For example, you may be approved for a higher interest rate or shorter promotional period. A worse scenario is possible: you could be denied for the credit card completely.
Free Credit Scores After Unfavorable Decisions
If you do get denied for a pre-approved credit card or you’re approved for a card but for less favorable terms because your credit score didn’t meet the criteria, the credit card lender will likely send you a free copy of your credit score used in the decision.
In other cases, you could be entitled to receive a free credit report, usually if you’re denied because of information in your credit report. You’ll have 60 days to request this free credit report.
This gives you the opportunity to get clarity about what’s hurting your chances of being approved and work to improve your credit score so if you decide to apply for a credit card in the future.
Always Remember To Shop Around
The pre-approved credit card offer you receive may not be the best offer out there. Before you respond, go online to check the credit card’s most recent offers.
You may find something better than the offer you received in the mail.
Shop around can help you make sure you’re getting the best deal. You may find a better credit card with another credit card issuer.
Compare the credit cards you qualify for based on rewards, perks, interest rate, and fees.
Stopping Pre-Approved Credit Card Offers
Closing this out, if you’re tired of receiving pre-approved offers, you can limit the offers you receive by mail. There’s a cool little tool at optoutprescreen.com.
Just follow the directions and you’ll stop receiving pre-approval letters.
If you’re concerned about not receiving them in the future, don’t be, You can opt-in again when you’re ready to do so.
By going through this process, it should stop the majority of your pre-approved offers, at least the ones based on pre-screenings through the major credit bureaus.
Even so, it’s always possible to still receive offers from credit card lenders you already do business with or from companies who got your information from somewhere besides the credit bureaus.
You can still use the major credit card issuers’ online pre-approval tools to shop around for credit cards when you’re ready to apply for a new credit card.
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