Pre Screened Credit Offer

[Kay_Cee]

I recently got a "pre approved" offer for a Master Card from Chase with an APR of 9.9% on purchases and balance transfers for at least 6 months and maybe longer.  I wouldn't transfer any balance and I always PIF every month.  MY current CC's are an AMX, a Target Visa, an HSBC Discover, Macy's ,Ann Taylor and a local department store card. I have a FICO score of 699 and I have one account in collection (May 2005)  that I just learned about on my EX report which I am trying to get PFD'd.  I'm concerned I'll be turned down for this card from Chase because I've been turned down by them before but that was over 18 months ago. On the other hand I do all my banking there and have never had a problem with either my checking or savings account.   If I'm turned down, does it impact my FICO score?

Thanks!  You guys are great at helping us all manage our credit!

Kay_Cee

[llecs]

Whether approved or denied, you'll likely be hit with an inquiry. The impact of that inquiry is very very minimal. Don't even worry about it. You may not even see a change in your scores if you were to pull your report the day before and the day after you app (if you were ever interested in the impact of an inquiry).

If approved, your score will likely drop. FICO doesn't like to see new credit. I've lost 20-25 pts on average by adding a new TL like a CC. Now most of these points do return within 4-6 months as the newness wears off. 

[Anonymous]

If you are not approved, there should be no impact except to the score but your credit report will indicate you have been seeking credit to other creditors if you were to apply for something else in the future.