Credit Card Center Advertiser Disclosure†
07-15-2013 08:33 PM
07-15-2013 08:56 PM
07-16-2013 07:44 AM
You're okay, nothing to worry about. Getting lots of soft pulls and Pre-approvals means yare are handling your credit well and you should be pleased. I have 14 credit cards and still have tons of Pre's in my mailbox each week.
07-16-2013 10:31 AM
Congress provided authority to creditors under the FCRA to make inquiry to the CRAs for a list of consumer names and addresses provided the creditor has established criteria for making them a "firm" offer for credit or insurance.
They do not get the consumer's full credit report, only a list of names and addresses.
Such inquiries are specifically barred under the FCRA from appearing in a consumer's credit report available to others, which is the definition of a "soft pull."
The exclsion from showing on credit reports available to others extends to those who do credit scoring, and thus such inquiries cannot, by statute, be included as part of your credit score.
The credtor hopes that the consumer will, upon receipt of their offer, make an actual application. If the consumer appllies, that is a consumer intitiatted request for credit that then gives them permissible purpose to obtain the consumer's entire credit report. That inquiry may then be shown as a so-called "hard" pull.
07-16-2013 03:20 PM
I have received three of these pieces of mail; one for express clothing, one for discover, and one for American Express (although this is moreso an invitation to apply).
Keep in mind that preapproved and invited to apply or preselected to apply are very different things.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.