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pre approval

mauricel1
Established Member

pre approval

so today a receive an invite or preapproved card from aspire. I applied and was denied saying I had an open bankruptcy. My bankruptcy was discharged in January. so this happened to anyone. I feel duped not only did not receive the card, but I also had a hard inquiry

Message 1 of 9
8 REPLIES 8
Remedios
Moderator

Re: pre approval


@mauricel1 wrote:

so today a receive an invite or preapproved card from aspire. I applied and was denied saying I had an open bankruptcy. My bankruptcy was discharged in January. so this happened to anyone. I feel duped not only did not receive the card, but I also had a hard inquiry


 

An invite is just marketing, it's not pre-approval of any kind. 

Hard inquiry is normal when an application is submitted and there aren't any guarantees for any of us that it will result in approval.

 

Sometimes it helps to ask for data points before hitting "submit" button, so maybe next time do a bit more research especially with BK on file since many lenders have official and unofficial rules when it comes to applications with BK on file

Message 2 of 9
Wile
Frequent Contributor

Re: pre approval


@mauricel1 wrote:

so today a receive an invite or preapproved card from aspire. I applied and was denied saying I had an open bankruptcy. My bankruptcy was discharged in January. so this happened to anyone. I feel duped not only did not receive the card, but I also had a hard inquiry


 

First, wait to receive the denial letter from them unless you have already received it or can obtain online.

 

Secondly, if denial letter is indeed stating that you have a pending/open bankruptcy case but your bankruptcy case has already been discharged then immediately get the copy of your credit report from the credit bureau they pulled it from (online is better for a quick action) to check what's the status of your bankruptcy petition is shown in there.

 

Third, if your credit report with that particular CB (credit bureau) is not updated then you will need to fax them the court document about discharging of bankruptcy so that they could update the information immediately in their record. And then get the updated copy of your credit report from them, probably online after 3-5 business days later.

 

Fourth, then contact this lender over the phone and let them know that your bankruptcy case has already been discharged and its not open as they stated so. And if credit bureaus already have correct and updated information about your bankruptcy then you should still call them for the reconsideration. Or fax them a reconsideration request with the copy of your credit report.

 

If I were you, I will certainly give them a call if the reason they stated is wrong one. You have nothing to loose here...Asking for a reconsideration with updated information or pointing out their wrong reasoning might cause you another HP but its worth at this stage. Nevertheless, keep it in mind that some lenders just don't issue any credit until a few years have passed after bankruptcy discharged.

 

Good luck....

Message 3 of 9
Gladius
Frequent Contributor

Re: pre approval


@Remedios wrote:

@mauricel1 wrote:

so today a receive an invite or preapproved card from aspire. I applied and was denied saying I had an open bankruptcy. My bankruptcy was discharged in January. so this happened to anyone. I feel duped not only did not receive the card, but I also had a hard inquiry


 

An invite is just marketing, it's not pre-approval of any kind. 

Hard inquiry is normal when an application is submitted and there aren't any guarantees for any of us that it will result in approval.

 

Sometimes it helps to ask for data points before hitting "submit" button, so maybe next time do a bit more research especially with BK on file since many lenders have official and unofficial rules when it comes to applications with BK on file


Isn't it kind of unfair to the OP if the offer specifically stated "pre-approved" rather than "pre-qualified"?

Message 4 of 9
Remedios
Moderator

Re: pre approval


@Gladius wrote:

@Remedios wrote:

@mauricel1 wrote:

so today a receive an invite or preapproved card from aspire. I applied and was denied saying I had an open bankruptcy. My bankruptcy was discharged in January. so this happened to anyone. I feel duped not only did not receive the card, but I also had a hard inquiry


 

An invite is just marketing, it's not pre-approval of any kind. 

Hard inquiry is normal when an application is submitted and there aren't any guarantees for any of us that it will result in approval.

 

Sometimes it helps to ask for data points before hitting "submit" button, so maybe next time do a bit more research especially with BK on file since many lenders have official and unofficial rules when it comes to applications with BK on file


Isn't it kind of unfair to the OP if the offer specifically stated "pre-approved" rather than "pre-qualified"?


 

OP specifically stated "invite or pre-approved"

Based on the outcome, it's safe to assume it wasn't pre-approved, but instead an invitation to apply, which is nothing but marketing. 

 

Even if that wasn't the case, every pre-approval (including solid ones) carries a disclaimer that it's not finalized until an application is reviewed.

 

You can be pre-approved today, a week passes by, you allow balances to report and then you get a denial for high utilization because those two points in time do not contain the same information. 

 

There is no "fair" or "not fair" when it comes to applications, it's simple decision making based on preset criteria by a lender. 

 

Message 5 of 9
Gladius
Frequent Contributor

Re: pre approval


@Remedios wrote:

@Gladius wrote:

@Remedios wrote:

@mauricel1 wrote:

so today a receive an invite or preapproved card from aspire. I applied and was denied saying I had an open bankruptcy. My bankruptcy was discharged in January. so this happened to anyone. I feel duped not only did not receive the card, but I also had a hard inquiry


 

An invite is just marketing, it's not pre-approval of any kind. 

Hard inquiry is normal when an application is submitted and there aren't any guarantees for any of us that it will result in approval.

 

Sometimes it helps to ask for data points before hitting "submit" button, so maybe next time do a bit more research especially with BK on file since many lenders have official and unofficial rules when it comes to applications with BK on file


Isn't it kind of unfair to the OP if the offer specifically stated "pre-approved" rather than "pre-qualified"?


 

OP specifically stated "invite or pre-approved"

Based on the outcome, it's safe to assume it wasn't pre-approved, but instead an invitation to apply, which is nothing but marketing. 

 

Even if that wasn't the case, every pre-approval (including solid ones) carries a disclaimer that it's not finalized until an application is reviewed.

 

You can be pre-approved today, a week passes by, you allow balances to report and then you get a denial for high utilization because those two points in time do not contain the same information. 

 

There is no "fair" or "not fair" when it comes to applications, it's simple decision making based on preset criteria by a lender. 

 


I didn't see the "or" part.

 

IMO, I still think it is "unfair" for the lender to say "pre-approved" unless a disclaimer is clearly represented stating the "conditions" of the application/process.  They should just do away with the term pre-approved unless it is a hard approval based on their leding criteria.  This is only my opinion.

Message 6 of 9
FinStar
Moderator

Re: pre approval


@Gladius wrote:

@Remedios wrote:

@Gladius wrote:

@Remedios wrote:

@mauricel1 wrote:

so today a receive an invite or preapproved card from aspire. I applied and was denied saying I had an open bankruptcy. My bankruptcy was discharged in January. so this happened to anyone. I feel duped not only did not receive the card, but I also had a hard inquiry


 

An invite is just marketing, it's not pre-approval of any kind. 

Hard inquiry is normal when an application is submitted and there aren't any guarantees for any of us that it will result in approval.

 

Sometimes it helps to ask for data points before hitting "submit" button, so maybe next time do a bit more research especially with BK on file since many lenders have official and unofficial rules when it comes to applications with BK on file


Isn't it kind of unfair to the OP if the offer specifically stated "pre-approved" rather than "pre-qualified"?


 

OP specifically stated "invite or pre-approved"

Based on the outcome, it's safe to assume it wasn't pre-approved, but instead an invitation to apply, which is nothing but marketing. 

 

Even if that wasn't the case, every pre-approval (including solid ones) carries a disclaimer that it's not finalized until an application is reviewed.

 

You can be pre-approved today, a week passes by, you allow balances to report and then you get a denial for high utilization because those two points in time do not contain the same information. 

 

There is no "fair" or "not fair" when it comes to applications, it's simple decision making based on preset criteria by a lender. 

 


I didn't see the "or" part.

 

IMO, I still think it is "unfair" for the lender to say "pre-approved" unless a disclaimer is clearly represented stating the "conditions" of the application/process.  They should just do away with the term pre-approved unless it is a hard approval based on their leding criteria.  This is only my opinion.


Just to chime in that any pre-approved, pre-qualified or invitation to apply does provide a disclaimer prior to submitting the form or application whether online or via snail mail.  It is governed by regulations to indicate the pre-screened conditions.

Message 7 of 9
mauricel1
Established Member

Re: pre approval

thanks for the input everyone. next ill read the fine print. lesson learned the rebuild has been a true learning experience.

Message 8 of 9
4sallypat
Established Contributor

Re: pre approval

Funny, I keep getting emails from Aspire to apply as well.

 

Don't know what SP data they are pulling from so I am not understanding the marketing pitch.

 

However, they are a credit re-build card so deleted the emails.

 

OP: try Cap 1 or Credit One - they are great for rebuilding - I used them when I started - still have those accounts...

Message 9 of 9
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