Pre-qualified credit checker on card company sites

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p51
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Pre-qualified credit checker on card company sites

Postby p51 » Wed Nov 19, 2014 8:18 pm

If i do a 60 second pre-qualified check on a credit card company site that comes back with "sorry there are no pre-qualified offers for you" does that mean that I shouldn't try and apply for that card?
Capital One secured opened May 2012 -- $1401 ($1200 of my own money to increase limit) I will be closing this as soon as I qualify for an AMEX Simply Cash business card (hopefully this summer).
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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Nov 19, 2014 8:39 pm

It will vary from issuer to issuer. Is there a particular card you wanted?

Discover had a reputation, although I never tested it myself to verify, for saying just about anyone was prequalified for the It card. Maybe that practice has stopped.

Capital One, it seems, doesn't list prequalified offers for people who have opted out of ad mailings like myself. I was getting a lot of prequalified offers from them, and now their website doesn't have anything for me (while my creditworthiness has been roughly unchanged / improved slightly).
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PlyrStar93
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Postby PlyrStar93 » Wed Nov 19, 2014 8:41 pm

Not necessarily. If you are opted out then there should never be a prequalified offer there. Also some banks' prequalifier basically does not do soft pulls (like BofA/Discover).

Check your credit profile by yourself and see your own history. If your payment history is clean and long, no collections/public records then it should be fine. If you prepare to apply for credit then consider bringing down utilization. These are just the factors that are considered in scoring. It is your credit record that matters more than just a prequalified offer.

Also you may even not get prequalified when your FICO is higher than when you are prequalified. That doesn't mean you won't get approved if you apply without prequal'ed offer, and neither you will surely get approved with the offer.

CarefulBuilder14 wrote:Capital One, it seems, doesn't list prequalified offers for people who have opted out of ad mailings like myself.

Did you do optoutprescreen.com? If that is the case then it should not only for Cap One.
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lobbythis
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Postby lobbythis » Wed Nov 19, 2014 9:44 pm

CarefulBuilder14 wrote:Discover had a reputation, although I never tested it myself to verify, for saying just about anyone was prequalified for the It card. Maybe that practice has stopped.


Nope. Those a-holes still do it. Been pre-qualified and denied every time. They want to make extra sure you never get approved by building up false hope and then slam you with more useless inquiries.

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CarefulBuilder14
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Postby CarefulBuilder14 » Wed Nov 19, 2014 9:56 pm

I did use the optoutprescreen.com site. I mentioned Capital One because it is the only issuer that has mailed me a prequalified offer, or suggested one online, that I haven't gotten a card from.

US Bank, for example, has never mailed me anything and suggested a debit card online even before I did the opt-out.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
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PlyrStar93
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Postby PlyrStar93 » Wed Nov 19, 2014 10:11 pm

CarefulBuilder14 wrote:US Bank, for example, has never mailed me anything and suggested a debit card online even before I did the opt-out.

Same for me. Doesn't reflect my credit file at all since they recommend that prepaid Contour card to me. Just the same when I put some garbage name and check online.
lobbythis wrote:Nope. Those a-holes still do it. Been pre-qualified and denied every time. They want to make extra sure you never get approved by building up false hope and then slam you with more useless inquiries.

They never say you are prequalified on the site. They just recommend. Pretty slick. Just put garbage name (e.g. first name=gdsjgdsgrdg, last name=dfgsdfsdfse) and last 4 # SSN (any number) and that is the same effect as you put your real name there.
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Postby popamode72 » Wed Nov 19, 2014 10:19 pm

PlyrStar93 wrote:Same for me. Doesn't reflect my credit file at all since they recommend that prepaid Contour card to me. Just the same when I put some garbage name and check online.

They never say you are prequalified on the site. They just recommend. Pretty slick. Just put garbage name (e.g. first name=gdsjgdsgrdg, last name=dfgsdfsdfse) and last 4 # SSN (any number) and that is the same effect as you put your real name there.


I tested out Discover's prequalification page and got the same results after putting a fake name and SSN. I did the same thing months ago. Very unreliable prequalification system.

The only real prequalifications I've ever gotten have been with Credit One. Glad I never took any of their garbage offers.
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lobbythis
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Postby lobbythis » Wed Nov 19, 2014 11:32 pm

PlyrStar93 wrote:They never say you are prequalified on the site. They just recommend. Pretty slick. Just put garbage name (e.g. first name=gdsjgdsgrdg, last name=dfgsdfsdfse) and last 4 # SSN (any number) and that is the same effect as you put your real name there.


Good call. I always tested it before I applied to see if it ever would offer anything different. I knew it was BS, but d*mn, any fake name and number works? Snakes in the f*cking grass, they are.

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PlyrStar93
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Postby PlyrStar93 » Thu Nov 20, 2014 12:23 am

lobbythis wrote:Good call. I always tested it before I applied to see if it ever would offer anything different. I knew it was BS, but d*mn, any fake name and number works? Snakes in the f*cking grass, they are.

It will show the "you" with a fake name has an offer of blah blah blah, so with any name it "works"!

But I would regard this as any real name and SSN doesn't work. For prequalification it doesn't work. If you proceed to apply following the "offer" they provided, just go to the card disclosures and try to look for prescreen and opt-out notice and you can't find that, so that's not a preapproved offer.

Their site can be very misleading to some people, as it does pop up the offer for the person while never mentioning if it is preapproved. I believe on this and other forum there have been people complaining about they applied for "preapproved" offers from Discover and got declined.

popamode72 wrote:I tested out Discover's prequalification page and got the same results after putting a fake name and SSN. I did the same thing months ago. Very unreliable prequalification system.

Because it doesn't seem to behave like a prequalification system at all.

popamode72 wrote:The only real prequalifications I've ever gotten have been with Credit One. Glad I never took any of their garbage offers.

Credit One turns out to be a real prequal, but stay as away as possible from them unless you want to get charged interest like cash advance. :(

It appears that people above a certain number of credit score will get a straight decline for the preapproval. Credit One just seemed to be afraid to people with excellent credit. Well, at least they seem to know how crap their offer is.
Citi Forward Visa $5000 10/2012 | American Express Blue Cash Everyday $8000 2/2014 | Discover it $7000 5/2014
Chase Freedom Visa Signature $7000 6/2014 | Citi ThankYou Premier Visa Signature $5000 1/2015
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takeshi
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Postby takeshi » Thu Nov 20, 2014 8:18 am

p51 wrote:If i do a 60 second pre-qualified check on a credit card company site that comes back with "sorry there are no pre-qualified offers for you" does that mean that I shouldn't try and apply for that card?

It does not. Don't rely on prequals, preapprovals, offers, etc. I wasn't prequal'ed for any of my cards. These are all really just marketing and none them guarantee approval or denial.

You should, instead, read up on assessing credit and review your reports and then use that to decide when to apply.



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