YAC(redit card)T - Credit card offers

[Jassi]

What does it mean when you get a credit card offer says that you are "confirmed". Can they still deny me if I apply?

 

[George P Burdell]

Originally posted by: Jassi
What does it mean when you get a credit card offer says that you are "confirmed". Can they still deny me if I apply?

Yes

 

[Monoman]

YACCT

 

[Jassi]

Ok. So what the hell does being "confirmed" mean?

 

[RossMAN]

Originally posted by: Jassi
Ok. So what the hell does being "confirmed" mean?

All it means is they checked your credit and you were pre-selected.

You probably have a better chance than just applying without it but you CAN still be declined. It is NOT A GUARANTEE, just an offer.

 

[CRXican]

it's to fake you into applying

 

[dullard]

It means that if (A) nothing major happens that harms your credit and (B) if their assumptions about your income are true, then you'll get the card.

Of course many people won't meet both (A) and (B). So basically it means nothing.

 

[labgeek]

Originally posted by: RossMAN

Originally posted by: Jassi
Ok. So what the hell does being "confirmed" mean?

All it means is they checked your credit and you were pre-selected.

By "pre-selected" it just means that you meet certain requirements they sent to the credit bureau they used to get your info. They did not check your credit. They cannot legally check your credit without your authorization. They send the bureau a list of requirements - certain scores range, length of employment, salary range, etc. and they get a list back. So when you apply they will pull the credit report. And they may or may not issue you a card. Since your credit file may change daily, it may not longer be within their criteria, or they could actually pull it from a different bureau entirely - they're a little safer that way actually as they pre-screen through one and verify against another without the charge for 2 reports.

BTW, if you don't want to get these offers you can opt out at the credit bureaus websites.

Edit 1-

http://www.experian.com/preapproved_credit/mailing_lists.html

Credit reporting agencies (including Experian), under legally specified conditions, provide lists of creditworthy consumers for companies to offer credit. These are called prescreened lists.

Marketers don?t review individual records. In fact, they rarely even see consumer names. Third-party companies generally print mailing labels, attach them to the advertising mail and take the mail to the post office.

The prescreening process contains additional consumer protections:

Consumer credit information is summarized and coded for confidentiality.
Federal guidelines require that consumers who are selected by the prescreening process receive a ?firm offer? of credit or insurance.
Federal law requires credit grantors to extend credit in a fair and consistent manner. They cannot consider such factors as your sex, marital status, race or religion.

Edit 2 -
How to opt out for all of them...
https://www.optoutprescreen.com/?rf=t

 

[RossMAN]

Originally posted by: labgeek

Originally posted by: RossMAN

Originally posted by: Jassi
Ok. So what the hell does being "confirmed" mean?

All it means is they checked your credit and you were pre-selected.

By "pre-selected" it just means that you meet certain requirements they sent to the credit bureau they used to get your info. They did not check your credit. They cannot legally check your credit without your authorization. They send the bureau a list of requirements - certain scores range, length of employment, salary range, etc. and they get a list back. So when you apply they will pull the credit report. And they may or may not issue you a card. Since your credit file may change daily, it may not longer be within their criteria, or they could actually pull it from a different bureau entirely - they're a little safer that way actually as they pre-screen through one and verify against another without the charge for 2 reports.

BTW, if you don't want to get these offers you can opt out at the credit bureaus websites.

http://www.experian.com/preapproved_credit/mailing_lists.html

Credit reporting agencies (including Experian), under legally specified conditions, provide lists of creditworthy consumers for companies to offer credit. These are called prescreened lists.

Marketers don?t review individual records. In fact, they rarely even see consumer names. Third-party companies generally print mailing labels, attach them to the advertising mail and take the mail to the post office.

The prescreening process contains additional consumer protections:

Consumer credit information is summarized and coded for confidentiality.
Federal guidelines require that consumers who are selected by the prescreening process receive a ?firm offer? of credit or insurance.
Federal law requires credit grantors to extend credit in a fair and consistent manner. They cannot consider such factors as your sex, marital status, race or religion.

I've considered that but I would receive no pre-approved 0% balance transfer offers, NOTHING. Besides I need something to shred at home 🙂