0
Generally, pre-approval indicates particular consumers meet general, but not necessarily specific criteria for extensions of credit. Credit card companies routinely get information about consumers who have credit scores between certain ranges within which they are willing to extend credit in most circumstances. Credit card companies still maintain the right to make specific decisions on extending credit to consumers whose credit history, work history, income, & other factors fall outside their general lending criteria. In most cases, however, such companies will extend credit to those it has pre-approved.
I'm not sure they mean too much. My son has gotten several 'you're pre-approved for a credit card' letters from different companies, but I sincerely doubt they would actually give him a credit card, because (1) he's a minor (only 15) and (2) he has no income.
Well I was recently pre-approved for the new US Airways Signature Visa from Bank of America. I've sent it in and got a $5000 credit line with a 1.9% APR (but really 3.6% APR because of the $90 annual fee but it's totally worth it and can be removed just by asking if wanted). I'm a college student, currently have no income but I did get put as an authorized user on my father's AMEX blue card 5 months earlier he has excellent credit so that might have something to do with it but I took a chance it was a total surprise but you never know til you try. Just make sure the preapprove offers will work in your favor and know what you're getting into and go for it.
Pre-Approved just means that you meet the general crieria for that credit card, but I wouldn't recommend it because I tried to apply for one and when i got it it already had a balance from fees, I guess to get you to start making payments right away. But there's this great site I went to though, it's http://www.freerateupdate.com/credit-cards/ I've got atleast two credit cards with little to no credit, and some of them even have a 0% introductory apr. hope this helps!
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
If you had a preapproved letter from AMEX but applied for another card on their website and were denied then sent for the preapproved one and got it will that affect your credit?
The original AMEX the you were denied for will affect your credit negatively. You will have two separate inquiries with only one open account within a period of six months.
What is the difference between a preselected and a preapproved credit card?
Preselected pretty much means nothing. It's a marketing phrase to make you feel special and means that your name appeared on the mailing list they bought. Preapproved can mean that your intitial criteria matches the lender's requirements for issuing credit. However, you'll see at the bottom of any mailer you receive that the company reserves the right to reject you if fail to meet all their criteria.
What does it mean you are qualified for a credit card?
It means a credit card company wants to put you into debt by giving you a credit card you can use.
What does credit card negotiation mean?
Credit card negotiation is when you contact the bank and negotiate your credit card debt. This can mean negotiating a payment plan or just trying to get the overall debt reduced.
What does cvn mean on a credit card?
Card Verification Number
If you had a preapproved letter from AMEX but applied for another card on their website and were denied then sent for the preapproved one and got it will that affect your credit?
The original AMEX the you were denied for will affect your credit negatively. You will have two separate inquiries with only one open account within a period of six months.
What is the difference between a preselected and a preapproved credit card?
Preselected pretty much means nothing. It's a marketing phrase to make you feel special and means that your name appeared on the mailing list they bought. Preapproved can mean that your intitial criteria matches the lender's requirements for issuing credit. However, you'll see at the bottom of any mailer you receive that the company reserves the right to reject you if fail to meet all their criteria.
Who is responsible for a preapproved credit card issued to a person that does not exist at your home address?
Any person attempting to use such a card would be guilty of fraud and/or stealing by deceit, both of which are criminal felonies and subject to prosecution.
What does KI mean when running a credit card on a machine?
KI on a credit card machine mean?
What does it mean you are qualified for a credit card?
It means a credit card company wants to put you into debt by giving you a credit card you can use.
Can you use a credit card if its frozen?
If you mean a credit freeze, then no, you will not be able to use the card.
What does cvc mean on a credit card?
In terms of a credit card it means Card Verification code hence CVC.
What does credit card negotiation mean?
Credit card negotiation is when you contact the bank and negotiate your credit card debt. This can mean negotiating a payment plan or just trying to get the overall debt reduced.
What does cvn mean on a credit card?
Card Verification Number
What does credit card CVC mean?
Card Verification Code
What do secured credit cards mean?
A secured credit card is a credit card for people with poor credit ratings that must deposit the desired amount on money before using the card. The card is similar to a pre-paid credit card that allows credit ratings to get better.
What does it mean to transfer credit card balance?
To transfer a credit card balance means to use the available credit on one credit card to pay off the balance of another credit card. This is often done by credit card holders to pay back a balance at a lower rate.
