Pre approved American Express (but got denied?)

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Pre approved American Express (but got denied?)

Postby ipodfreak15 » Sun Jan 02, 2011 9:39 pm

Hello and thanks in advance for your help. I had recently received a solicitation in the mail from American Express saying I had been selected to apply for a Gold Card. I had assumed since they had sent me this I was a lock on being pre approved. However when I applied I was initially turned down. I called and they were very nice and helpful, but told me I would need to submit a 4506t form so they could look at my tax records since I do not have a long history. I have since faxed this form and am waiting to hear back.

I am a 21 year old student and my only real credit history is my Discover Student card which I have had for 7 months. I always pay the bill in full and never have had a late payment. I have a high household income(I indicated this on the application) due to my parents having good jobs, but I do not make a whole lot as a college student and only working part time. I am worried when they look at my tax record they will think I lied on my application when I told them of a high household income even though I make very little of the total. Did I foolishly apply for a card I can't qualify for? Is there anything I can do to be approved? Is it possible if I'm not going to be accepted for gold I could "downgrade" my application to a green or zync?

Thanks so much for your help.

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Postby ronnieloo » Tue Jan 04, 2011 2:01 am

i have heard that the pre approved offers are a total scam and that there is no such thing as being pre approved for a credit card. maybe pre approved american express offers are different but i am 99% sure all of them all offers like this are meaningless.

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Postby CCG » Thu Jan 06, 2011 6:56 pm

Welcome to the forum, ipodfreak15!

I would definitely recommend you check out this page about pre approved credit cards. It is not specific to pre approved American Express cards, but all credit cards in general. It contains some information that will probably surprise you.

The truth behind pre approved credit cards

All the best,

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Postby George_in_NH » Tue Jan 11, 2011 6:58 pm

Other than marketing cachet, is there any good reason for American Express to send a pre approval notice if it means nothing?

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Postby Cucumber » Mon Jan 24, 2011 3:07 am

George_in_NH wrote:Other than marketing cachet, is there any good reason for American Express to send a pre approval notice if it means nothing?

Nope not really.
Stop talking crap about him!

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Postby Elliot Castro » Mon Jan 24, 2011 10:44 am

Pre-approved cards are not a total scam, but some SLY creditors have given them a bad name in the past. When I used to assign these many, many years ago, we had a saying for these. You are pre-approved before you are even approved. It was the big joke at the banks.

American law came into effect years ago which forces creditors to give you the card when they claim you are approved (even if they haven't looked at your credit history yet). However, there are a few exceptions. One is if you are a criminal, they can default back on the deal. The other, (and this is a gray area), is if you have outstanding debts. Now what constitutes an out-standing debt could be up for debate (wink).

The third exception, is if the applicant LIED. And since it seems you did just that, they do not have to honour it.

I furthermore want to add, that if a dispute happens later on with Amex, they could use your lies now as more ammunition to sue you. But even worse, is the Government also tracks you by the same numbers, and they use this to track your tax-file-returns each year. The problem now is that you may have set yourself up to become red-flagged for tax evasion next year and there is a chance you could have auditors showing up at your door.

While you may be able to defend yourself against this and prevent prison, the cost of lawyer fees, etc. could still cost you a small fortune. One that it seems you obviously can't afford.

So if you want to sleep better at night, then stop lying on your applications.

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