topic Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit? in Credit Cards

Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Anonymous — Thu, 23 Dec 2010 04:59:17 GMT

Ohkay so here is the deal....

I just Paid my Elan Financial Credit Card Account off all though it was closed in 2009 but they never reported me for anything on my credit report says i never missed a payment or anything, isnt that nice of them?

well i have a 700+ Credit score and i recieved a letter in the mail from the one the only "American Express" for there "Green Card" and i was wondering if i should apply for the card with the preapproved offer? i know it will impact my credit score, but since i finished off my Elan Card Shouldnt i open a new account else where to continue my credit history? also a little more info is i already have 1 inquire on my Credit Report From Capital One in March of 2010 and im scared that my score will be really affected if i am not accepted by Amex since i will have 2 inquires

ANY ADVICE PLEASE???

Thank you in advanced

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

shane82388 — Thu, 23 Dec 2010 08:34:47 GMT

Was it some kind of an actual "you are pre-approved!" letter or was just sort of an advertisement for the card offering you to apply for it?

A pre-approved offer sort of implies that they selected you as worthy and have a good chance of being approved, an ad is just that...an ad.

Your credit is in the 700+ range so it would seem, from that little bit of info that you'd have a chance with the amex but theres a lot more to it than that...

you only have one tradeline now? or zero actually? You would definitely want to get at least some kind of credit card to replace the single one you had that you just got rid of....

P.S. - Inquiries are not a positive thing, but if you only have one at the moment, and dont have any credit cards at all, i think one more would be worth the potential negative of having zero trade lines reporting at all. They tend to lose weight on your score fairly quickly any...after a year im pretty sure they arent factored into your score at all, but will still report on your credit report for the full 2 years.

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Anonymous — Fri, 24 Dec 2010 01:45:12 GMT

Okay so to answer that it was a letter stating that they reviews my credit report and saw I managed my accounts well so they offered me the card. But here is another thing I had a 710 score right before I paid off my last card so or should go up now that I made the payment to. To pay it off but another thing is I want to get a 6000 dollar loan for a car in 2 months" would accepting another credit card damage my score enough to keep me from being approved for the loan? ?

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Creditaddict — Fri, 24 Dec 2010 02:31:49 GMT

If you have no open revolving credit cards, you need to think about opening this amex card and also a visa, mc, or discover... 2-3 trade lines would be optimal for your credit.

car loan should not be a problem if you have the income to support it.

also where are you getting this credit score... if it's not from here, it's very likely to be a "fako" score which is not what lenders use... you need to buy either TU or EQ from here

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Anonymous — Fri, 24 Dec 2010 02:51:31 GMT

My score is a TU (transunion) fico score I obtained from myfico.com. and I just Don wanna get declined on the auto loan cause I have been really anticipating getting a car for so long and really excited about it. I only want to open 1 card then maybe go for a second one later.

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Creditaddict — Fri, 24 Dec 2010 02:53:48 GMT

then I would probably open a credit card not a charge card if you only want one.

having no credit sometimes is way worse than having to much credit.

have you ever had a car loan before? if not I think you are going to be hurt by not having any credit and not having a car before... but a local CU would probably overlook all that.

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Anonymous — Fri, 24 Dec 2010 03:07:46 GMT

What's the difference between credit card and charge card? I have debit cards and I have been with my credit union for 18 years (parents opened a savings accounnt when I was little) and I've never taken out a car loan before. Bought my last car from a private seller in full with cash 2 years ago

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Creditaddict — Fri, 24 Dec 2010 05:48:00 GMT

Does your CU have a credit card?? get one there if they do

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Anonymous — Fri, 24 Dec 2010 05:53:26 GMT

So funny thing... that 1 credit card I had... was the one the credit union gave me at 18 and like.I said it was closed and paid off and I'm sure they wouldn't accept my. Appplication again haha.. I was looking at the American express Blue card. But I'm not sure if I'd be accepted. Or not .. applying seems a little bleh at time ... the fear of rejection and that rejection hurting my fico score for a period of time

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Creditaddict — Fri, 24 Dec 2010 05:54:20 GMT

how about the new citi forward?

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Anonymous — Fri, 24 Dec 2010 06:02:23 GMT

The citi forward does look good. But idk if I'd be accepted, I think I have a fear of hurting my credit score at all... anybody else have this? Maybe fear of rejection?

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Creditaddict — Fri, 24 Dec 2010 06:03:54 GMT

the fact you have no open revolving accounts is going to start hurting you... the inq might cost you some points, but as soon as the new account reports I bet you will see all your points back plus some.

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Anonymous — Fri, 24 Dec 2010 06:12:10 GMT

That indeed is true. Doesn't my closed acct remain on my credit score for I think I heard another 2 years? Even tho closed. Also which card do you think would be easiest to get approved for since I have a 700 score and only a 3 year credit history.

Re: Accepting a Preapproved Credit card Offer Cuz i should continue my credit?

Creditaddict — Fri, 24 Dec 2010 06:25:46 GMT

Amex Zync but I really think you also need a credit card, but since you love your debit card, you could treat the Zync like a debit card and build a great history with amex... BUT if you are going to apply for the zync or green... you my as well go ahead and apply for the blue if that's the one you want because same day, same pull!