Is your mailbox filling up with “preapproved” credit card offers? Consider these helpful tips in understanding your options.
Even though the solicitation may indicate you’re pre-qualified, that simply means you meet select criteria for consideration obtained from your credit reporting. An official approval will typically not be issued, however, until a final application is completed on your behalf, taking into consideration your ability to pay on future debts.
Pre-qualified offers are considered soft pulls on your credit history, and will not damage your current credit score. However, if you do apply for the card, a hard inquiry will result, which could effect your credit score.
Always read the fine print, being aware of balance transfer fees that may add up to 3% or more of the transferring balance. Looking to opt out of future mailings? Simply visit www.optoutprescreen.com to select your preference to receive future solicitations.
WOTV 4 women’s finance expert Nancy Loftis
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