Distinction between "pre-selected" & "pre-approved"

[SouthJamaica]

I just received a "pre-selected" offer for a card in the mail. Is that the same as, or different than, a "pre-approved" offer?

[907grown]

That would be different.

preselected is a wide net of potential. Don't bank on it. Unless you REALLY want or NEED the card, don't fall for preselected. CITI does a lot of that preselected garbage.

[SouthJamaica]

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@907grown wrote:

That would be different.

preselected is a wide net of potential. Don't bank on it. Unless you REALLY want or NEED the card, don't fall for preselected. CITI does a lot of that preselected garbage.

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Thanks.

No, I'd like the card, but wouldn't want to waste a HP unless it were a genuine prequalification.

[Anonymous]

you can always still cold app... i don't think i was ever pre-approved for a card and i have been approved for 11..

[Anonymous]

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@SouthJamaica wrote:

I just received a "pre-selected" offer for a card in the mail. Is that the same as, or different than, a "pre-approved" offer?

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If it lists specific apr should be fine, especially with citi. all my citi offers have said preselected.

Now with credit karma, if it says preselected those are offers that are better than preapproved. Have seen several folks get in with Amex on CK with preselected, not one denial.

Citi and Amex both have great mail offers that get better with time, and checking online for prequal seems to speed this process up.

Anyway preslected and preapproved both mean the same to me, so long as a specific APR and opt out notice is listed.

[taxi818]

Its really no difference. Just wording from different lenders. Citi is the only one i know that says pre selected. all others say pre approved. But it really does not matter. They all will pull your report to see if anything changed since the offer. I also have been approved everytime citi said pre selected. And have also been approved everytime someone said pre approved.