If you have a credit card, or even if you don’t, you have probably received a stack of credit card letters in the post, telling you that you are pre-approved’ for a great credit card deal. Although some of these credit card deals are genuine, many are not what they seem or are even complete scams. If you know want to make sure that you don’t fall victim to these poor deals, then here is some advice on the ins and outs of credit card pre-approval.
What does pre-approval mean?
Although in other areas pre-approval might mean that you have secured a definite amount and definite terms with a lender, depending on final credit checks, with credit card pre-approval mail it does not mean this. It simply means that you have a credit score that matches the criteria to let you apply for one of these cards. You are not guaranteed specific terms, nor are you even guaranteed to be accepted.
Why do I get sent these letters?
Often, credit companies send you these letters because your credit score matches their criteria for card applications. Card companies are always looking for new customers, but if they simply sent out letters to everyone it would...
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