topic Re: Pre-approvals in Credit Cards

Pre-approvals

Longroad — Thu, 24 Apr 2014 20:31:37 GMT

When you check for pre-approvals on an issuers website, do they do a SP every time you make that request or do they use old SP or exactly what information do they use to make the decision for the pre-approval?

Re: Pre-approvals

jesseh — Thu, 24 Apr 2014 20:50:53 GMT

They do base their pre-approval offers on a soft inquiry.

Whether they do it periodically or every time you press the button may vary by company I would assume.

Re: Pre-approvals

Revelate — Thu, 24 Apr 2014 22:04:50 GMT

@jesseh wrote:
They do base their pre-approval offers on a soft inquiry.

Whether they do it periodically or every time you press the button may vary by company I would assume.

Double check that it states on there someplace "this will not hurt your credit" or similar; was an amusing (for me at any rate, I was in the middle of a credit sadist streak, sowwy!) event when Orchard changed their pre-approval page to a HP from a SP after Cap One bought them... people howled as they had been using the pre-qual site as a substitute for application approval euphoria.

That said most pre-qual sites I've seen lately have this verbiage, but check so you don't get a nasty surprise.

Re: Pre-approvals

yudeology101 — Fri, 25 Apr 2014 04:14:47 GMT

@Revelate wrote:
@jesseh wrote:
They do base their pre-approval offers on a soft inquiry.

Whether they do it periodically or every time you press the button may vary by company I would assume.
Double check that it states on there someplace "this will not hurt your credit" or similar; was an amusing (for me at any rate, I was in the middle of a credit sadist streak, sowwy!) event when Orchard changed their pre-approval page to a HP from a SP after Cap One bought them... people howled as they had been using the pre-qual site as a substitute for application approval euphoria.

That said most pre-qual sites I've seen lately have this verbiage, but check so you don't get a nasty surprise.

Re: Pre-approvals

TheGardner — Fri, 25 Apr 2014 15:11:26 GMT

They actually are checking their system for any pre-approvals. They do not check your credit when you submit.

Source : I have checked all of them and none have SP me yet (except AMEX and this was months after I checked via website)

I think credit one does SP when submitted though.

Re: Pre-approvals

Anonymous — Fri, 25 Apr 2014 15:28:19 GMT

Chase and Citi do SP's when you check for preapprovals. I can vouch with my TU and EX reports. They both show "PRM" which stands for promotional offers, or in better terms, to make a "firm offer of credit". The three most highly regarded as accurate (in this order IMO) are Chase, Amex, Citi then all others. "Your card offers" with an APR range like 13.99 to 22.99 is not a preapproval.

Every single time I check Citi's website, a SP shows up a while later on EX. Same goes for Chase and my TU report. I'm not sure that AMEX shows on EX and there's one of two reasons. Either they simply take forever to show or they are buying bulk candidates from EX and have you prepopulated in their system. US Bank, BofA, Barclay and Discover have never shown up so I'm not sure how they offer cards.

Here's the kicker (and what folks need to look for on preapprovals). A specific APR offered and the opt out prescreen notice. Essentially, the opt out prescreen notice says "this offer is based on information contained in your credit report", therefore, proving they looked. It's never a guarantee but it's definitely a very good sign.

Hope this helps.

Re: Pre-approvals

sky_king03 — Fri, 25 Apr 2014 16:25:40 GMT

On citi's pre aproval site. Are you only pre approved for the card they have selected or are you also approved for the 4 other offer cards?

Re: Pre-approvals

Kenny — Fri, 25 Apr 2014 16:39:05 GMT

@sky_king03 wrote:
On citi's pre aproval site. Are you only pre approved for the card they have selected or are you also approved for the 4 other offer cards?

I think the other 4 are just generic items that have no basis on the item you chose (like rewards, cash back, etc. from the drop down box) The one that they've chosen for you may or may not be easier to be approved for you. (If that makes sense.) I don't know that this pre-approval check is an amazingly accurate way of saying you should app for this card.

Re: Pre-approvals

Longroad — Fri, 25 Apr 2014 18:23:54 GMT

@Anonymous wrote:
Chase and Citi do SP's when you check for preapprovals. I can vouch with my TU and EX reports. They both show "PRM" which stands for promotional offers, or in better terms, to make a "firm offer of credit". The three most highly regarded as accurate (in this order IMO) are Chase, Amex, Citi then all others. "Your card offers" with an APR range like 13.99 to 22.99 is not a preapproval.

Every single time I check Citi's website, a SP shows up a while later on EX. Same goes for Chase and my TU report. I'm not sure that AMEX shows on EX and there's one of two reasons. Either they simply take forever to show or they are buying bulk candidates from EX and have you prepopulated in their system. US Bank, BofA, Barclay and Discover have never shown up so I'm not sure how they offer cards.

Here's the kicker (and what folks need to look for on preapprovals). A specific APR offered and the opt out prescreen notice. Essentially, the opt out prescreen notice says "this offer is based on information contained in your credit report", therefore, proving they looked. It's never a guarantee but it's definitely a very good sign.

Hope this helps.

Thanks for the info.

On another note, where do you find your information on SP on EX and TU? I have been able to find the info on EQ, but I can't find where it shows up on TU and EX.

Re: Pre-approvals

Anonymous — Fri, 25 Apr 2014 18:29:50 GMT

It shows up as a brand new tab/section between HP's and Account Reviews on TU. I still haven't seen PRM's on EX to date. Here's what it looks like on TU:

Re: Pre-approvals

slund5499 — Wed, 28 Jan 2015 01:28:03 GMT

Do you think that by using the chase and citibank pre-qualification link increases the chance for approval. Chase, Citibank and AMEX continue to provide "We were unable to match you with any card offers". I routinely pre-qualify every week for 6 weeks and still no SP anywhere. If they checked reports and I didn't qualify...would an SP show up?

Re: Pre-approvals

Anonymous — Wed, 28 Jan 2015 02:15:28 GMT

I did a soft pull on Chase when I first started rebuilding and they recommended a Chase Freedom (which I got with my highest CL yet) so it is possible. Chase I would say is a little more reliable than someone like Discover, who always tells you your qualified, just before shooting you down with a denial.

Re: Pre-approvals

js0319 — Wed, 28 Jan 2015 03:58:25 GMT

The pre-quals for Citi, Chase, and Discover are golden as long as the APR terms show a specific percentage and not a range, like 13.99-22.99%. If it's a range, it's a shot in the dark, if it's specific, it's based on their last SP.