So it begins , preapproved cc in mail

[avggoal700]

been so long I can't remember getting one of these, now I'm trying fix my credit just got one.  I know pre approval means nothing.  I don't even have any pre approved offers from my own bank, seems these companies really do track people.  Fnbo platinum edition Visa card .  I don't want cards just to have them.  What's the scoop on this one.

i don't want card just think its funny

[RobertEG]

Pre-approved can mean something.

It can mean that their offer is a "firm offer for credit" that must be honored.

It depends upon how the creditor obatined your name when making the offfer.

Creditors can send offers for credit based upon having obtained your name in any manner. 

However, creditors often dont want to send out hundreds of thousands of solicitations without some pre-screening of the consumer.

The FCRA offers them a service.  If they submit criteria to the CRAs, they can obtain  a listing of consumers whose credit files currently meet those criteria, thus weedgin out many who would clearly not qualify.

Their cost for using that prescreening is that (1) they must make a firm offer for credit to every consumer on the listing, and (2) if the consumer bites on the offer and submits an application for the credit, they can then pull their complete credit report, and if the consumer is found to still meet the specified criteria, they must honor the firm offer for credit. 

[avggoal700]

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@RobertEG wrote:

Pre-approved can mean something.

It can mean that their offer is a "firm offer for credit" that must be honored.

It depends upon how the creditor obatined your name when making the offfer.

Creditors can send offers for credit based upon having obtained your name in any manner. 

However, creditors often dont want to send out hundreds of thousands of solicitations without some pre-screening of the consumer.

The FCRA offers them a service.  If they submit criteria to the CRAs, they can obtain  a listing of consumers whose credit files currently meet those criteria, thus weedgin out many who would clearly not qualify.

Their cost for using that prescreening is that (1) they must make a firm offer for credit to every consumer on the listing, and (2) if the consumer bites on the offer and submits an application for the credit, they can then pull their complete credit report, and if the consumer is found to still meet the specified criteria, they must honor the firm offer for credit. 

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Mmm never seen it explained that way.  Ok makes more sense .  I really only want 3 bank cards and fnbo is not one of them but I guess it shows I'm slowly moving in right direction.  Thx.

[RobertEG]

One reason why one might choose not to opt out of such listings provided by a CRA while they are rebuilding.

It at least provides them information that their credit file currently meets basic criteria used by a creditor.

[avggoal700]

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@RobertEG wrote:

One reason why one might choose not to opt out of such listings provided by a CRA while they are rebuilding.

It at least provides them information that their credit file currently meets basic criteria used by a creditor.

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True.  Just got personal loan offer from diff company, I'll opt in to see if I ever get offers from good companies 

[Shogun]

I have the FNBO Amex, and I like the card and the services.  Plus it gives me my EX Bankcard enhanced FICO.  I use this card for quick on the spot purchase and PIF.  Plus they have a daily balance reminder that will email you your balance daily.