credit cards

What is preapproved?

 

What is preapproved?

The Bankrate.com financial term of the day is: "preapproved."

When a credit card company wants to put its plastic in your wallet, it will tell you that you've been preapproved. That means you've been identified as a potential cardholder and your credit profile has passed an initial screening. However, the card issuer can still say, "Thanks, but no thanks," if it looks deeper into your credit and decides it doesn't like what it sees.

"You've been preapproved!" That common come-on in credit card junk mail merely means that the card issuer thinks you might make a good customer. It might ultimately decide it doesn't want you after all.

To find the best credit card for you, visit the credit cards section at Bankrate.com.

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