Getting preapproved credit card offers in the mail might be very exciting and this goes special if the offer is for a credit card that comes with a very low rate of interest or some of the best reward programs. However, you should not get very excited. In case you have responded to an offer for a prescreened credit card then you might surely know the reality of these credit card offers. The reality is that you are actually not pre-approved. This is absolutely right. You still have chances of being denied for a credit card that you might have been pre-approved for. This will have you wondering what credit cards am I preapproved for? First of all, it is very important for you to know your options and even before that you must understand the real meaning of pre-approved.
The Meaning of Preapproved in the Credit Card Arena
The companies or the banking organizations that issue credit cards use a certain screening procedure for figuring out the consumers might be suitable for a specific credit card. During the screening procedure, the credit card issuing companies ask the main credit bureaus for the list of individuals who suit certain criteria. The list will include people with good credit scores or with a number of bank accounts. Generally, the list contains the names of people who are good with their financial transactions and have not been defaulters at any point of time. If you meet these criteria, even your name is included in the list. This will have the credit card issuing company sending you an offer for a pre-approved credit card. You must take this offer in the form of an invitation for applying for the credit card instead of a very strong offer for a credit card. Now, it would be important for you to ask this question what credit cards am I preapproved for?
Go Through Preapproved Credit Card Offers Thoroughly
If you are thinking what credit cards am I preapproved for then it is necessary for you to go through the preapproved credit card offers in your mail thoroughly and carefully. Remember, that the offer that you have got in your mail is not a firm offer and you will have to apply for the credit card in order to receive it from a credit card issuing company. Once you submit your application, your credit history will be checked by the credit card issuer carefully along with the information that you provide in your application. The company does this for deciding whether you are eligible for the credit card or not. Remember, that the offer for a credit card in your mail comes with some of the most attractive terms luring you into applying for a credit card. However, the worst part is that you actually do not have the attractive terms listed in the offer once you submit your application for a credit card. Even worse, you might be completely denied a credit card.
There are different credit cards that you might be preapproved for and in order to get a clear understanding of this, it is essential for you to go through the offer in your mail carefully. You might be preapproved for a credit card with low rate of interest, reward credit cards and balance transfer option. However, the opposite can also happen.