Are preapproved offers actually preapproved?

[Anonymous]

I got an offer from a credit card in the mail that is far better than anything I've ever seen- and it says I have been "preapproved".  What does that mean, exactly?  Did they actually run my credit and decide to offer this to me?  I know they can back out at the time of actual application, but would they, if my score is either the same or higher than it was at the time of preapproval?  Or is this a bait and switch scheme?  I am feeling baited, but I'm also clinging to the hope that this offer is legite.  How should I proceed?  Thanks for your input.

[Anonymous]

Nope.  It just means that they have done a soft inquiry and figured out that you may meet the criteria that they require.  Unfortunately there is still a good chance that they could turn you down, but hey, you've made the first cut!

[fused]

Nope, the issuer can still turn you down...it happens all of the time. Which CCC is this?

[Anonymous]

I just do NOT want the hit on my credit unless I know I can get it- I don't want to run the risk!

[Anonymous]

It is a Bank of America Visa.

[fused]

Scores alone, I wouldn't expect anything more than a secured card with BoA. Don't get me wrong though, a secured card with BoA can be a good thing. BoA is the type of CCC you can grow with...the same cannot be said about FP or Orchard.

[nicemann]

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fused wrote:

Scores alone, I wouldn't expect anything more than a secured card with BoA. Don't get me wrong though, a secured card with BoA can be a good thing. BoA is the type of CCC you can grow with...the same cannot be said about FP or Orchard.

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For BoA I would risk the INQ.  Also check out their website https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx to see if there is any cards you may want instead.  That website will do a soft on your reports.  I have four CCs with them (22.5K total) and started with a $300 secured card.  Couldn't ask for a better bank, at least in my opinion.

[fused]

I agree! If given the opportunity to build credit, BoA  is far better than FP, Orchard, Continental or Tribute.

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nicemann wrote:

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fused wrote:

Scores alone, I wouldn't expect anything more than a secured card with BoA. Don't get me wrong though, a secured card with BoA can be a good thing. BoA is the type of CCC you can grow with...the same cannot be said about FP or Orchard.

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For BoA I would risk the INQ.  Also check out their website https://preapproved.bankofamerica.com/cc/SelfInquiry.aspx to see if there is any cards you may want instead.  That website will do a soft on your reports.  I have four CCs with them (22.5K total) and started with a $300 secured card.  Couldn't ask for a better bank, at least in my opinion.

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[Anonymous]

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heather76 wrote:

I just do NOT want the hit on my credit unless I know I can get it- I don't want to run the risk!

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It's not really as much of a risk with BoA.  You should app for the card you want, and worst case scenario you get denied and they offer you their secured or partly secured card.  It sounds like a good card to have if you're building credit because it is the most likely card to graduate and get CLIs.

With scores in the 600s I'd think they'd at least give you the 99/500 card, but I have no firsthand experience with BoA.

[creditreformer]

my experiences-

wamu- several preapproved offers...denial

amex- preapproved offer...denial

so, no, they don't always mean 'approved'.  for ba, i'd risk it...try their preapp link first...however, be advised that often, they will only show you the secured CC on the preapp link, but in reality, you may just very well be accepted for their unsecured ccs (you have to risk the app of course...and may also be denied).  as others said, if there's any bank you want to get in w/cc wise, BA is IT