g35x955 wrote:Hi everyone
I just got "Pre-Selected" for a credit card that Ive been interested in for a while now. Im assuming like most of you, you get this type of mail all the time but my question is, is there any difference between pre approved/qualified/selected?
For example have you heard of people most likely getting approved when it says you're pre qualified as to pre approved
(Im new to this and it honestly seems crazy to me but I would love to learn all the ins and outs.. if there even is any)
One of the offers I got from capital one didn't even use any of those terms. They said I was "eligible for this offer" and that was it.
Any feed back would be great!
Wording can be tricky and deceptive for sure. The fact that you are getting these offers is a good sign. You would most likely be approved for the majority of them given what you have shared with us. As others have stated, income is a huge variable and will determine how much credit they extend you.
Back story: I have destroyed my credit twice (so far lol) in my life. During these really low periods I would occasionally apply and be denied. After a while, I stopped applying; eventually I started getting these "invites" so I applied and was approved.
Unrelated but important IMHO: if you only have a card for emergencies, then one is probably enough. If you use your card on a regular basis, you should have two--the second being from another issuer.
My experiences, YMMV.