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@Anonymous wrote:
Hi all,
I recently received a mailer from B of A for a BankAmericard CC. The mailer indicates I am preselected to apply for 0% for 18 months, afterwards, 17.24% would apply. My question is, is that a solid interest rate offer or is that just the standard? To add, all three of my bureaus are reporting around 740 (low) to 775 (highest)
Since you're only preselected and not preapproved, I think this is just marketing.
@AverageJoesCredit wrote:
Lol, @CreditInspired, dont you just dislike that term, preselected?. Very misleading imo
I absolutely do. It catches one off guard. They're so slick.
@CreditInspired wrote:
@Anonymous wrote:
Hi all,
I recently received a mailer from B of A for a BankAmericard CC. The mailer indicates I am preselected to apply for 0% for 18 months, afterwards, 17.24% would apply. My question is, is that a solid interest rate offer or is that just the standard? To add, all three of my bureaus are reporting around 740 (low) to 775 (highest)Since you're only preselected and not preapproved, I think this is just marketing.
Don't get caught up by the choice of terms, the key is the offer itself.
OP likely got one of the `preselected` BoA Cash Rewards mailers that were delivered yesterday. Those mailers have both a fixed interest rate and opt-out language, which is characteristic of a preapproval regardless of whatever term an issuer chooses to use to describe it.
@coldfusion wrote:
@CreditInspired wrote:
@Anonymous wrote:
Hi all,
I recently received a mailer from B of A for a BankAmericard CC. The mailer indicates I am preselected to apply for 0% for 18 months, afterwards, 17.24% would apply. My question is, is that a solid interest rate offer or is that just the standard? To add, all three of my bureaus are reporting around 740 (low) to 775 (highest)Since you're only preselected and not preapproved, I think this is just marketing.
Don't get caught up by the choice of terms, the key is the offer itself.
OP likely got one of the `preselected` BoA Cash Rewards mailers that were delivered yesterday. Those mailers have both a fixed interest rate and opt-out language, which is characteristic of a preapproval regardless of whatever term an issuer chooses to use to describe it.
My last app was for a similar offer. Was declined for new accounts, and too many inquiries. I was EX (what they pulled) 730 at the time. I called for recon, and then asked for UW and was told that amount of new accounts (4 of my new 5 didn't even show on their report) and inquiries since being pre-approved is what killed me. Was told to wait 6 months and should be good to go as long as nothing negative occured in that time.