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What's the difference between preselected and preapproved?
I get offers in the mail sometimes. I am interested in applying but, again, my concern is that I will get denied and have a negative mark on my credit report.
Asked by
StrangeMagic
1 year ago
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Pre-approved means they checked your credit before the sent the offer. They have to approve ~95% of the responders by law. Pre-select just means they did some work screening you, the bar on approval is much lower.
hardeight 1 year ago
if it says pre-qualified - DO NOT apply if your score is under 650, more then likely you will be denined and have a hard inquiry against you. Pre-Approved tho - GO for it :)
rogercookenc 1 year ago
hardeight you are giving false information. there is no difference and no preapprovals and preselected are guaranteed and no they dont have to approve. you are just more likely to be approved than most people because of "some" information that was seen from your credit report they didnt look at the whole thing only some info
tsquad131 1 year ago