topic Re: Pre-Approval - Question regarding the pre-approval ID number in Credit Card Applications

Pre-Approval - Question regarding the pre-approval ID number

Anonymous — Sat, 18 Jul 2015 15:26:30 GMT

I would like to know how important it is to use the 'pre-approval code' when you want to apply for a credit card? For example, I am itching to do the Walmart application but I left my preapproval letter in my truck (I'm a trucker). Does it benefit me any to do the application entering the pre-approval code or are those like a gimmicky hoop they want you to jump though?

Re: Pre-Approval - Question regarding the pre-approval ID number

Anonymous — Sat, 18 Jul 2015 16:02:06 GMT

@Anonymous wrote:
I would like to know how important it is to use the 'pre-approval code' when you want to apply for a credit card? For example, I am itching to do the Walmart application but I left my preapproval letter in my truck (I'm a trucker). Does it benefit me any to do the application entering the pre-approval code or are those like a gimmicky hoop they want you to jump though?

Welcome to MyFico. Pre-approvals are often marketing technique to get you to apply. It is not a guarantee and not set in stone. It will all come down to your entire credit profile. Another clue when it comes to pre-approval is if it gives you a range of APRs instead of a set APR, then you are better of waiting.

If you really want the Walmart card and your credit profile supports it then go for it.

Re: Pre-Approval - Question regarding the pre-approval ID number

Anonymous — Sun, 19 Jul 2015 18:13:07 GMT

My prequalification letter from Walmart says 22.90% apr. ..

Re: Pre-Approval - Question regarding the pre-approval ID number

OmarGB9 — Sun, 19 Jul 2015 18:22:59 GMT

Being that it's a store card that's probably the standard APR anyway. I don't think the pre approval code does anything special. At least not when it comes to store cards. For bank cards, however, it can mean the difference between better APRs/SLs.

Re: Pre-Approval - Question regarding the pre-approval ID number

Anonymous — Mon, 20 Jul 2015 19:35:01 GMT

Well, I applied for the Walmart store card using the prescreen offer number I received and when I submitted my application it told me "Congratulations, your application for the Walmart credit card has been approved". It didn't give me a CL?!? I wonder how long I am stuck waiting to find out what I got.,

Re: Pre-Approval - Question regarding the pre-approval ID number

Anonymous — Sat, 25 Jul 2015 21:04:33 GMT

Why not give them a call. And if you're not happy with the Cl ask them to recon and increase it.

Re: Pre-Approval - Question regarding the pre-approval ID number

Anonymous — Sat, 25 Jul 2015 22:11:12 GMT

I did call them, they started me with a $600 limit. I'll give it some time too before I ask for a CLI because I asked them stupidly if they could offer me more credit so I can cover a big purchase I was planning to make and they told me it would result in another hard inquiry. So I thought fine I'll deal with what I have and thanked her and said have a nice day. Sorry for not updating.