Overstock O-Club Mastercard Pre-Qualified?

[Anonymous]

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@Anonymous wrote:
Sorry this happened to you.

The only pretty solid prequels First Bankcard does are either in branch or through a mailer.

Also, lenders do not know your income/DTI, employment status and length of employment when they offer a prequalified offer.

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I'm not sure the reasons they declined me yet, but if I had to guess it's util/inquiries. That's what my other recent denials have all said. I have a few collections, but they're mostly medical and not extremely recent, so most creditors haven't been mentioning them lately.

I doubt it is income or DTI. My DTI is pretty low, around 6-7% I think. If they counted my husband's income it would be even lower. Some applications state you can include your spouse's income, but I usually don't unless it's a joint application.

And I've been self-employed with provable income for over 20 years.

[Anonymous]

I didn't get a popup, Mahraja. It was a banner that said I was pre-qualified.

It must detect that I've applied, because I no longer get that when I'm logged in.

Actually, I was wrong. It doesn't show up on the shopping pages anymore, but when I go to my account page it DOES still show.

And when I click it, I get a page very similar to the pop-up you posted.

I also searched the credit terms and the pre-qualified page and did not find ANY text that stated a pre-qualified offer could still result in a denial. I've seen this on other pre-approval and pre-qualifier pages, but I don't see it anywhere on this one. We here on the forums know this is possible, but the average consumer probably does not.

Only text I see even remotely related to that is:

"Apply. Be Approved. Use your card in as little as 60 seconds."

And...

"FREE Club O Membership
Upon credit card approval"

[Anonymous]

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@Meanmchine wrote:

For what its worth imo the CFPB is totally useless

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CFPB has helped me considerably. When TU refused to remove my tax lien upon dispute the way EQ and EX did, I filed a complaint and just a few days later TU responded and said they reviewed my case and removed it.

I filed the complaint with CFPB against FNBO asking them to remove the inquiry, but if that does not work I will file a dispute directly with the CRA (EX, I believe it was), and if that doesn't work I will file a complaint with the CFPB against EX.

I know it seems like I'm going through a lot of hassle over one inquiry, but it's the principle of the matter. I want to get things changed so we all stop getting these pre-qualified offers that we can't be sure about. I've counted dozens of threads where people were asking, "Is the pre-qualifier from this page solid?" And, "I got this mailer that says I'm pre-approved. Is it legit?"

It shouldn't be that way. We should be able to have faith in those or they shouldn't be made at all.

[Mahraja]

@tara first of all i like your strict professional attitude towards these so called lenders prove them you don't need them be a professional and keep it that way and yes i have the same little banner now you are pre qualified congrats etc i think overstock is misleading customers because both apps the one with the offer and the cold app they are both identical Full Applications for the Mastercard it must be a advertisement only but on the other hand i did see the pre approved opt out stamp at the bottom of the pop up but that full Application does not make sense at all

[peghede]

hey at least is not like  synchrony r.i.p they approve you ,then you ask for huge cli  they approve you ,then later here comes the blue envelope aka: lexus nexus and take away u card.

[Mahraja]

peghede synchrony r.i.p is not the bank to do business with to be honest its better to lock the CL with them at 10k and total 50/60k eBates visa marvel MC and PP end of the story its more than enough i am sure

[credit_is_crack]

I don't agree with your case that it should be removed, however I understand the perspective. What makes it tricky is you've stated essentially "all those here no better" which is true to a degree. Applicants who aren't as well versed easily fall into this trap.

what I don't agree with is someone who "knew better" is still trying to play the "victim" (general consumer) card.

I don't think they'd remove it, but FNBO is known for customer satisfaction and I don't think they are on the CFPBs repeat offenders list so they might just accommodate you.

I have seen more success with people asking for their HP to be updated to a SP instead of a full removal. Good luck and hopefully you get this card in the future. Seems like a goal card for you so go get it!!

Prequalified, Preapproved, or whatever they cleverly call it, it's ALWAYS YMMV.

[Anonymous]

I know, but my point is really more that things need to change so this doesn't keep happening. If it can happen to me, when I know how things can go, it could definitely happen to the average consumer.

I honestly felt confident about this particular approval, because when Overstock popped up the store card pre-approval, it actually resulted in the account being opened for me. I kind of figured the same would hold true for the MC, because even though the MC is from FNBO and the store card is Comenity, I trusted Overstock itself. Had I known this wasn't the case, there is no way whatsoever I would have applied. It's the same reason I feel I could probably get an unsecured Discover It now, but I don't apply because the pre-approval thing shows a large APR spread and I'm not risking the HP until I at least have that to reassure me.

Even if the inquiry isn't removed, I just want to make a point to these banks that they should stop offering pre-approvals that are complete BS. Maybe if more people start doing this, something will change.

[credit_is_crack]

I agree. The whole prequalified or preapproved language is a weak attempt to steer someone to thinking thier Approved when they are "subject to credit approval" like everyone else, aka, a Cold App.

I think it time it could change. Years ago it was just "you're prequalified", then "preapproved" made an appearance, and the most recent attempt of "you're invited to apply" lol --- I think every email/alert should say in the subject line or header "general solicitation" or "member solicitation" lol

[CountryLivin]

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@Anonymous wrote:

I just got notification that I was denied, so I filed a complaint with the CFPB and asked for the inquiry to be removed from my credit report given that it was done under the false pretense that I was "pre-qualified". I stated in my complaint that I would not, under any circumstances, have applied for this card had it not used text that led me to believe I was already qualified.

I'm getting tired of these companies getting away with telling consumers they are pre-approved or pre-qualified and making excuses that you can still be denied. Either I'm pre-qualified, or I'm not. I'm not allowing companies to do this to me anymore. From now on, anything that leads me to believe I'm pre-qualified will have a complaint filed if it results in a denial.

I can accept being denied, and can understand why I was, but I will NOT accept the hard inquiry being on my report when they gave me false hope that I would not be denied.

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Pre-Qualified and Pre-Approved are not the same thing!  Most of the time, pre-qualified will almost always pull a credit report....pre-qualified, just means at the tiime they did a soft pull, you met their requirements.....they do a Hard pull, to see if anything has changed in your file.

I hate to be mean, but you are just gonna have to suck it up and live with it...you really have no right to complain.