I applied for a capital one credit card and i was denied. But i got a letter from them saying i am now preaproved for one. Is it a scam ? or cant they just make up there minds?
2006-10-11 04:21:28 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Just because you are preapproved doesn't mean your credit will qualify for the card. When you get preapproved by a credit card company, they are soliciting for business. When you actually apply for the card, they check your credit history, including your score.
2006-10-11 04:23:26 · answer #1 · answered by GreeneyedCowgirl 5 · 1⤊ 0⤋
The preapproved card means nothing...only that you are on a mailing list. The actual card only comes once you fill out the application and the company does a credit check. I am afraid that your turn down is probably final even if you still get the preapproved junk in the mail. Stay away from credit cards. I am doing alot of research into credit cards and the majority of all credit cards are owned by only two banks...Chase which is JP Morgan, and Bank of America. Discover is owned by Stanley Morgan which is again JP Morgan. Credit cards have become a monopoly under the guise of using many different names such as Capital One Aspire, etc. Now that these banks own most of the credit cards, they can do anything they want with your credit. My friend's interest rate just went from 11 to28% She had no late payments and no bad history with the company. When she called they had raised her rate because she was only making minimum payments...and this is legal. Beware of credit cards.
2006-10-11 04:34:57 · answer #2 · answered by juncogirl3 6 · 0⤊ 0⤋
Its not a scam. What happen was your name was in a data base in which you qualified for a capital one account. Somewhere in between youe score took a drop , maybe a collection account or payed something late which caused your score to drop. When you applied for the card your score was ran and it wasn't high enough the way it was when you were added to the data base when you were solicited for a capital one account. Get a copy of your credit report and see.
2006-10-11 04:33:06 · answer #3 · answered by Luckys Charm 4 · 0⤊ 0⤋
when they do preapproved offers, they basically just pay for everyone in a certain credit score bracket and mail those out. They havne't checked yoru employement history, income, etc.
FYI though, I hear bad things about capital one ALL THE TIME. They seem pretty shady. My husband even had them for a bit and they kept adding fees but they refused to send him a friggin bill-- they kept saying they had and we wouldn't receive it.
2006-10-11 04:30:58 · answer #4 · answered by Anonymous · 0⤊ 0⤋
it's a scam, applying for too many credit cards and being denied will actually lower your credit score.
2006-10-11 04:22:55 · answer #5 · answered by Anonymous · 1⤊ 0⤋
Those preapproval letters go out to anyone with a mailbox.
Wait 30 days and apply again.
2006-10-11 04:33:42 · answer #6 · answered by Anonymous · 1⤊ 1⤋
I think the pre-approved letter is the usual junk mail..we all get them but I`m afraid like the other reply said it doesn't mean you actually are pre-approved...have you just moved address could the address be black listed? Or have you got a bad credit rating? Credit card companies usually are pretty lax who they accept...
2006-10-11 04:30:42 · answer #7 · answered by geordie.lady 6 · 2⤊ 2⤋
preapproved means you have been approved to receive that letter.
Approved means you have been approved to receive the credit.
2006-10-11 04:30:14 · answer #8 · answered by Keary 3 · 1⤊ 0⤋
double check b4 u sign anything.
contact them and ask them what r they playing at?
better 2 b safe than sorry.
2006-10-11 04:24:24 · answer #9 · answered by Anonymous · 0⤊ 2⤋