Pre-selected vs Pre-approved

rubaty · ‎08-16-2011

I received the same application twice in the mail today for the Citi Diamond Preferred Card....one said I was pre-selected and the other said pre-approved.

Anybody know the difference?

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Anonymous · ‎08-16-2011

In the company I work for, most "pre-selected" applications get denied, while 99% of the "pre-qualified" offers get approved.

The funny thing is, the customer gets a denial and then a few weeks later the same offer pops up again. It's not something that should be fully trusted.

JMN · ‎08-17-2011

The bank I work for always has "pre-selected." We are specifically told NOT to call it a "pre-approval."

Honestly, it depends on the bank and what they mean by the two terms.

Despite my employment in the banking industry, any and all views contained in this post are purely my own, and do not represent any financial institution, nor constitute as financial or investment guidance or advise.

Anonymous · ‎08-17-2011

There is no such thing as "pre-approved", or you wouldn't have to apply for the card in the first place. That is pretty much a fraud and just a marketing lie, basically.

"Pre-selected" means we got your information and think you might be interested and qualify for our product. Everyone on the planet is potentially "pre-selected".

That stuff is really just a gimmick to get you to apply. You'll notice that no matter what, you ALWAYS have to apply for it?

Marketers in action. How can you tell when they are lying? Their lips are moving.

I would ignore that garbage and only apply in the first place for the ones you really want. If you deny you, the hard pulls will still ding you as inquiries, and then you won't be able to get the ones you want. Best to put those in the circular file if you get my meaning here.

Anonymous · ‎08-17-2011

@Anonymous wrote:
In the company I work for, most "pre-selected" applications get denied, while 99% of the "pre-qualified" offers get approved.
The funny thing is, the customer gets a denial and then a few weeks later the same offer pops up again. It's not something that should be fully trusted.

Hey, it's a great way to keep your credit score low.

JMN · ‎08-18-2011

@Anonymous wrote:
There is no such thing as "pre-approved", or you wouldn't have to apply for the card in the first place. That is pretty much a fraud and just a marketing lie, basically.

"Pre-selected" means we got your information and think you might be interested and qualify for our product. Everyone on the planet is potentially "pre-selected".

That stuff is really just a gimmick to get you to apply. You'll notice that no matter what, you ALWAYS have to apply for it?

Marketers in action. How can you tell when they are lying? Their lips are moving.

I would ignore that garbage and only apply in the first place for the ones you really want. If you deny you, the hard pulls will still ding you as inquiries, and then you won't be able to get the ones you want. Best to put those in the circular file if you get my meaning here.

Not always. Pre-selected, depending on the bank, can mean that they've pre-screened one's credit the general information obtained matches what the bank would look for in a candidate.

Soft credit checks reveal a lot more than you might think.

Despite my employment in the banking industry, any and all views contained in this post are purely my own, and do not represent any financial institution, nor constitute as financial or investment guidance or advise.

Anonymous · ‎08-18-2011

@JMN wrote:
@Anonymous wrote:
There is no such thing as "pre-approved", or you wouldn't have to apply for the card in the first place. That is pretty much a fraud and just a marketing lie, basically.

"Pre-selected" means we got your information and think you might be interested and qualify for our product. Everyone on the planet is potentially "pre-selected".

That stuff is really just a gimmick to get you to apply. You'll notice that no matter what, you ALWAYS have to apply for it?

Marketers in action. How can you tell when they are lying? Their lips are moving.

I would ignore that garbage and only apply in the first place for the ones you really want. If you deny you, the hard pulls will still ding you as inquiries, and then you won't be able to get the ones you want. Best to put those in the circular file if you get my meaning here.

Not always. Pre-selected, depending on the bank, can mean that they've pre-screened one's credit the general information obtained matches what the bank would look for in a candidate.

Soft credit checks reveal a lot more than you might think.

+1

I would have to agree with you as in it is possible. I purchase things in stores and get pre-approved at registers with-out filling out applications all the time. Chase Amazon Visa is another I know of I was pre-approved with no application filled out.

Anonymous · ‎08-18-2011

@JMN wrote:
@Anonymous wrote:
There is no such thing as "pre-approved", or you wouldn't have to apply for the card in the first place. That is pretty much a fraud and just a marketing lie, basically.

"Pre-selected" means we got your information and think you might be interested and qualify for our product. Everyone on the planet is potentially "pre-selected".

That stuff is really just a gimmick to get you to apply. You'll notice that no matter what, you ALWAYS have to apply for it?

Marketers in action. How can you tell when they are lying? Their lips are moving.

I would ignore that garbage and only apply in the first place for the ones you really want. If you deny you, the hard pulls will still ding you as inquiries, and then you won't be able to get the ones you want. Best to put those in the circular file if you get my meaning here.

Not always. Pre-selected, depending on the bank, can mean that they've pre-screened one's credit the general information obtained matches what the bank would look for in a candidate.

Soft credit checks reveal a lot more than you might think.

Don't they usually call that "pre-qualified" or something like that?

Anyway, I still stand by my statement, which isn't totally related to the question, that there is no such thing as "pre-approved" or you wouldn't have to apply for your "pre-approved" card. It simply doesn't exist, except as a marketing gimmick. I would go so far as to call it fraud to use the term, but the government is owned by corporate America so they have no interest in pursuing that sort of thing. Good for the corps, I'm sure. Sucks for the rest of us who would like to be represented. Yeah I know you're thinking go buy your own politician buddy. Honestly I'd rather not I'd rather they remembered they work for us. Or at least that's how it's SUPPOSED to be.

Again another story, sorry to ramble off topic here.

Anonymous · ‎10-01-2011

I don't know how much merit this carries, but I was "pre approved" for a Citi thank you card. I didn't have the code with me at work when I applied, and I was declined. The next day, I reapplied for the exact same card using my invitation code and voila...instant approval with a $7200 CL! I think the offers at least from Citi may have some merit...but not enough to hang your hat on!

MrShush · ‎10-01-2011

I have received a couple of true pre-approvals before:

1. Sam's Club Discover at the register--the cashier stated the pre-approved credit line

2. While browsing the website for American Signature Furniture pre-approval box appeared with the credit line stated

There might be more but memory isn't on my side today. I work for a very large bank and there are pre-approved credit card offers all the time appearing during account opening. There is a hard on EQ during account opening and a soft for maintenance and those pre-approved offers have credit lines and APR info for the customer's taking.

The pre-approvals I've received within the last year however did require applications but they were all approved. YMMV as always.