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I just received 2 offers in the mail, one is a Visa Platinum and the other is a Mastercard Platinum. Both offers say they are pre-qualified and they are for people rebuilding their credit (which is what I'm trying to do). I'm wondering if I should apply for one of them, I need a card to rebuild my credit but I don't want the risk of having an inquiry on my report if I'm not going to get approved.Of course both say I am already pre-approved.
Well it depends, what companies are offering it to you and what are the terms?
Also, pre-approved doesn't always mean you're approved already just by mailing the app back.
@Anonymous wrote:Well it depends, what companies are offering it to you and what are the terms?
Also, pre-approved doesn't always mean you're approved already just by mailing the app back.
+1
If you read the fine print it says they will still pull a credit report for final determination. IME
From a BK years ago to:
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802
3/10 EQ- 800
You can do the same thing with hard work
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There can be awful terms, Have you read them.
If you have bad credit, secured cards are often a better option.