topic Re: Are preapproved offers actually preapproved? in Credit Cards

Are preapproved offers actually preapproved?

Anonymous — Sat, 07 Jun 2008 23:49:54 GMT

I got an offer from a credit card in the mail that is far better than anything I've ever seen- and it says I have been "preapproved". What does that mean, exactly? Did they actually run my credit and decide to offer this to me? I know they can back out at the time of actual application, but would they, if my score is either the same or higher than it was at the time of preapproval? Or is this a bait and switch scheme? I am feeling baited, but I'm also clinging to the hope that this offer is legite. How should I proceed? Thanks for your input.

Re: Are preapproved offers actually preapproved?

Anonymous — Sat, 07 Jun 2008 23:56:00 GMT

Nope. It just means that they have done a soft inquiry and figured out that you may meet the criteria that they require. Unfortunately there is still a good chance that they could turn you down, but hey, you've made the first cut!

Re: Are preapproved offers actually preapproved?

fused — Sat, 07 Jun 2008 23:58:11 GMT

Nope, the issuer can still turn you down...it happens all of the time. Which CCC is this?

Re: Are preapproved offers actually preapproved?

Anonymous — Sat, 07 Jun 2008 23:58:29 GMT

I just do NOT want the hit on my credit unless I know I can get it- I don't want to run the risk!

Re: Are preapproved offers actually preapproved?

Anonymous — Sun, 08 Jun 2008 00:01:10 GMT

It is a Bank of America Visa.

Re: Are preapproved offers actually preapproved?

fused — Sun, 08 Jun 2008 01:00:28 GMT

Scores alone, I wouldn't expect anything more than a secured card with BoA. Don't get me wrong though, a secured card with BoA can be a good thing. BoA is the type of CCC you can grow with...the same cannot be said about FP or Orchard.

Re: Are preapproved offers actually preapproved?

nicemann — Sun, 08 Jun 2008 02:04:35 GMT

fused wrote:
Scores alone, I wouldn't expect anything more than a secured card with BoA. Don't get me wrong though, a secured card with BoA can be a good thing. BoA is the type of CCC you can grow with...the same cannot be said about FP or Orchard.

For BoA I would risk the INQ. Also check out their website https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx to see if there is any cards you may want instead. That website will do a soft on your reports. I have four CCs with them (22.5K total) and started with a $300 secured card. Couldn't ask for a better bank, at least in my opinion.

Re: Are preapproved offers actually preapproved?

fused — Sun, 08 Jun 2008 04:25:44 GMT

I agree! If given the opportunity to build credit, BoA is far better than FP, Orchard, Continental or Tribute.

nicemann wrote:

fused wrote:

Scores alone, I wouldn't expect anything more than a secured card with BoA. Don't get me wrong though, a secured card with BoA can be a good thing. BoA is the type of CCC you can grow with...the same cannot be said about FP or Orchard.

For BoA I would risk the INQ. Also check out their website https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx to see if there is any cards you may want instead. That website will do a soft on your reports. I have four CCs with them (22.5K total) and started with a $300 secured card. Couldn't ask for a better bank, at least in my opinion.

Re: Are preapproved offers actually preapproved?

Anonymous — Sun, 08 Jun 2008 04:30:36 GMT

heather76 wrote:
I just do NOT want the hit on my credit unless I know I can get it- I don't want to run the risk!

It's not really as much of a risk with BoA. You should app for the card you want, and worst case scenario you get denied and they offer you their secured or partly secured card. It sounds like a good card to have if you're building credit because it is the most likely card to graduate and get CLIs.

With scores in the 600s I'd think they'd at least give you the 99/500 card, but I have no firsthand experience with BoA.

Re: Are preapproved offers actually preapproved?

creditreformer — Sun, 08 Jun 2008 06:16:52 GMT

my experiences-

wamu- several preapproved offers...denial

amex- preapproved offer...denial

so, no, they don't always mean 'approved'. for ba, i'd risk it...try their preapp link first...however, be advised that often, they will only show you the secured CC on the preapp link, but in reality, you may just very well be accepted for their unsecured ccs (you have to risk the app of course...and may also be denied). as others said, if there's any bank you want to get in w/cc wise, BA is IT

Re: Are preapproved offers actually preapproved?

marty56 — Mon, 09 Jun 2008 14:01:11 GMT

Funny you mention AE and WaMu. I had both ther products in DMP and then send me offers all the time. My theory is that they know I have improved my credit and they just want to hit me with a hard INQ and denial for revenge.

Message Edited by marty56 on 06-09-2008 07:01 AM

Re: Are preapproved offers actually preapproved?

haulingthescoreup — Sun, 08 Jun 2008 12:24:07 GMT

@marty56 wrote:

Funny you mention AE and WaMu. I had bopth ther products in DMP and then send me offers all the time. My theory is that they know I have improved my credit and they just want to hit me with a hard INQ and denial for revenge.

Have you ever noticed WhirledPeasPlease's siggy? She's keeping a running count of WaMu's mailed pre-approvals. I think she's up to 12 or something crazy like that.

Re: Are preapproved offers actually preapproved?

creditreformer — Sun, 08 Jun 2008 18:35:51 GMT

lol marty, i tend to agree wamu (and i NEVER burned them or providian) and amex. the optimist in me thought that amex would have a change of heart after 10+ yrs and that preapproved meant 'yes, we'll love you', but i guess not. not sure what wamu's deal is, but so far, they've sent me 3-4 'preapprovals'. i only tried 1x and that denial (and inq) was enough for me.

Re: Are preapproved offers actually preapproved?

Anonymous — Mon, 09 Jun 2008 12:52:23 GMT

My GF and I walked into BofA over the weekend because she had to deposit her stimulus and tax return checks. The bank teller, with a big smile on her face, congratulates my GF and tells her she's approved for their Visa card with a 9K CL @ 3.9% APR, 0% on purchases and BT for 1 year. My GF says no thanks and shrugs it off. Apparently they offer this to her every time she goes in. The teller laughed and said people go in there everyday day begging for the card and that she couldn't believe she won't accept it.

For kicks I went home and checked the pre-approval link on the BofA site and it came up with nothing. I wonder how accurate the site is with those pre-approval offers...

Re: Are preapproved offers actually preapproved?

Anonymous — Mon, 09 Jun 2008 13:16:55 GMT

@haulingthescoreup wrote:

@marty56 wrote:

Funny you mention AE and WaMu. I had bopth ther products in DMP and then send me offers all the time. My theory is that they know I have improved my credit and they just want to hit me with a hard INQ and denial for revenge.

Have you ever noticed WhirledPeasPlease's siggy? She's keeping a running count of WaMu's mailed pre-approvals. I think she's up to 12 or something crazy like that.

LOL Hauling.. (Sry, just saw this!)

Those pre-apps are from when I opted back in - mid February or so. I app'd twice with them, in July 06 and July 07, and was denied both times.

Now.. it's game ON!

Re: Are preapproved offers actually preapproved?

Anonymous — Mon, 09 Jun 2008 13:45:27 GMT

Wamu seems to lean heavily in favor of current (good) banking customers as far as I know. If you want a Wamu card, get a free wamu checking, and make regular deposits and they will give you a card.

Re: Are preapproved offers actually preapproved?

marty56 — Mon, 09 Jun 2008 14:00:24 GMT

Actually I never burned either one (never late, always paid on time) other then having their accounts in DMP and they earned 10% on that debt while I was in DMP. Not to mention 7 years at 18% or more prior to DMP. Not to bad a return on there investment.

I may have to wait 4 more years but by then my scores should be over 800 and I might get a BofA pre-approval. My crown jewel of preapprovals. At that time I have plans for it to interact with the by-product of certian input/output body functions before be mailed back to them.

Changing all the personal info on it ofcourse.

I can wait.

Message Edited by marty56 on 06-09-2008 07:00 AM

Re: Are preapproved offers actually preapproved?

ninetynine — Mon, 09 Jun 2008 14:23:29 GMT

I know for sure that HSBC and BOA preaaprovals work. I have heard that BOA has never denied anyone preapproved. HSBC I have heard mixed stories. Some were approved and some were not.