Pre-approved credit cards
Everyone who has ever applied for a credit card, receives pre-approved credit card offers quite often. A common question of a client is “How can banks preapprove you without an application?” And the second important question is “Are these offers really good and worth applying?”
Sending pre approved cards and offers by mail is traditional method of attracting new customers, which banks are always looking for. If you ever applied for a credit card or borrowed money from a bank, your name is in credit bureau database. Banks often buy a list of credit bureau clients, who meets certain criteria. If your name appears in that list, banks and credit unions start sending you numerous offers.
Pre approved cards for people with a bad or poor credit score
If your credit score is good to excellent, you must be well aware of such offers, that you see almost every time, when you open the mail box. Even though you have poor credit history, you still can receive such offers from banks. You definitely get more offers after any rejections, because they see your recent activity and consider you as a “shopper”.
You also can find pre-approved credit card offers online, which basically means that your credit score meets issuers’ requirements. Most likely with bad credit history you can get only secured cards or cards with unfair rates and annual fees. Secured credit cards help to rebuild your score and get better deals in the future.
Application for a preapproved credit card
Before submitting the application for any card, you should make some research about the issuer and look for customers’ reviews in the Internet. You should know that when you fill the application and send it back to the bank, it still needs to be approved. That is because your offer was send to you by considering the sample list of people that meets certain criteria, not you personally. It is also useful to know your credit score – check out the credit monitoring tools like those provided by Equifax
Terms and conditions of the card that you get may be different from the offer that you received. If you’ve read the fine print of agreement and you are not happy with it, you can just not activate your new card.
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