Is there a difference between presellected and preapproved?

[Eric958]

Got an offer from amex {green} don't know if I want to chance a inq for nothing.

[Anonymous]

Pre-selected generally means they didn't pull your credit - but bought a list of names from the CRAs  whose credit profile is in line with their requirements.

Pre-approved means they did a soft pull and know they want your business and are courting you to apply.

[Anonymous]

Also pre-selected does not have  any guarentee that you will get the CC or loan- while pre approved means you will.

[Anonymous]

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netpanther wrote:

Also pre-selected does not have  any guarentee that you will get the CC or loan- while pre approved means you will.

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Just so long as nothing negative has happened since you met the credit profile. Example: My FICO is 800 on May 1st. On June 1st, Amex gets my name from Transunion, and I fit the credit profile they like, they pull my score and send me a pre-approved offer. On July 1, I lose my job, miss a house payment and get my car repo'd. On August 1 - Amex is not going to approve me. Any company will run your credit again when you apply, to make sure you STILL fit the criteria.

[Anonymous]

Yes, so right about that!  I probably really shouldn't be giving any advice at this point because the only thing I really know alot about it real estate questions and dealings.

Thanks Tex

[Anonymous]

"Pre-approved" does not guarantee approval whether or not things have changed on your credit report.  I applied for a pre-approved offer early on in my rebuilding having no revolving accounts, no inquiries, nothing other than a car loan and a furniture loan - denied due to no revolving credit history.  Why they even bothered sending it to begin with is beyond me. 

[Eric958]

Thanks for the good info.

I appreciate the quick responses.

Again, THANKS!
E!