Credit cards - "you have been pre-approved"
29 December 2011
How many times have you received a letter through the post from a credit card company with the great news "You have been pre-approved for a credit card" followed by the next piece of great news "0% interest for the first 6 months".
Next time you receive one of these letters STOP AND THINK! The fact is that you have NOT BEEN PRE-APPROVED. This is simply and underhand marketing ploy to entice you in to applying for the card. If you then make the application it is a fact that it is more likely than not that you will in fact be declined! Then just to top the whole lovely experience off your credit rating will be affected as each time you make an application for credit a credit search is made against your name, which potentially has a negative impact on your credit rating!
This is yet another example of financial institutions acting improperly and it must be stopped.
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Credit cards - "you have been pre-approved"
29 December 2011
