Question:
My credit got very bad a couple of years ago after I went >$10K in CC debt. I have been busting my can to fix it, and it's better but not perfect. (My credit scores are between 603-650, depending on the company {Experian, Transunion, etc}).
I got an offer from American Express ONE the other day and applied online. I got denied.
My credit is obviously good enough to get through their pre-approval stuff, or else they wouldn't have sent the invite anyway.
But why do they bother if they are just going to decline you anyway? Jeesh.
Answers:
I think you give credit card companies more "credit" than they deserve. They don't care who they send offers to. They don't "pre-approve" you. They just tell you that to flatter you. They send out hundreds of thousands of "pre-approval" offers, hoping someone will be the kind of spender that lets them charge their exorbitant interest rates. They are predators.
You are doing the right thing. Get out of debt, then take out a small ($1000) loan at your bank. Pay it back on time every month to reestablish your good credit. Then be sure to live on what you earn, not forgetting to put aside money every paycheck, into a money market account. Good luck!
That just teaches you not to be a silly billy and borrow money.
NEITHER A BEGGER NOT BORROWER BE.
They'll always end up with more money than you that way.
Oh well.
Maybe you should file bankruptcy
ANYBODY can get through the pre-approval junk. This includes my 16 year old brother and my ex with over $1000 in credit card debt and a mortgage that he hasn't paid on in months. They only say that you are pre-approved to make you feel like you really have something special. And the only requirement to get pre-approved is to be breathing.
I don't think there is any pre-approval. I think that they just get a mailing list somewhere and send to everyone on the list.
Unfortunately them hitting your credit report is a negative mark on your rating.
My husband and I get many credit applications a week. I applied for one cause it was a good one to get. Denied. I go WTH. Why send it and deny me. They told me I don't have enough credit. I don't know why they do what they do. I'd be happy if they'd stop sending them.
You come up on a list that someone bought. When I get credit card offers in the mail, I rip them up and throw them out.
aww feelin you on ALL of that haha i had the same exact situation, American express is the hardest card to get. Get a visa and prove to the burials you can pay on time every month and AMEX will see that and give you another offer. dont get down on yourself you did mess up your credit so you kinda have to deal with the consequences, that's how i look at it.
Getting denied by credit card companies might be a blessing in disguise... did you not say you were once $10,000 in debt with them? Maybe you should not have one, it might happen again. That happened to me a long time ago.. I will never even apply for one .. ever.. they get you in trouble.. and deep in debt.. be thankful.. might have been doing you a favor..
Before ever trying to apply for a credit card, you need to have your debt paid off. It's never a good idea to get a new card when you have debt. CC companies don't care who they send an invite to. You may have been signed up by someone else, or they may have just needed an extra person to send it to. Just don't apply for one, don't charge anything on the one you have and work on fixing the debt you have now before you go any further with the credit card.
Did you get the offer online?
If you did, then that is your problem.they don't send out pre-approvals via e-mail.
1.) Why not choose to OPT-OUT from screening offers?
2.) AMEX will not give you a card in a million years with that much debt.
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