U receive an offer from a current creditor its likely based on info they already hav on file for U - this would be the only exception.

 

 

So if a prescreened letter states how excellent your credit is etc. etc. its merely bogus marketing language created to offer the impression that they are already aware of your credit - not true. The only way they'd know is if you hav a current relationship with them or previously did a prequal app online searching for suitable products. Dont fall for the okee-doke. If you get a letter and its a card that you've already shown some interest in and you've done your homework then by all means consider app'ing. But understanding how those letters work to begin with should dissuade U from 95% of the stuff being mailed to you.

 

 

Good ? Hope my response was helpful.

Message 20 of 23
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