Pre-approval VS Pre-selected VS invitation offers

[myjourney]

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@Anonymous wrote:

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@myjourney wrote:

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@Anonymous wrote:

Back in the day (pre-BK), whenever I received pre-approved applications with all of my information filled out, and an invitation #, those were always approved. I think when I received (last June) the Barclay's card application, it was a pre-approved application. Granted, the CL I received was only $350, but it was a pre-approved application just the same, and this was post-BK.

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Thanks for input... from Barclay's too 

If it hasn't grown it will

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Thanks! I actually just paid them off a few weeks ago, and then a few days later got an unexpected CLI to $1050 (wrote about it on another thread); so, it does pay to keep your utilization down!

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Congrats on the CLI got to love it

[dddewdrop]

    it seems like the rule is that there is no rule and whereas some of these offers are indeed a situation where the company is telling you that if you apply you will be approved, it is certainly not for sure and varies from offer to offer. It seems that its more likely that these are really preapprovals if you find evidence on your credit report that the company has softpulled your credit report some time very close before they extended the offer to you. Those time have a very high likelyhood of you being approved when you apply. It seems the legalise of it all is that they are not somehow legal obligated to approve you when they tell you you are preapproved. The answer is as is often the answer in life: the details are in the fine print and ya gotta read the fine print to figure out what is going on.

     I remember a few years ago in my credit ignorance, every time I went to see the Chicago White Sox or really any professional sporting event I would fill out a credit card application there. I knew I would be denied for bad credit but I just wanted the free baseball hat that they offered for applying. So I was trading a hard pull for a free baseball hat. Not a very good trade but I really didn't care cause I had no respect for my credit. I was making a lot of money trading stock options. It was a job where though I made a lot, I could not predict my salary in the future and thus even if I had a good credit score it would be hard to get a loan because I had no way of demostrating that I would be able to continue to make a lot of money. Because of the nature of this job, we were encouraged to pay cash for everything, even a mortgage cause there was no way of knowing when the gray trrain would end. 

     Back to preapproval, if a company is going to approve or not approve you based on a soft pull of your credit report than you have little to lose by applying. That is the case with Capital One credit cards in most cases. They only hard pull to seal the deal ones they have already approved you in my understanding, 

    In regard to the terns that are offered in preapproval letters, I think that the companies are obligated and will honor those terms if you are approved for a credit card. A lot of this thread has been about those offers of lower interest rates etc. Whereas getting approved or not is still ambiguous in these offers, the terms that they state in the offer ar enot ambiguous and can be counted on, at least in  my understanding.

[Bluedog23]

Could the world of credit be more confusing? You're approved maybe, sorta, kinda--NOT I like the way Sam's Club did it for me recently--you're approved, here's your CL, come show your DL and get it if you want it--No hard pull. My recent "PreApproval" from chase slate is one of the tricky ones. Since I would prefer the freedom, I think I'll pass. I don't need a card just because it's the one they say I can have at this point. I'm looking for higher limits on a good rewards card. So, wait it will be for me. 

Though patience is not my strong suit. 

AAoA -5 yrs; Oldest acct 12 yrs but closed.  

Discover-2500; CU Visa 2500; Sam's 1000, Cap One 500. These are recent accts.

Exp Fako  from their site 766; myfic EQ 733, Tu 727

2 inqs on each CRA

Am I right that even with a PreApproval, my starting CL could be tiny?

[myjourney]

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@dddewdrop wrote:

    it seems like the rule is that there is no rule and whereas some of these offers are indeed a situation where the company is telling you that if you apply you will be approved, it is certainly not for sure and varies from offer to offer. It seems that its more likely that these are really preapprovals if you find evidence on your credit report that the company has softpulled your credit report some time very close before they extended the offer to you. Those time have a very high likelyhood of you being approved when you apply. It seems the legalise of it all is that they are not somehow legal obligated to approve you when they tell you you are preapproved. The answer is as is often the answer in life: the details are in the fine print and ya gotta read the fine print to figure out what is going on.

     I remember a few years ago in my credit ignorance, every time I went to see the Chicago White Sox or really any professional sporting event I would fill out a credit card application there. I knew I would be denied for bad credit but I just wanted the free baseball hat that they offered for applying. So I was trading a hard pull for a free baseball hat. Not a very good trade but I really didn't care cause I had no respect for my credit. I was making a lot of money trading stock options. It was a job where though I made a lot, I could not predict my salary in the future and thus even if I had a good credit score it would be hard to get a loan because I had no way of demostrating that I would be able to continue to make a lot of money. Because of the nature of this job, we were encouraged to pay cash for everything, even a mortgage cause there was no way of knowing when the gray trrain would end. 

     Back to preapproval, if a company is going to approve or not approve you based on a soft pull of your credit report than you have little to lose by applying. That is the case with Capital One credit cards in most cases. They only hard pull to seal the deal ones they have already approved you in my understanding, 

    In regard to the terns that are offered in preapproval letters, I think that the companies are obligated and will honor those terms if you are approved for a credit card. A lot of this thread has been about those offers of lower interest rates etc. Whereas getting approved or not is still ambiguous in these offers, the terms that they state in the offer ar enot ambiguous and can be counted on, at least in  my understanding.

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Points Taken dddewdrop

[myjourney]

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@Bluedog23 wrote:

Could the world of credit be more confusing? You're approved maybe, sorta, kinda--NOT I like the way Sam's Club did it for me recently--you're approved, here's your CL, come show your DL and get it if you want it--No hard pull. My recent "PreApproval" from chase slate is one of the tricky ones. Since I would prefer the freedom, I think I'll pass. I don't need a card just because it's the one they say I can have at this point. I'm looking for higher limits on a good rewards card. So, wait it will be for me. 

Though patience is not my strong suit. 

AAoA -5 yrs; Oldest acct 12 yrs but closed.  

Discover-2500; CU Visa 2500; Sam's 1000, Cap One 500. These are recent accts.

Exp Fako  from their site 766; myfic EQ 733, Tu 727

2 inqs on each CRA

Am I right that even with a PreApproval, my starting CL could be tiny?

Hold out for the cards you want and can benefit from, preapproval preselected or be it invitation Bluedog23

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