Learn: Pre-approved credit cards

Learn: Pre-approved credit cards

• The Basics
• Getting Approved for Credit Cards
• SoHo Strategy: Deducting Credit Card Interest
• Debt Consolidation
• Pre-approved credit cards
• Getting the Lowest APR
• Divorce and Credit
• Removing Late Payments

by Gerri Detweiler

Pre-approved credit cards just ain't what they used to be, folks. Used to be, if credit card issuers pre-screened in your name through a credit bureau, they had to give you a firm offer of credit. That meant that unless something drastic changed by the time you responded to the offer -- you filed for bankruptcy perhaps -- they had to give you a card.

Now, with a new law in place, issuers can create additional qualifications that you'll have to meet before you can have the card. In other words, they'll run a second screening after you say "yes" to the offer.

So "pre-approved" doesn't mean you're already approved, it just means you've passed the first test. If the idea of having your file reviewed for these kinds of offers doesn't sit well with you, call one called the major credit bureaus to block it. Since they have to share your request with each other, calling any one of the following agencies will work. Trans Union at 1-800-680-7293, Experian at 1-800-353-0809; or Equifax at 1-800-556-4711.

About Gerri Detweiler: A consumer educator and advocate, Detweiler has been helping Americans better manage their money for more than a decade. She has written articles for publications including Woman's Day magazine and Bottom Line, and has been quoted in numerous national publications including The New York Times, USA Today, The Wall Street Journal, and The Washington Post.

Gerri is the author of "The Ultimate Credit Handbook" and a co-author of "Slash Your Debt - Save Money and Secure Your Future".