New Credit Card Offer, good or not?
I'm not in bankruptcy, and in fact believe I can avoid it (though
I was concerned enough about my local economic situation around the
first of the year that I subscribed to this group).
I've been watching posts and finding out about our credit scores, and
mine has suffered some (though it still is in the mid-600s, but still
enough for my interest rates to be higher). And I've seen too that the
more credit one applies for, the lower the score can be because of
applying.
Well, I recently got a "pre-approved" offer for a Conoco gas card. Can
anyone tell me how that will affect my credit rating now, if I go
ahead and take it?
Thanks in advance, for any replies to this and to all the other
wonderful, informative posts here in this group!
-A "pre-approved" credit card offer does not mean anything.
"Pre-approved" simply means that you have NOT been approved, so you
are "pre-approved".
-Actually, I think you're thinking of the term "pre-qualified". In all
of my credit cards (which have built up to quite a few), pre-approved
meant just that... approved for the card beforehand (with stipulations
in case any of my credit history took a turn for the unexpected from
the time they sent the pre-approval to the time I return it signed).
In other words, I'm almost sure that, given nothing has changed in my
immediate credit history, if I sign and send in the "pre-approved"
form, they'll send me their card. It's a Conoco card, so it's a big,
reputable company. I'm just wondering that if I do this, will it then
affect my rating because I did it. (I know from reading this group
that when the "B" type loan companies send such "pre-approved" offers
and you take them, that that in and of itself tells the credit bureaus
you were "hard up" and bit the bait for a higher-interest loan. I just
don't know if that's the case with this Conoco card.
-I think you're mistaken on this one. I've yet to received ANY of the
"pre-approved" credit card applications that I have signed and sent back, or
gone online with the "pre-approval code". I belive once you sign the
application, they are then authorized to pull your FULL credit report.
Prior to that, all they can really get is your credit score and a few minor
details when they go trolling for new applicants.