You’re Pre-approved!


Pre-approved, my ass.  Lesson learned.

A few weeks ago I applied for a pre-approved credit card transfer offer I got from my credit union. I had been getting these offers through my email at least once a month ever since my husband got his credit card. I was denied.

So I called up my credit union as soon as I saw the status was denied (I couldn’t stand waiting up to 7 days for a letter stating why). Despite having a stellar credit score, I was denied for that pre-approved offer due to my debt to income ratio. When I questioned them about being “pre-approved” they explained how it’s not what it sounds like. It’s just their way of weeding out those who meet certain qualifications for them to spam offers. I told them to stop spamming my email with their pre-approved junk. AND THEN, the lady on the phone had the audacity to offer me a pre-approved auto loan before I hung up! Really lady?

A good credit score is practically useless when your DTI ratio is through the roof. I hate debt!


13 thoughts on “You’re Pre-approved!

  1. That’s pretty annoying, I don’t think I’ve ever really gotten anything pre-approved other than car loans and things like that which I wouldn’t even use at this point anyways. I guess when you are dealing with banks and even credit unions the pre-approved part only stands for at their leisure!

    • Yes! “at their leisure!” I was so annoyed with my credit union after the lady made another pre-approved offer after talking to her about the declined pre-approved credit card! I used to love them. :/

  2. Ugh, I’m sorry. I had a similar situation recently. Someone called me saying I had won a free trip. I said, “Oh, really”. They said yes, but needed to ask me a few questions. They asked me my income and said, I made too little, to which I responded, “so you give out free trips to rich people then”. So annoying!

  3. That sucks. I’ve never paid attention to those things. I think there’s a way to get yourself out of those mailing lists. I got myself out, but they seem to be coming in again, which is irritating. I am just curious, what do they consider high DTI? 60%? 80? My co-worker has no credit history and no debt, and cant get a card because of low history. Makes you wonder how was it that they were sending pre-approvals to teenagers…

    • I seem to have gotten myself out of the mailing lists, for now. My DTI is probably somewhere in between the 60-80% range, probably closer to 80%.
      It’s funny how that works, reminds me of the job market circle…can’t get hired because you don’t have experience, can’t get experience because no one will hire you.

  4. It’s all about business for these banks. Before you can read between the fine lines and see what they are up too. Now the banks just straight up lie to get you to bite the bait. I would wait to pay down debt because every time you apply for a card an inquiry is being sent to your credit report. Too many inquires isn’t a good luck. Good luck with everything.

    • One inquiry doesn’t hurt too much and it’s not like my good credit matters right now anyway since I can’t be approved for anything with my DTI. It’d be nice to be able to transfer my no-rewards credit card to a better rewards program with 0% introductory rate so I can pay off my card without interest, but oh well.

    • I wanted to do a balance transfer. They offered an introductory zero APR for one year and I have about a $1000 balance on my card. I pay about $100 month and I’d rather do it interest free. My current card also offers no rewards and the pre-approved card was offering something like 10,000 sign up bonus points. Too good to be true!

    • I usually tear them up too but I was getting them by email and it was actually something I was interested in. Would have allowed me to pay off my transferred balance interest free!

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