Pre approved Credit Cards???

Ok..so I have been receiving pre-approved credit card offers, mainly from chase and capital one....within the last 3 months I have recieved 12 pre-approved invitations from capital one and 14 from Chase..(Got my mail today)....I even recieved one from american express telling me i am %26quot;officially selected%26quot;. Last time i check I did not have a good credit history...well..I pretty much did not have any credit (have never own a credit card...always got turned down...) at the moment all i have is student loans...I have not applied for a card for about a year now.....My question is, the pre-approved offers that i am receiving if I go ahead and apply for lets say capital one will i get the card????? also how are prescreened offers done....?????

Pre approved Credit Cards???

Even if you are %26quot;pre-approved%26quot; it is still subject to certain terms and certain limits. However, the biggest hurdle are the TERMS AND CONDITIONS.

The fine line print can be deadly. Some charge as high as $42 per year for memebership fees, and additional $3.72 a month for $0 balance on the month, and some are 28.99% per month for any unpaid balances at the end of the month in addition to the annual fee!

1. So even if you have $10 leftover at the end of the month, you just now accrued $2.899 in interest fees.

2. If you left a balance each month of just a mere $10, after a year you now have $34.788 (2.88 X 12 months) in annual finance fees all by themselves and still owe the $10 and the annual fee.

3. So if it is $42 plus the accrued finance fees and the $10, you now just spent $86.788 for the year all over a repeat $10 balance of each month.

That is why the credit companies want your credit so bad. It is a major money making industry. Only get credit if you can truly afford to pay it off regularly in each month end or no later than the 2nd month.

Ironically, you do want to periodically leave a small balance due left over into the next month and then pay it off at the end of the 2nd. This is a warped way of creating good payment credit history. You pay it off consistently each month and leave no balance, then yoru credit history points (beacon scores) do not increase much.

I suggest you join a local credit union. Maintain a good checking account for anywhere from 6 months - a year, they will be happy to automatically extend you a minimum blance credit card limit ($500 or more) with an average 5.2% APR which is a whole lot better than 28.99%. Also, keep up with paying them timely, a credit union then drives up your beacon scores a whol lot faster than a traditional bank.

Sorry for the length of this, but I really wanted you to have a clear understanding how one should manage credit and use it wisely when you have a credit card. It is easy to use a credit card, but remember, eventually you have to pay it. I know too many people who work to pay credit cards and never have any money left over for themselves because a vicious cycle begins.

good luck and much prayers

Pre approved Credit Cards???

Although it says you are pre-approved you are not guaranteed to be approved. Before getting my first credit card, I revieved about 4 capital on pre-approvals and 2 discover card approvals, and I still got denied from both of them at the time, even though I entered the %26quot;code%26quot; they send you. The best thing to do is get a card with your current bank or credit union that you have a good reputation with. They are very likely to approve you and than after that you will be approved more often for the cards you want.

Pre approved Credit Cards???

pre-approved just means that you are eligible to apply but most of the times they wil getl approve but make sure you check their terms and conditions, here is a great website www.fastcreditcardapprovals.com where you are able to compare all major credit cards side by side on rates, fees and rewards which give you cash back, miles or gas and other items, no matter what kind of credit you have they will make sure you get the rigth credt card for you.

Pre approved Credit Cards???

Are you a college student? Credit card companies throw offers to students because they have a lot of bills and will have a higher income in the future.

If you apply for the card you will get it, but the credit level and real interest rate will be up to them. How many credit cards do you have? If its 3 or less you can take it and it will help your credit it you use it and manage it wisely.

Pre approved Credit Cards???

Dont fall for it i had such a problem getting my first credit card but Capital One approved me