You know those credit card offers that come in the mail? Some of them say pre-selected and some say pre-approved... is there REALLY a difference?
Does a person who responds to these offers REALLY have a better chance of getting approved as opposed to someone who just finds a card and applies over the internet?
2007-02-23 08:02:09 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
In the case of 'pre-selected' statements, a person receives credit based on the details he provides on the application and depending on a succeeding credit report. In the case of 'pre-approved' statement, the person is granted credit just as he fills out the application and demands. But, he would not obtain as much credit as he desires.
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Pre-selected means you get as much as you request if approved. Pre-approved means you get up to the amount requested once you ask for the card.
2007-02-23 08:17:54 · answer #1 · answered by Mikey C 5 · 0⤊ 0⤋
If they use the word pre-approved, they essentially have to grant you the credit offered, unless something changed on the credit profile since they screened it before the offer was made. Pre-selected simply means they had a wide range of parameters in their screening, and you fell somewhere in that range. May or may not actually get approved though.
2007-02-23 08:06:02 · answer #2 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
Pre-approved means u have met the basic requirements to receive the credit card.And after checking ur credit worthiness u will be confirmed whether u receive or not.
Pre-selected means ur name is taken from aany of the available database & u r offered for the credit card offer.
In pre-approved u have better chances of getting card.
In pre-selected ur each n every info should be confirmed including credit worthiness.
2007-02-23 09:37:23 · answer #3 · answered by vinod 1 · 0⤊ 0⤋
there is absolutely no difference between pre-approved and pre-selected. Its just different way of saying the same thing to try and get you to call and apply for credit or a loan. How many times have you called a pre-approved number and they havent even pulled your credit? Probably every time, because its just an advertisement gimmick to get you to call them.
2007-02-23 08:11:29 · answer #4 · answered by obrownu 1 · 1⤊ 1⤋
Nothing. They are just phrases used by credit card companies to get you to actually apply. They buy data bases from the major credit bureaus and mail pieces to people that meet their requirements on paper. This doe's not mean that you are approved. You still have to apply using a full credit application and your approval or turn-down will be based on that information.
2007-02-23 09:05:14 · answer #5 · answered by ? 7 · 2⤊ 1⤋
those 2 who said nothing are correct
in any case if you read the fine print they will both say offers based on running a credit report, you name is merely in a pool ( which is why you get the offers ) and the offers come in with either verbage, it's both the same thing,
2007-02-23 11:01:02 · answer #6 · answered by Anonymous · 0⤊ 1⤋