Credit Cards

What are Pre-Approved Credit Cards

Pre-Approved Credit Cards

Pre-approved means that you have passed a preliminary credit-information screening. Lenders can withhold the approval for credit based on a number of factors, so you must meet all of the requirements in order to be pre-approved.

How are Pre-Approved Credit Cards Different

Even though you have received a pre-approved credit card offer, you still have to fill an application. The best outcome would be that you can receive a credit card with the same terms and conditions, the worst outcome would be the denial of the card completely.

Free Credit Scores

If you are denied a pre-approved credit card (or any credit card), or if you get approved but for less favorable terms and conditions than you anticipated, the issuer will send you a copy of the credit score used to determine this decision. If you were denied, you can request for a free credit report within 60 days.

Do Some More Browsing & a Bit More Shopping

Just because you applied for the best pre-approved credit card, and you are determined to get it, do not be too over confident. You should still browse more for better terms and conditions and for better offers. You may actually find something better than you did. Do not just accept the first offer, do some more window-shopping before you decide the perfect offer.

Stop Offers for Pre-Approved Credit Cards

You can opt out from receiving unwanted pre-approval forms. Go online to visit www.optoutprescreen.com, using this site, you can option out or in accordingly. You may still receive offers from places with whom you have done business before, or from those companies which have your information regarding prior business.

What is the Point of Pre-Approved Credit Cards & are they Legit?

You can use this facility to know if you are capable enough to receive a credit card, and the type of credit limits and interest rates you are qualified for.

When we talk about pre-approved credit card being legit, a lot of people have their doubts. Some say it is a great way to know if you are meeting the criteria, on the other hand, some people say that it is nothing more than a marketing gimmick.

Why was I Chosen for this Offer?

Credit card companies purchase mailing lists in bulks. The bank finds you appropriate for their criteria, tempting you to try their pre-approved credit card.

So the Bottom Line is…?

For some people, pre-approved credit card mails are targeted junk mails. They consider it a marketing strategy with no benefits for the end user. For others, it’s a good way to know where they stand with a certain lender.

What is your opinion on the matter? Have you opted out of receiving pre-approved credit card emails? Let us know your thoughts and opinions through your comments.