Overstock O-Club Mastercard Pre-Qualified?

Anonymous · ‎09-26-2017

I posted in Approvals that I FINALLY got the Overstock SCT popup today after months of trying, but after getting approved and joining their O-Club rewards program, I noticed a graphic that said I was pre-qualified for the O-Club Mastercard. Couldn't help myself, and filled out the app.

I got an alert about the HP on Experian right after I applied, but I was expecting a HP for a Mastercard.

The thing is, it told me I'd receive information about the status in 2-4 weeks. It wasn't an instant approval. I'm going to be awfully bummed if they deny me after telling me I was pre-qualified.

That's why I hate those pre-qualified things, because you can still be denied. Seems like they shouldn't be allowed to tell you that you're pre-qualified, pre-approved, pre-anything if you can still be denied, especially after doing a hard pull on your credit report.

Oh well, I guess I'll see what happens in 2-4 weeks, but I'm guessing it will be one more denial.

Anonymous · ‎09-26-2017

You always have to assume a HP in the game of credit.

That's just the way it is.

Anonymous · ‎09-26-2017

Yeah, like I said, I expected the HP since it was a MC.

Anonymous · ‎09-27-2017

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.

pizza1 · ‎09-27-2017

@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.

Sorry for the denial, but you have no grounds to file a complaint and ask for the inq to be removed. You played the credit game, applied and lost. Thats the breaks sometimes. You cant ask for it to be removed just because it was declined, even if you were "pre-qualified". Pre-qualified and pre-approved are two different things sometimes.

Did you take a screen shot of your "pre-qualified" status of the MC to send in as a document with the complaint you filed? Pre-qualifed isnt a garauntee of approval, and if you read the fine print of any prequal or preapprval, it states that as well.

Anonymous · ‎09-27-2017

Yes, I did add a screenshot of the pre-qualified message from my Overstock account to the complaint with the CFPB.

And I'm sorry, but I feel you are absolutely WRONG that I have no grounds. Because the application was made, and the inquiry made, under the false pretense that I was pre-qualified. Had they not used such text, I would NOT have applied under any circumstance whatsoever. Period.

And I believe if the FTC took a serious look at this type of situation, they would absolutely rule that this kind of tactic is false or deceptive advertising practices.

Like I said, I can accept the denial. What I can't accept is the hard pull that was definitely made under the pretense that I was pre-qualified. After all, what person would not believe they would be approved after just having received a pre-approval for the Overstock store card and then receiving it. I would think that a pre-qualified offer for the MC would ALSO result in me receiving it.

Anonymous · ‎09-27-2017

Nothing is going to change if some people don't stop rolling over like dogs and exposing their bellies for these deceptive practices. If we start filing complaints en masse, perhaps finally someone will pay attention and STOP claiming people are pre-approved or pre-qualified when they're not. Hiding it in the tiny print does NOT make it any less deceptive.

In fact, I'm going to write to the FTC and lawmakers urging them to take a look at this practice. It's something they need to review to protect consumers who are having their credit scores directly harmed under these false pretenses.

Anonymous · ‎09-27-2017

@Anonymous wrote:
Nothing is going to change if some people don't stop rolling over like dogs and exposing their bellies for these deceptive practices. If we start filing complaints en masse, perhaps finally someone will pay attention and STOP claiming people are pre-approved or pre-qualified when they're not. Hiding it in the tiny print does NOT make it any less deceptive.

In fact, I'm going to write to the FTC and lawmakers urging them to take a look at this practice. It's something they need to review to protect consumers who are having their credit scores directly harmed under these false pretenses.

It is not deceptive at all. Just because you are Prequal'd is not a guaranteed approval it just means that they like something about either your spending habits or past credit history. It is a widely known fact on here, one that I can safely say that were aware of before applying.

Anonymous · ‎09-27-2017

@Anonymous

It’s unfortunate that you received a HP after being ‘pre qualified’ but that happens quite a bit with different creditors. Being prequalified or preapproved is no guarantee of an actual approval. When you applied you gave them permission to pull a credit report under the FCRA and they are free to classify that as a SP or HP. While you certainly are allowed to file a complaint with any entity that you want, they will not provide you any help as permission was given. The effects of a HP on your credit file is minimal at best so your best approach is to learn from this and not be too upset.

Anonymous · ‎09-27-2017

I said I understand how it works, but that doesn't make it RIGHT. Well all know it's deceptive for them to claim you're pre-qualified if you're not. Just because they say they can still deny you doesn't mean the actual practice isn't deceptive.

And we know how it works HERE, but does the average consumer who has never visited one of these forums?

If you're content to let them continue trying to deceive us, that's on you. I'm not.