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!