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What is the point of those pre approved credit cards?

X

Xcrown

Senior member
Ive had tons of friends who get those in the mail and such, apply, and are rejected. Why do they even send those things out? Sheesh, what a waste. Ive been thinking of getting a credit card to have for emergencies, but I dont even know where to start.

Xcrown
 
are you a student or anything? you can jump at capital one.. nearly every student has one of those.

i just managed to get a citibank sony card.. the only card i wanted.. time for the long point racking to begin (it's this or discover's 1%.. i figure i'll use the mastercard more). also a student card i applied for btw.
 
or you can stuff their pre-paid envelope full with store ads and send it back to them...i get the same pre-approved card from the same company every month...and in return they get a bunch of safeway/longs/rite aide ads...sometimes its so full it barely fits in the little slot in the out-going-mail box in our apartment complex.
 


<< whenever they come to my house i just throw them away

what a waste of paper >>



Same here with one exception. If they're offering a perk (free $50 for signing up, 0% APR for 6 months, or are a major credit card) then I might open it up and see how they intend on screwing me (by reading the super fine tiny print).

Xcrown,

How old are you?
Are you a high school or college student?
I'm guessing this will be your first credit card?
Do you have a job?
Do you have a relative, friend or co-worker who can co-sign with you?
 
Actually if it 'Pre-Approved' you can't be rejected. If it is 'Pre-Selected' you can. If you look at the verbiage and it says, "pre-approved to apply for" etc. it is BS. If you are truly 'Pre-Approved' they will give you a dollar value. I surf my Visa from one 0% interest card to the next.
 


<< or you can stuff their pre-paid envelope full with store ads and send it back to them >>



I just thought you might like to know that you are commiting a crime with a severe fine if you get one of those companies angry enough to press charges.



<< Ive had tons of friends who get those in the mail and such, apply, and are rejected. Why do they even send those things out? >>



Many companies look at your credit rating. If it is high enough, they "pre-approve" you and send you an application. However, the credit rating is always (1) old data and is (2) never enough data.

Here is an example of (1): If you recently lost your job, then your credit rating will drop (length of employment is one part). By the time the application is mailed back to the CC company, your credit rating may reflect the new worse score (thus disqualifing you for the CC).

Here is an an example of (2): The credit rating doesn't include your income. Often you might have a great credit rating but not enough income for a particular card. The CC company has no way of knowing if you have a high enough income when they send you a "pre-approved" application. When you send it in with your income stated, you might find that they reject you due to your low income.

All CC applications that are "pre-approved" have a disclaimer in small print that mentions all of this. If you make less than $15,000 a year don't apply to a Platinum CC (unless it is a platinum student CC) since you will almost always be rejected.
 
I get as many as 3 apps in a single day from various companies. I have very good credit so they are all trying to get my business. Right now I have 3 cards 2 Platinum and one Titanium, the last is from Capital One. I also only have a balance on only one card, my suggestion to you is if you need a card keep applying for one till you get accepted, then keep the balance low and make your payments on time. Once you have done this for a while then you can shop around for lower interest rates, get the companies to fight for your business with lower rates. If they wont lower your rate then get a different card and transfer the balance if you have to.
 
25 year old married man here with one small mastercard already. Steady job (for now), supposedly good credit rating. But its probably the salary. Oh well.


Xcrown
 


<<

<< or you can stuff their pre-paid envelope full with store ads and send it back to them >>



I just thought you might like to know that you are commiting a crime with a severe fine if you get one of those companies angry enough to press charges. >>



Ahem - OK, I'll bite. What is criminal in this activity (other than the fact that it is a blatant waste of time)?
 
I don't see anything wrong with that either. the postage is prepaid for return mail to them. What you put inside is up to you.
 
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