Mailers

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JSS3
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Mailers

Postby JSS3 » Mon Aug 19, 2013 6:51 pm

I know there are cases of people getting those pre-approved invites then not getting approved. Are there cases where you used the invitation code and then weren't given what was promised? Does it eventually come down to credit worthiness or do those codes really work (using them guarantees you'll get what's stipulated)? In other words, when you receive these mailers, do you 1.)only take them as a great indicator of your approval odds 2.)make sure to use the codes when applying because of what's promised when you use them or [B]3.[/B])don't bother with the codes because they don't matter after the numbers are crunched(ie comes down to credit worthiness).

I've been getting autos sent out to me for the Discover IT card. One day I decided to go online and apply but forgot to use the code. What I ended up receiving was less of an introductory time period(mailer said 14months, I got 6) as well as a higher APR after the intro period is up. Mailer promised between 12-15%. I got 20%. Now, I'm wondering if the outcome would be the same whether I used the code or not because of credit worthiness or did I shoot myself in the foot by not using the code?
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000


im_mr_awesome
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Postby im_mr_awesome » Mon Aug 19, 2013 9:51 pm

I haven't noticed any huge difference in using the code versus not using it, but I always use the code if I have it.

I'm not sure how one would tell if you could have done better by using the code. I will say this: the codes are often based on a soft pull from several months back and the information might be out of date compared to the hard pull at the application. If you are on the edge of falling into their 14 month bucket and the 6 month bucket, a few points on the credit score or just a few dollars reported balance could make the difference.

For what a few dollars can do to a score, just ask MemberSince99. He had less than $100 report on his AMEX and the score dropped considerably.

For the future, I'd suggest always using the code unless you have an awesome score, in which case it doesn't usually matter.
Scores on the mend...
FICO: 654 (7/2017, AMEX), Vantage: 663 (CK)
Cards I Use Amex Premier Rewards Gold, Discover IT, Capital One QuickSilver MC, Amex Gold Delta (for the free bag)
Sock Drawer Chase Amazon, AE Visa, CareCredit, several store cards for util padding
Next Card Amex Everyday

JSS3
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Joined: Sat Mar 09, 2013 12:24 pm
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Postby JSS3 » Tue Aug 20, 2013 8:03 am

Ok so it does come down to credit worthiness. I wondered if the codes acted as some type of "discount" or special offer sent privately. Similar to those sent to people who are subscribed to something and end up saving. In this instance---you'd end up getting better rates.

For what a few dollars can do to a score, just ask MemberSince99. He had less than $100 report on his AMEX and the score dropped considerably.

Was he penalized because AMEX doesn't like you carrying a balance or because it was too low of a balance?
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000

MemberSince99
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Postby MemberSince99 » Tue Aug 20, 2013 1:25 pm

I use the code. I did with FNBO for their card and got approved.

I also did with Amex for Green back in early 2011, after I was "pre-approved" according to the mailer, and was declined for that. Knowing what I know now, given it was a hard pull, I was not blacklisted by them even then, surprisingly.

So, yeah, pre-approval is not a promise of ANYTHING except that they think you'd have good odds if you applied basically. If you really think about it everyone on the planet is "pre-approved" - you still get a hard pull for approval.

Daniel
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Postby Daniel » Tue Aug 20, 2013 1:25 pm

The Code is what they use to track the application and be able to attribute the resulting application to any number of cohort definitions. For exapmle the pre-screen criteria algorithm used, the marketing copy used, or time of the month/year of the mailer are all examples of things a company might track with the code.

It is like the internet tracking cookie except not on the internet :) I would venture a guess that the company sending the mailer is held to some standard when it comes to what percentage of people are approved, and what percentage get the terms listed in the sheet. Chances are the company more than covers the minimum requirements.

im_mr_awesome
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Location: Indianapolis, IN

Postby im_mr_awesome » Tue Aug 20, 2013 3:14 pm

As far as the score goes, it's weird on a charge card. If you always pay your balance before it reports, the credit agencies take it as you never use the card, and report the credit limit as $0. So if $100 posts on that account and is reported, it looks like outrageous spending, by percentage.

If you let a $50k balance report, then you probably won't ever have anything to worry about. It's one of the nice things about the flexible spending limit charge cards provide. It's also one of the nice things about not using even 10% of a high credit limit on a normal card.
Scores on the mend...
FICO: 654 (7/2017, AMEX), Vantage: 663 (CK)
Cards I Use Amex Premier Rewards Gold, Discover IT, Capital One QuickSilver MC, Amex Gold Delta (for the free bag)
Sock Drawer Chase Amazon, AE Visa, CareCredit, several store cards for util padding
Next Card Amex Everyday

flan
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Location: chicago

Postby flan » Tue Aug 20, 2013 11:46 pm

Daniel wrote:The Code is what they use to track the application and be able to attribute the resulting application to any number of cohort definitions. For exapmle the pre-screen criteria algorithm used, the marketing copy used, or time of the month/year of the mailer are all examples of things a company might track with the code.

It is like the internet tracking cookie except not on the internet :) I would venture a guess that the company sending the mailer is held to some standard when it comes to what percentage of people are approved, and what percentage get the terms listed in the sheet. Chances are the company more than covers the minimum requirements.


Yep. It also lets them do things like offer you 5000 bonus points in the first offer, then 10K in a month after that, and 20K in the third month. (I see that pattern in many of the offers I get.) No reason to give you 20K if you'll bite at 5K. (It does cheese your customers off if they apply at 5k and still get the 10k offer, though...)

Also, remember that there are other factors beyond 'credit worthiness'. If you don't have enough disposable income they may decide you're not profitable enough, and not give you something you meet the other criteria for.

JSS3
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Joined: Sat Mar 09, 2013 12:24 pm
Location: Pennsylvania

Postby JSS3 » Wed Aug 21, 2013 11:58 am

Thanks all for the replies. I understand so much more now.

I think I was misusing "credit worthiness". I understood it as the bank going over your profile(ie age, income, AAOA, income to debt ratio, derogatory marks, whether you rent or own etc) and then determining what type of credit(competitive rates, rewards, no annual fees) you're worthy of...if any
(1/13) Fingerhut - $1,100
(2/13) Capital One Quicksilver- $3,500
(3/13) Capital One Quicksilver One- $750 ($19 AF)
(8/13) Discover IT- $2,000
(8/13) Citi Dividend- $1,200
(8/13) Chase Slate- $2,500
(9/13) Chase Amazon Visa Sig - $4,000
(9/13) Victoria Secret- $750
(9/13) Paypal Extras Mastercard- $3,000
(9/13)] MyPoints Visa- $1,500
(10/13)Walmart Discover- 3,000



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