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In store Pre-approval

Harmony12
Frequent Contributor

In store Pre-approval

I was shopping in Forever 21 and got an in store pre-approval. I declined the offer but it’s exciting to get those when you don’t them.
Starting CK FAKOS 6/28/2018
TU 503
EQ 498
Discover EX 537

FICO 8
7/7/18 11/11/20
EQ 557 711
TU 566 701
EX 514 702

Mortgage Scores FICO 5,4,2
7/7/18 11/11/20
EQ 494 676
TU 480 704
EX 479 688

Goal Score 720
6 REPLIES 6
Jago22
Community Leader
Super Contributor

Re: In store Pre-approval


@Harmony12 wrote:
I was shopping in Forever 21 and got an in store pre-approval. I declined the offer but it’s exciting to get those when you don’t them.

As a rebuilder, that is an awesome thing to have happen.   You are doing a great job, so moments like those (even declined) are a wonderful feeling. 





Message 2 of 7
FireMedic1
Super Contributor

Re: In store Pre-approval

Agree with our new CL. Glad you didnt take the bait. Thats a store covered by Comenity and it would have been a hard pull. Just like the SCT is all HP's from Comenity now. A rare 1 may get thru the cracks. Save you HP for a real card as you grow. Congrats though.

Message 3 of 7
coreysw12
Valued Contributor

Re: In store Pre-approval

It's an amazing feeling, indeed!

 

A few short months ago, there's no way anyone would consider me for any credit at all. The other day, just to see what would happen, I checked the Ikea pre-qualify webpage and got offered a $5,500 store card. I declined, too, but it was great to feel wanted again!

 

In a few months, as our rebuild continues, you'll start to get so many offers that you can start to really be picky about which ones you take, and THAT is an even better feeling. Congrats, OP!

    Total Loan Balance: $58k / $65k

    Total SL: $42.4k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase Status: 3/24
Message 4 of 7
Jago22
Community Leader
Super Contributor

Re: In store Pre-approval


@coreysw12 wrote:

It's an amazing feeling, indeed!

 

A few short months ago, there's no way anyone would consider me for any credit at all. The other day, just to see what would happen, I checked the Ikea pre-qualify webpage and got offered a $5,500 store card. I declined, too, but it was great to feel wanted again!

 

In a few months, as our rebuild continues, you'll start to get so many offers that you can start to really be picky about which ones you take, and THAT is an even better feeling. Congrats, OP!


Yeah, that is a great feeling too.    Only wished i would have learned it sooner, as you can see from the lines of cards in my siggy Smiley Wink





Message 5 of 7
coreysw12
Valued Contributor

Re: In store Pre-approval

Hahaha, that reminds me of a classic Friar's Club Roast joke - "you do know it's ok to say no to an acting gig sometimes, right?"

 

I don't really have an issue with collecting store cards, except that they tend to cancel them if you don't use them for a year or so. And that causes us to sometimes go use the card even when we maybe otherwise weren't planning to. What happens when you haven't used your Gamestop card in almost a year, but there really aren't any new games you want? Do you let the card close, or do you go buy the latest Lego Batman just to keep the card active?

 

That's why I declined the $5,500 Ikea card offer... even though I'd love to add the SL to my portfolio, I also don't want to be locked into having to spend money at Ikea every year.

 

The best store cards are the ones where you would normally shop a lot anyways. Lowe's is a really good one for homeowners, for example - 5% back, and chances are you'd be making those purchases anyways, so free money!

 

In the case of OP's scenario... how often does someone REALLY go shopping at Forever 21? And even if you go there a lot now, is it somewhere you're likely to keep shopping regularly 5 years from now? For most of us, probably not.

    Total Loan Balance: $58k / $65k

    Total SL: $42.4k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase Status: 3/24
Message 6 of 7
Jago22
Community Leader
Super Contributor

Re: In store Pre-approval


@coreysw12 wrote:

Hahaha, that reminds me of a classic Friar's Club Roast joke - "you do know it's ok to say no to an acting gig sometimes, right?"

 

I don't really have an issue with collecting store cards, except that they tend to cancel them if you don't use them for a year or so. And that causes us to sometimes go use the card even when we maybe otherwise weren't planning to. What happens when you haven't used your Gamestop card in almost a year, but there really aren't any new games you want? Do you let the card close, or do you go buy the latest Lego Batman just to keep the card active?

 

That's why I declined the $5,500 Ikea card offer... even though I'd love to add the SL to my portfolio, I also don't want to be locked into having to spend money at Ikea every year.


I can understand that one.    I got the gamestop card 2/18, i used it once, paid it off and never used it again.  They still let me have CLI's till i hit the 3K cap in Dec 18.  Smiley Very Happy





Message 7 of 7
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