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maximiliana1

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Pre -Approval but Denied
Merrick bank sent me a mailer stating that I was pre-approved for a the Double Your Line Visa credit card with a $600.00 credit line which would be increased if I made my payments on time for seven months. I was hesitant to apply, but after reviewing the company I thought it would be a good choice. My Credit Score is currently 654. I have three cards that show as over the 30% limit due to me buying furniture with the 0% interest. I have no late payments, no collections, bankruptcies etc. My main issues is length of established credit and too many inquiries. The inquiries were from last year when I was car shopping. Can someone explain how this works. I would have never applied for the credit card but it stated pre-approval and since my credit hasn't changed I didn't beleive I would be denied. Now, I'm concerned my credit score will go down due to the denial. I've recently had two cards increase my credit line as well. That is the only changing factor. Thank you in advance for your input.

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pre-Qualified, Pre-Selected, Pre-Approve

Helpful to 2 out of 2 people

All of these are called bait lines.  they are advertising gimmick used to get you to apply for credit.  Credit is a business just like any business,  they all need new customers. 

All 3 of those terms are used interchangeabley and all they mean is that you were on a list that they purchased or generated, generally within the last year, of people that met certain qualifications when the list was generated.  When you got on that list, you may not have had the debt that you have now.

 You should know your credit best. Don't rely on outside influences when deciding what you are doing with your credit.

 These are my rules of thumb for new credit, Never apply for new credit when you have an outstanding balance over 25% of your limits on any card. Never apply if your score is below 700. Never apply if you don't have the cash flow to be able to make payments of at least 3 times the minimum.

Good luck

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Pre-approved are rarely equal to 100% guaranteed. At best it meant you meet some of their basic criteria, until they pull your full credit reports. At worst, it's no more than some marketing schemes, likes the CK's approval odds. If you read that mailer carefully, you might see the some similar languages to approval isn't guaranteed, it will be determined after they pull your credit reports, blah blah...

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I don't think it was Pre-Approved, 
Maybe Pre-qualified  or Pre-Selected or something like that,  but not Pre-Approved.   Go back and check the paper work and READ the FINE Print.

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