So I received 2 pre-approval offers in the mail. One from cap1 and one from Citi and this was exciting because up until this point all my offers have been from subprime banks. So needless to say, I was stoked to apply and see what happens especially with no impact to my scores.
Well I was turned down by both. IS this normal? I know that a pre-approval isn't a guarantee but why eVen send me an offer stating i'm pre-approved and hand selected?
I thought the fact that I just recently purchased a home and have a new mortgage on my report along with some better cards on my portfolio as of late was the reason they wanted my business but I assumed wrong and just found it so odd.
Any insight and input would be appreciated.
**No reason was given and was told I will receive a letter in the mail in 7-10 days. The usual.**
Most of these mailers are just marketing. I don't have experience with Cap1 mailers but Citi ones are all "pre-selected to apply", not even "pre-qualified".
For some reason I get 1-2 mailers a week from Citi, for different cards but same verbiage ("pre-selected to apply"). When I check my soft pulls all I can see is 1 soft pull by Citi in January and nothing since then. I know I got 10+ mailers at least so far for 4 different cards, all based on this soft pull months ago. My profile changed a lot since then so even if I qualified back then I most likely wouldn't qualify now (a lot of new accounts).
These mailers are basically just marketing and I wouldn't make application decisions based on them. You can find real DPs by browsing forums (like this one and reddit) and comparing to your own profile to guess your approval odds.
@coldfusion wrote:
@nelson_xxiii wrote:So I received 2 pre-approval offers in the mail. One from cap1 and one from Citi and this was exciting because up until this point all my offers have been from subprime banks. So needless to say, I was stoked to apply and see what happens especially with no impact to my scores.
Well I was turned down by both. IS this normal? I know that a pre-approval isn't a guarantee but why eVen send me an offer stating i'm pre-approved and hand selected?
I thought the fact that I just recently purchased a home and have a new mortgage on my report along with some better cards on my portfolio as of late was the reason they wanted my business but I assumed wrong and just found it so odd.
Any insight and input would be appreciated.
**No reason was given and was told I will receive a letter in the mail in 7-10 days. The usual.**
How long ago did the mortgage start reporting? The prequals would have been based on the state of your credit profile from discrete points in time from a few months ago, having a new mortgage starting to report after those points in time is enough of a shift in your profile to impact the accuracy of preapprovals using information obtained before the mortgage first reported.
Good point. The mortgage started reporting in April and it didn't affect my points negatively or positively which I found surprising given all the info in the forums stating that most people had a negative inpact to their scores for a few months.
All good though. After some consideration following the declines, I rather garden for a bit and get my inquiries down which probably hurt my chances as well, especially after the mortgage pulled quite a few times and build the cards I have now. Work on getting those limits up with the ones I have and eventually hold out for an Amex. Ready to chill out and hold off for as long as it takes because there aren't many cards I would want anyways, and none I rather have than an Amex for the foresee Future.