topic Re: What does this even mean? in Credit Cards

What does this even mean?

killer_queen229 — Sat, 18 Apr 2015 20:13:15 GMT

Why would BOA give me a pre qualified offer for their Cash Rewards card? They've always denied me. Even good old CK said my chances for some of their cards were very good. I'm just in over my head probably.

Re: What does this even mean?

kdm31091 — Sat, 18 Apr 2015 20:14:10 GMT

Did they personally mail it to you? Or are you talking about the "prequals" on the website?

The ones on the website spit out the same info for everyone and aren't true prequals.

Re: What does this even mean?

killer_queen229 — Sat, 18 Apr 2015 20:15:20 GMT

Website. Every time I've done it online nothing would show up until now.

Re: What does this even mean?

Anonymous — Sat, 18 Apr 2015 20:16:19 GMT

@killer_queen229 wrote:
Why would BOA give me a pre qualified offer for their Cash Rewards card? They've always denied me. Even good old CK said my chances for some of their cards were very good. I'm just in over my head probably.

Pre-qualified is often a marketing technique to get you to apply. It does NOT mean you will get approved. It all comes down to your credit portfolio, income etc..

Also, why would you rely on CK of your chances.. You are aware they get paid for marketing and when people apply through them right?

Re: What does this even mean?

killer_queen229 — Sat, 18 Apr 2015 20:18:18 GMT

Yeah I know how CK is. CK and my Discover TU score are only 1 point apart. I know that's why I thought it was weird that that would pop up on their website when I've always been denied.

Re: What does this even mean?

Anonymous — Sat, 18 Apr 2015 20:20:03 GMT

@killer_queen229 wrote:
Yeah I know how CK is. CK and my Discover TU score are only 1 point apart. I know that's why I thought it was weird that that would pop up on their website when I've always been denied.

Ok.. If the thing on BOA site says "we recommend this", I'd move on and not apply. That is not a pre-equal..

Re: What does this even mean?

killer_queen229 — Sat, 18 Apr 2015 20:26:01 GMT

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.

Re: What does this even mean?

Anonymous — Sat, 18 Apr 2015 20:30:01 GMT

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.

Re: What does this even mean?

Anonymous — Sat, 18 Apr 2015 20:31:51 GMT

@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.

Don't confuse Chase pre-quals with other banks. Chase and Cap One are the only reliable pre-quals in the business. Every other lender's pre-quals mean almost nothing, including BOA

Re: What does this even mean?

killer_queen229 — Sat, 18 Apr 2015 20:33:35 GMT

I've never had luck with TD Bank and BOA. I just haven't tried applying again for a while now. Got sick of being denied.

Re: What does this even mean?

jamesdwi — Sat, 18 Apr 2015 20:34:17 GMT

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.

Re: What does this even mean?

killer_queen229 — Sat, 18 Apr 2015 20:34:48 GMT

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

Re: What does this even mean?

Anonymous — Sat, 18 Apr 2015 20:35:35 GMT

@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"

Re: What does this even mean?

Anonymous — Sat, 18 Apr 2015 20:36:12 GMT

@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 it

Re: What does this even mean?

killer_queen229 — Sat, 18 Apr 2015 20:36:47 GMT

The only card I did want from them was the Susan G. Komen one.

Re: What does this even mean?

Anonymous — Sat, 18 Apr 2015 20:36:56 GMT

@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.

Re: What does this even mean?

killer_queen229 — Sat, 18 Apr 2015 20:40:47 GMT

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).

Re: What does this even mean?

Anonymous — Sat, 18 Apr 2015 20:41:17 GMT

@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.

Re: What does this even mean?

taxi818 — Sat, 18 Apr 2015 23:44:51 GMT

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

Re: What does this even mean?

Existentialist — Sun, 19 Apr 2015 00:34:51 GMT

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.