What does it mean to be pre-approved for a credit card?

Answer

Generally, pre-approval indicates particular consumers meet general, but not necessarily specific criteria for extensions of credit. Credit card companies routinely get information about consumers who have credit scores between certain ranges within which they are willing to extend credit in most circumstances. Credit card companies still maintain the right to make specific decisions on extending credit to consumers whose credit history, work history, income, & other factors fall outside their general lending criteria. In most cases, however, such companies will extend credit to those it has pre-approved.

Answer

I'm not sure they mean too much. My son has gotten several 'you're pre-approved for a credit card' letters from different companies, but I sincerely doubt they would actually give him a credit card, because (1) he's a minor (only 15) and (2) he has no income.

Answer

Well I was recently pre-approved for the new US Airways Signature Visa from Bank of America. I've sent it in and got a $5000 credit line with a 1.9% APR (but really 3.6% APR because of the $90 annual fee but it's totally worth it and can be removed just by asking if wanted). I'm a college student, currently have no income but I did get put as an authorized user on my father's AMEX blue card 5 months earlier he has excellent credit so that might have something to do with it but I took a chance it was a total surprise but you never know til you try. Just make sure the preapprove offers will work in your favor and know what you're getting into and go for it.

First answer by ID0000000000. Last edit by ID1094082967. Question popularity: 193 [recommend question]