Pre Screened Vs Pre Approved : Not All Offers Are The Same

• “Pre-approved” or “pre-qualified”
  If you see these words in the body of the letter, what you have in your hands is little more than a piece of marketing material. Think of them as advertisements, not guaranteed offers of credit. This is not to say that the credit issuer that sent it doesn’t know who you are. Indeed, they possess some fundamental information about you. The issuer received your name from the credit reporting agencies when they asked for a list of contact information for all the individuals who fit a certain credit profile. For example, they may want to send correspondence announcing a new credit product to everyone who has paid their financial obligations on time in the past year. If you’re among this group, you get the letter.You need to understand pre screened vs pre approved. Before completing the application, first make sure that you really do want the card, and second, see if you meet their standards. Call the number on the letter and speak with a representative before you apply, asking for more details on what kind of customer they are looking for. What are their credit scoring requirements, and how much money do you need to earn? Finding out now may save you from an unnecessary rejection and from an inquiry being listed on your credit reports later.
• “Prescreened”
  On the other hand, if you see this term, the credit issuer didn’t just obtain a massive list of people who are potentially qualified for the product they are advertising, but in-stead conducted a more complete examination of your personal credit profile. Prescreened means that they did so and deemed you right for the account. That credit card is yours if you want it.

Or is it?

Pre Screened vs Pre Approved

When it comes to prescreened vs pre approved, neither term always means what you assume. Even with prescreened credit offers, you could be out of the running by the time you apply be-cause of very recent behavior. Remember, the credit issuer got your data from the credit report-ing agrees. By the time they mailed the letter, your circumstances could have changed. Maybe you ran up another card to the max, missed a loan payment, or a collection agency just located you for some old debt and started reporting on your file. Any of those events could make you ineligible for the offer at hand. Therefore, it is always best to check your credit to make sure all is as it should be before pursuing another account – even one that seems to be a sure thing. You never know if you’ll be accepted until you actually apply and they compete a final review.

Finally, if you’re like me, you want to reduce the amount of junk mail. I don’t want to be responsible for a tree dying so I can continue to receive offers for credit I don’t need to want. Consider opting out for prescreened credit card offers instead.