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.

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
 

A little research could save you BIG on interest.

Don't have time? Our rate-tracker tool saves you time and money. Delivered Thursdays.
 
advertisement
Partner Center
advertisement

Blog

Tara Baukus Mello

Chrysler recall for car ignition fix

The Chrysler Group has announced a recall of 349,442 cars for a potential problem that can cause the ignition key to become stuck or inadvertently move.  ... Read more


Connect with us