I'm one you could definitely say is on the road to recovery. All my scores are b/t 525 - 550 but surprisingly I got 2 credit card offers. Granted, they were for limits in the $350 - 500 range, but really.........what am I doing getting these offers?!? From my understanding of things my scores stink.
Neither of the banks were large or well recognizable and I tore up the offers before committing their names to memory or I'd share their names on here. I guess my question is, at what point in time should I start to consider accepting an offer?
I currently only have one pre-paid BoA CC that I opened to establish a positive tradeline.
I used to and still do get pre-approval letters from CC companies all the time. When I first got them when my credit hit rock bottom, I was like "Geez people still want to give me credit?" but after applying for these so-called "pre-approved" credit cards I was denied every time and was hit with inquiries. Now I don't pay them any mind and I just toss them.
Now if a CC actually sends me a card where all I have to do is activate it then that is different. I used to get those alot when my credit was excellent.
you know, i kind of figured that.......these are the sort of offers that will only hurt me in the end. Either by being open CCs w/real crappy terms or they'd simply deny me and cost me an inquiry. Glad I chucked them and kept it moving.