Pre-Approved Credit Cards
Posted on October 13, 2007
Filed Under Advice, Bad Credit, Credit Rating, Secured Credit Cards | Leave a Comment
You probably receive a lot of offers for credit cards that say you are pre-approved. That means that they got your name from a credit bureau, as someone who meets their basic criteria. Being pre-approved is not a guarantee that they will offer you credit, however. They make that decision after perusing your full application.
Perhaps the most difficult credit problems are establishing credit for the first time or improving a low credit rating. Some companies cover the risk they’re taking by charging very high interest rates. You might be better off using a secured credit card. That means that you deposit a certain amount of money with the company, and can then use your credit card up to that amount. Once you’ve proven you are using the card responsibly, the deposit will be refunded to you, and you are on your way to a good credit rating.
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