SchoolsFirst FCU Preapproval Email Question

[estukay]

Hello myFico Family,

So I was going through my email and suddenly came across this email. I have a checking account with SchoolsFirst FCU but I literally do not use it all. 

This is the email. I am just skeptical because they actually gave me amount with a given APR. I have never seen a pre-approval with a set credit limit  in my two year credit history. Is this common or is this not legit? 

Thanks in advance if you guys have any input!

[ddemari]

That's an awesome email to get!

[ScoreOrBeScored]

Solid offer.. This is them telling you what they're will to give you up front without guessing what you would be 

approved for if you cold app from their site. I'd take it if I where you.

[gibeon]

I've had Pre-Approvals with a set APR and CL before, they were from First Premiere, which even I'm not going to apply for.

That looks like a solid/awesome offer. If nothings changed much in your credit reports recently, I can't imagine they wouldn't honor the offer!

[ScoreOrBeScored]

This card goes up to $25k also 

[Anonymous]

Yep, Schools First offers are solid. I assume you have accounts with them? Log on, and down the left side, you should see the same offer on your account. I have a personal loan offer from them again, and almost always an auto loan offer.  I took them up on a personal loan offer while reno'ing our kitchen. DH has gotten a CC offer from them a couple times that we chose not to take (he's almost under 5/24 and want to keep him that way for potential Chase cards.)  

I wasn't as happy with them when doing auto loans the last time, but that's a different story and didn't have to do with a pre-approval. That's the only thing bad I can say about them in the 8 years I've been with them. 

ETA: I went back and read the first post to see you have checking with them. Not sure if it applies to you but if you qualify for the Summer Saver, it's a savings account with 3% interest (some rules for it though). 

[Anonymous]

SchoolsFirst is great. I live in SoCal and My whole family uses them. My aunt and uncle were both approved for 1.49% 5 yr 50k auto loans. I just graduated college and they gave me 5 yrs 20k at 1.74%. Never had a problem with them. I have the rewards card isn't great 1% cash back basically, but again, I would take it just to keep a good solid relationship with this CU. it's definitely worth it in the long run, they'll take good care of you. This might sound solicited but I assure u I do not work for them. As a 22 yr old recent grad with student loans and low income, when they approved me for such a low auto loan rate, I was ecstatic.

[estukay]

Thanks for everyone who replied!

I just logged in to my account and it shows that I have another offer for a 40k car loan with a really low APR of 1.74% 

It seems like they want my business haha. 

Anyways, I am intrested in applying even though the rewards arent too great but it would be nice to have my foot in the door with them and maybe this credit card can grow larger, and hopefully when I graduate I can apply for a car loan with them. 

The only issue is that I recently applied for the Citi Double Cash about 2 months ago and I do not know if this will affect my chances of getting approved for this card. 

I regret getting the Double Cash as I got a measly 2k CL. 

Anyways, any input would be great, do you guys think I would be approved for this if I applied?

Thanks.

[Anonymous]

A month before my car loan I added Chase Freedom & chase slate with 2 different inquires. 19 Inq in the past 2 years on my Experian report. They pull experian and you can use one pull for multiple products within 30 days. If you're rebuilding credit and have a checkings account with them I would recommend getting the overdraft protection loan, it'll show up on your report as a line of credit. Otherwise that one credit pull can be used to get you an auto loan, personal loan, credit card, ect.

[Anonymous]

Oh and I want to add, if you're interested in an auto loan they last up to 60 days after you apply.