topic Re: Pre- Approval....should I accept?? in Credit Cards

Pre- Approval....should I accept??

Anonymous — Tue, 20 Aug 2019 21:25:17 GMT

So I logged into online banking with my CU this afternoon and received a pop up with a pre approval for their Visa card. While I am not in the market for a new card right now, the offer is pretty darn appealing.

My concerns are that I have opened 5 new accounts in the last 7 months with Amex and Barclays being the most recent in May. I use those two cards the most for points. I really don't have a use for this card, but with the SL offer of $7500 & low interest rate of 14%, this would be my highest limit and the lowest APR.

Also, it appears that this card wouldn't require a HP by the fine print (see first picture). I noticed a couple weeks ago that they did a SP on my EX.

Should I bite?

Re: Pre- Approval....should I accept??

MrCreditInternational — Tue, 20 Aug 2019 21:30:36 GMT

Since this will be your highest limit, I'd say go for it. However, the offer is valid until October 10th, so you can also wait and apply early October. Just add a reminder in your calender so you won't forget

Re: Pre- Approval....should I accept??

FinStar — Tue, 20 Aug 2019 21:38:53 GMT

OP, if it matters to you, keep in mind that the pre-approved offer may still result in a HP once you accept.

In reviewing the fine print screenshot you shared, nowhere does it state that the CC acceptance or approval thereof would constitute as no impact to your credit file. Unless, I'm missing something.

Re: Pre- Approval....should I accept??

CreditInspired — Tue, 20 Aug 2019 22:12:18 GMT

IDK. 5 new cards are a lot. And since you’re not in the market, why risk a HP or even a possible AA?

Other offers will come along. Sometimes, we just have to say “no” even when something looks good. And IMHO I think this is one of those times.

But of course, the decision is yours, and if you do pull the trigger, GL2U.

Re: Pre- Approval....should I accept??

Anonymous — Tue, 20 Aug 2019 22:13:21 GMT

@FinStar wrote:
OP, if it matters to you, keep in mind that the pre-approved offer may still result in a HP once you accept.

In reviewing the fine print screenshot you shared, nowhere does it state that the CC acceptance or approval thereof would constitute as no impact to your credit file. Unless, I'm missing something.

You're correct, it doesn't specifically state no HP, but the language of "Credit Application and Underwriting if changes in limit or card holders make me believe it wouldn't. Also, on the screen it just says accept offer and doesn't state the typical legal info regarding agreeing to pulling credit. I should probably call the bank first and confirm that first if I decide to accept.

Re: Pre- Approval....should I accept??

FinStar — Tue, 20 Aug 2019 22:33:02 GMT

@Anonymous wrote:
@FinStar wrote:
OP, if it matters to you, keep in mind that the pre-approved offer may still result in a HP once you accept.

In reviewing the fine print screenshot you shared, nowhere does it state that the CC acceptance or approval thereof would constitute as no impact to your credit file. Unless, I'm missing something.
You're correct, it doesn't specifically state no HP, but the language of "Credit Application and Underwriting if changes in limit or card holders make me believe it wouldn't. Also, on the screen it just says accept offer and doesn't state the typical legal info regarding agreeing to pulling credit. I should probably call the bank first and confirm that first if I decide to accept.

The language is pretty standard if an applicant modifies the terms of the offer, and as the previous sentence states, it would constitute as a new application. Another item to consider, the agents may or may not know for sure about the HP. So, if I were you, I'd consider the possibility of the HP if you decide to take the offer, and in the event you don't see a HP for any of CRAs within 48-72 hours then consider it a great SP success.

Re: Pre- Approval....should I accept??

slickwidit — Tue, 20 Aug 2019 22:47:48 GMT

Yes! You should accept

Re: Pre- Approval....should I accept??

SouthJamaica — Tue, 20 Aug 2019 22:54:02 GMT

@Anonymous wrote:
So I logged into online banking with my CU this afternoon and received a pop up with a pre approval for their Visa card. While I am not in the market for a new card right now, the offer is pretty darn appealing.

My concerns are that I have opened 5 new accounts in the last 7 months with Amex and Barclays being the most recent in May. I use those two cards the most for points. I really don't have a use for this card, but with the SL offer of $7500 & low interest rate of 14%, this would be my highest limit and the lowest APR.

Also, it appears that this card wouldn't require a HP by the fine print (see first picture). I noticed a couple weeks ago that they did a SP on my EX.

Should I bite?

Normally I'd say no. But I've never seen an offer like that, and for selfish reasons am curious to see how you fare

Re: Pre- Approval....should I accept??

DaveInAZ — Tue, 20 Aug 2019 22:58:12 GMT

"My concerns are that I have opened 5 new accounts in the last 7 months with Amex and Barclays being the most recent in May."

- Just be aware that Barclays is often referred to as a "jealous lover", they don't like alot of new accounts after they approve you and often do adverse action (lower CL) if you do. But since Barclays appears to be among the last of your new accounts you should be OK with just one more, looks like a nice card. But to be safe you might want to wait until September to app and give Barclays 4 months before a new account.

Re: Pre- Approval....should I accept??

FireMedic1 — Tue, 20 Aug 2019 23:49:46 GMT

To get the 1% cash back to your checking you have to meet these standards. I guess you meet them anyway.

Re: Pre- Approval....should I accept??

Anonymous — Wed, 21 Aug 2019 04:39:42 GMT

I'm 50/50 on this one while it's enticing to see a pre-approval with a higher limit than almost all of your cards combined it's a CU and they typically get HP happy when it comes time to make changes like a CLI. However, on the other hand I have some CU cards that offer up some hefty CLI's w/o even asking. About 50% of them have upped their limits w/o asking by at least 5K/card at this point over several years.

I don't really think it would be an issue with your other cards looking down on you for taking a bigger offer and adding 1 account to the mix. It's been 2-3 months since the last one depending on how you count the months.

It's your decision, waiting until Oct would probably be ideal for spacing things out just a smidge longer, and it will give the others something to compete with when they review your accounts for CLI's.