i got an offer in the mail..applied for it and gave a lot lower limit when they were supposed to....i havnt gotten the card so i just wont activate it. why did they do that?
2007-03-04 10:03:17 · 6 answers · asked by justsomeone 1 in Business & Finance ➔ Credit
i read all the print..whats good aboiut this card is that there ar no fees or anything...just the low score i have to admit i did make a few applications this month,,,as well as cancelling a card.
2007-03-04 10:18:59 · update #1
I agree with Gertie
Even if you don't activate it, they will assume you accept what they send you. If there are fees attached to the account, they will charge you for them if you don't call and cancel it.
If you don't want the card, call them and cancel it.
If the card is with a pretty good company and there are no fees, you have already taken a hit on your reports because of the inquiry. You might think about activating it and buy a pair of socks with it every six months, then stick it in your sock drawer. You may see credit limit increases after 6 months to a year.
If it has a fee, call and cancel it.
2007-03-04 10:16:01 · answer #1 · answered by echo 7 · 1⤊ 1⤋
Because those offers in the mail have a bunch of fine print on them that say stuff like "guaranteed approval" but when you read the fine print, it says "subject to credit check" or something like that.
If you are applying for every offer that comes in the mail, you are actually hurting your credit score and that could be why you were approved for a lower limit. Every one you apply for, whether you are approved or not, goes on your credit report.
You're actually better off with a lower limit anyway. A bunch of credit cards with high limits also show up. The next time you apply for a card or loan, they'll look and see that you have more limit than you could probably afford to pay off and they'll turn you down, especially if you have all the cards maxed out.
2007-03-04 18:13:26 · answer #2 · answered by Faye H 6 · 0⤊ 1⤋
credit card companies pre-screen your credit file they will send you out an application once you fill it out and send back in if they dont think you meet certain requirements they will either deny you or give you a lower available credit line. If you werent willing to accept what they were going to offer then you shouldnt have applied. (read the fine print)
2007-03-04 18:09:10 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you had read all the fine print as you claim in your additional information, you should know that it DID state you were 'pre-approved' UP TO as certain amount. It also said your actual limit would be determined AFTER reviewing your credit report and verifying your income. NO ONE is ever approved for the maximum amount.
2007-03-04 20:26:04 · answer #4 · answered by STEVEN F 7 · 0⤊ 1⤋
a lower limit is good for some ppl. Just look at it this way it will limit you spending and keep you out of trouble. Maybe it is for the best. Hey they could of denyed you.
2007-03-04 18:13:00 · answer #5 · answered by CHAEI 6 · 0⤊ 1⤋
It is called bait and switch.
2007-03-04 18:09:56 · answer #6 · answered by wheresthevowels 2 · 0⤊ 1⤋