Pre-selected vs. Pre-approved
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I received two credit card application forms in the mail. One says I’ve been pre-selected, while the other one says I’ve been pre-approved. What’s the difference between them?
There’s no such thing as Pre-approved
There’s no such thing as “pre-approved”. It’s basically a marketing lie and a fraud. If you’ve been pre-approved, than why on earth do they want you to apply?
It’s only a gimmick to attract your attention and to get you to apply for an offer you wouldn’t apply otherwise. In most cases, even if you apply to such offer you end up rejected, but the hard inquiry remains on your report and might actually hurt your credit!
What pre-selected really means is that they’ve processed your information (along with that of millions more) and according to their judgment you may be interested to qualify for whatever it is they’re trying to sell.
My advice is to ignore all these offers, just as you ignore 99% of all commercials. They’re only good for them, not for you. Only apply in the first place for the ones you really want.
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