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If you are PRE-APPROVED, does it mean that you are guaranteed to get the card if you apply? Like, there is zero chance of rejection?
In contrast to PRE-SCREENED offers, which is basically an invitiation to apply, with no guarantee of approval.
Receiving pre-approved credit offers doesn't necessarily mean that you're going to get a new credit card. It just means that, at first glance, you seem to meet the lender's requirements. The lenders make that "first glance" by automatically scanning credit bureau records looking for people who appear to meet their lending requirements. If your credit profile is a match, the pre-approved credit offer comes in the mail.
Once you complete the short application that comes with the pre-approved credit offer, the lender examines it to make sure that you still met their lending requirements. If all is well, the card arrives in the mail.
@brother7 wrote:If you are PRE-APPROVED, does it mean that you are guaranteed to get the card if you apply? Like, there is zero chance of rejection?
In contrast to PRE-SCREENED offers, which is basically an invitiation to apply, with no guarantee of approval.
Pre-Approved does not mean the credit is guaranteed at all. At the time they soft pulled your credit report you did meet the basic criteria for you to have an account but things change, When you submit your "Pre-Approved" application they will pull your credit again and if you still meet their min standards for the account then you will get it otherwise you can still be denied.
Thanks for the clarification. I guess there still is no such thing as a sure-thing
No Problem
Applying through the applications that come with pre-approved offers with invitation codes doesn't give you any advantage over applying online as usual, IMO.
I think they mean:
Pre-screened - we will make you lust after the card.
Pre approved - you will eventually give in to the lust and apply for the card.
Or at least in my case...