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Pre- Approval....should I accept??

DB2019
Regular Contributor

Pre- Approval....should I accept??

So I logged into online banking with my CU this afternoon and received a pop up with a pre approval for their Visa card.  While I am not in the market for a new card right now, the offer is pretty darn appealing.

 

My concerns are that I have opened 5 new accounts in the last 7 months with Amex and Barclays being the most recent in May.  I use those two cards the most for points.  I really don't have a use for this card, but with the SL offer of $7500 & low interest rate of 14%, this would be my highest limit and the lowest APR.  

Also, it appears that this card wouldn't require a HP by the fine print (see first picture).  I noticed a couple weeks ago that they did a SP on my EX.

 

Should I bite?  

31BFD26B-B951-44E4-9FAB-AC62866CA328.jpeg

 

4FDD02A7-14DD-48B1-980C-DDFEC48ACC23.jpeg

 

Rebuilding Since 2016
6/5/2019 - Fico 8 Scores - EQ 672 TU 683 EX 674
6/15/2019 - FICO 8 Scores - EQ 682 TU 698 EX 690
8/10/2019 - FICO 8 Scores - EQ 706 TU 705 EQ 689
9/15/2019 - FICO 8 Scores - EQ 710 TU 713 EX 690
6/6/2020 - FICO 8 Scores EQ 717 TU 720 EX 683
Message 1 of 11
10 REPLIES 10
MrCreditInternational
Frequent Contributor

Re: Pre- Approval....should I accept??

Since this will be your highest limit, I'd say go for it. However, the offer is valid until October 10th, so you can also wait and apply early October. Just add a reminder in your calender so you won't forget Smiley Happy

Amex Platinum (NPSL); Amex Gold (NPSL); HH Aspire (31.7k); Amex BBP (27k); B&H Payboo (25k); HSBC Premier WMC (14.5k); Rakuten Visa (10k); HSBC Advance (7.5k); HH Surpass (5k); Delta Gold (5k); Nordstrom Store (4k); Apple Card (2.75k); BofA Premium Rewards (2k); USB Altitude Go (1k)

Started collecting cards: Oct/2018
Latest FICO 8: EX (767); TU (774); EQ (769)
Inquiries: EX (9); TU (14); EQ (7)
Inquiries falling off!!!!!
Message 2 of 11
FinStar
Moderator

Re: Pre- Approval....should I accept??

OP, if it matters to you, keep in mind that the pre-approved offer may still result in a HP once you accept.

In reviewing the fine print screenshot you shared, nowhere does it state that the CC acceptance or approval thereof would constitute as no impact to your credit file. Unless, I'm missing something.
Message 3 of 11
CreditInspired
Super Contributor

Re: Pre- Approval....should I accept??

IDK. 5 new cards are a lot. And since you’re not in the market, why risk a HP or even a possible AA?

Other offers will come along. Sometimes, we just have to say “no” even when something looks good. And IMHO I think this is one of those times.

But of course, the decision is yours, and if you do pull the trigger, GL2U.

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K || BOA CashRewards $6K
Message 4 of 11
DB2019
Regular Contributor

Re: Pre- Approval....should I accept??


@FinStar wrote:
OP, if it matters to you, keep in mind that the pre-approved offer may still result in a HP once you accept.

In reviewing the fine print screenshot you shared, nowhere does it state that the CC acceptance or approval thereof would constitute as no impact to your credit file. Unless, I'm missing something.

You're correct, it doesn't specifically state no HP, but the language of "Credit Application and Underwriting if changes in limit or card holders make me believe it wouldn't.  Also, on the screen it just says accept offer and doesn't state the typical legal info regarding agreeing to pulling credit.  I should probably call the bank first and confirm that first if I decide to accept.

Rebuilding Since 2016
6/5/2019 - Fico 8 Scores - EQ 672 TU 683 EX 674
6/15/2019 - FICO 8 Scores - EQ 682 TU 698 EX 690
8/10/2019 - FICO 8 Scores - EQ 706 TU 705 EQ 689
9/15/2019 - FICO 8 Scores - EQ 710 TU 713 EX 690
6/6/2020 - FICO 8 Scores EQ 717 TU 720 EX 683
Message 5 of 11
FinStar
Moderator

Re: Pre- Approval....should I accept??


@DB2019 wrote:

@FinStar wrote:
OP, if it matters to you, keep in mind that the pre-approved offer may still result in a HP once you accept.

In reviewing the fine print screenshot you shared, nowhere does it state that the CC acceptance or approval thereof would constitute as no impact to your credit file. Unless, I'm missing something.

You're correct, it doesn't specifically state no HP, but the language of "Credit Application and Underwriting if changes in limit or card holders make me believe it wouldn't.  Also, on the screen it just says accept offer and doesn't state the typical legal info regarding agreeing to pulling credit.  I should probably call the bank first and confirm that first if I decide to accept.


The language is pretty standard if an applicant modifies the terms of the offer, and as the previous sentence states, it would constitute as a new application.   Another item to consider, the agents may or may not know for sure about the HP.   So, if I were you, I'd consider the possibility of the HP if you decide to take the offer, and in the event you don't see a HP for any of CRAs within 48-72 hours then consider it a great SP success. 

Message 6 of 11
slickwidit
Frequent Contributor

Re: Pre- Approval....should I accept??

Yes! You should accept
"Achieving your goal is great and everything.. But The journey is where all the amazing stuff happens" *Slickwidit*
Score goals - 800+ (85 points away)
Message 7 of 11
SouthJamaica
Super Contributor

Re: Pre- Approval....should I accept??


@DB2019 wrote:

So I logged into online banking with my CU this afternoon and received a pop up with a pre approval for their Visa card.  While I am not in the market for a new card right now, the offer is pretty darn appealing.

 

My concerns are that I have opened 5 new accounts in the last 7 months with Amex and Barclays being the most recent in May.  I use those two cards the most for points.  I really don't have a use for this card, but with the SL offer of $7500 & low interest rate of 14%, this would be my highest limit and the lowest APR.  

Also, it appears that this card wouldn't require a HP by the fine print (see first picture).  I noticed a couple weeks ago that they did a SP on my EX.

 

Should I bite?  

31BFD26B-B951-44E4-9FAB-AC62866CA328.jpeg

 

4FDD02A7-14DD-48B1-980C-DDFEC48ACC23.jpeg

 


Normally I'd say no. But I've never seen an offer like that, and for selfish reasons am curious to see how you fare Smiley Happy


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 8 of 11
DaveInAZ
Senior Contributor

Re: Pre- Approval....should I accept??

"My concerns are that I have opened 5 new accounts in the last 7 months with Amex and Barclays being the most recent in May."

 

- Just be aware that Barclays is often referred to as a "jealous lover", they don't like alot of new accounts after they approve you and often do adverse action (lower CL) if you do. But since Barclays appears to be among the last of your new accounts you should be OK with just one more, looks like a nice card. But to be safe you might want to wait until September to app and give Barclays 4 months before a new account.

Message 9 of 11
FireMedic1
Super Contributor

Re: Pre- Approval....should I accept??

To get the 1% cash back to your checking you have to meet these standards. I guess you meet them anyway.

lge.JPG

 






My posts are JMHO. My siggy is not to brag at all. Just sharing my experiences after learning here from rebuild to recovery after BK DC @ 540's.
Message 10 of 11
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