Pre Approved - Pre Qualified - Pre Selected

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g35x955
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Pre Approved - Pre Qualified - Pre Selected

Postby g35x955 » Thu Oct 13, 2016 8:18 pm

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!
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MrAB3
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Re: Pre Approved - Pre Qualified - Pre Selected

Postby MrAB3 » Thu Oct 13, 2016 9:43 pm

Pre-Selection/Approval/Qualified to full approval ratio depends on the issuer. Some issuers like American Express and Chase are more stingy than others with who they send direct mail to. Those issuers will usually approve people who they send mail.

Income has a lot to do with it as well. You can have a fairly low income and excellent scores and history and not be approved for some cards that have minimum credit limits. Most Visa Signature / Infinite, and World (Elite) Mastercards are like this.
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g35x955
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Re: Pre Approved - Pre Qualified - Pre Selected

Postby g35x955 » Thu Oct 13, 2016 10:16 pm

MrAB3 wrote:Pre-Selection/Approval/Qualified to full approval ratio depends on the issuer. Some issuers like American Express and Chase are more stingy than others with who they send direct mail to. Those issuers will usually approve people who they send mail.

Income has a lot to do with it as well. You can have a fairly low income and excellent scores and history and not be approved for some cards that have minimum credit limits. Most Visa Signature / Infinite, and World (Elite) Mastercards are like this.


Barclaycard sent me the "pre selected". Im only interested in it because they have a JetBlue mastercard and I fly with them often.

When it comes to me personally, my income is low since Im only 21 but for the past year and a half that Ive had credit, my scores are very good.
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CarefulBuilder14
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Re: Pre Approved - Pre Qualified - Pre Selected

Postby CarefulBuilder14 » Thu Oct 13, 2016 11:42 pm

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!

It definitely depends on the issuer. Humpty Dumpty, SSN 123-45-6789 can get a Discover prequal.

FWIW, the offers Capital One used to send me via snail mail were greatly inferior to the ones they suggested on their website.
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Vattené
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Re: Pre Approved - Pre Qualified - Pre Selected

Postby Vattené » Fri Oct 14, 2016 3:14 pm

I'm not sure of any legal distinctions, but I would assume no offer you get is guaranteed. Treat anything like that as an "invitation to apply:" some lenders may be more reliable than others, but final approval will be based on your credit profile.
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Re: Pre Approved - Pre Qualified - Pre Selected

Postby ronin500 » Fri Oct 14, 2016 6:44 pm

Hello. I need advice please. I have AMX Platinum card. Last November, I had a financial review and my spending limit was lowered to $4200. I am thinking of applying to the Plum card. Since I had a FR and a very low spending limit, is it a bad idea to apply?

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CarefulBuilder14
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Re: Pre Approved - Pre Qualified - Pre Selected

Postby CarefulBuilder14 » Fri Oct 14, 2016 10:45 pm

ronin500 wrote:Hello. I need advice please. I have AMX Platinum card. Last November, I had a financial review and my spending limit was lowered to $4200. I am thinking of applying to the Plum card. Since I had a FR and a very low spending limit, is it a bad idea to apply?

$4200 on a charge card is a pretty tight leash. Have your finances improved since then? If so, is that reflected in records you can show to Amex (tax returns, brokerage/bank statements, pay stubs)?

Once you're in with Amex, it's usually just a SP if they deny you on a future app for a personal card.

I'm not sure if that extends to business cards, too, though. Either way, one inquiry is not a big deal.
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

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Re: Pre Approved - Pre Qualified - Pre Selected

Postby ronin500 » Sat Oct 15, 2016 6:20 pm

CarefulBuilder14 wrote:
ronin500 wrote:Hello. I need advice please. I have AMX Platinum card. Last November, I had a financial review and my spending limit was lowered to $4200. I am thinking of applying to the Plum card. Since I had a FR and a very low spending limit, is it a bad idea to apply?

$4200 on a charge card is a pretty tight leash. Have your finances improved since then? If so, is that reflected in records you can show to Amex (tax returns, brokerage/bank statements, pay stubs)?

Once you're in with Amex, it's usually just a SP if they deny you on a future app for a personal card.

I'm not sure if that extends to business cards, too, though. Either way, one inquiry is not a big deal.



They did. By at least 30%. I did apply for the platinum, but I was denied. Do they usually review my account one year after the FR? Would it be a good idea to call and ask for a limit increase on my current card?

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Re: Pre Approved - Pre Qualified - Pre Selected

Postby rockyrock » Fri Oct 21, 2016 9:31 am

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.
American Express (2005): Green & Blue Cash Everyday
Chase: Freedom & UA Club USAA: Signature Visa & American Express
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