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Report: #678174

Complaint Review: Show MasterCard - Sioux Falls, SD South Dakota

  • Submitted:
  • Updated:
  • Reported By: Anon54 — Monrovia California United States of America
  • Show MasterCard Sioux Falls, SD, South Dakota United States of America

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If you receive a pre-approved Show MasterCard letter in the mail -- throw it out immediately.

They give you the impression that they have done a preliminary check on your credit by saying that you qualify for for an initial credit limit of $500, and may be eligible for even more.

When I was turned down by Show -- I phoned them and the first two people I spoke with completely lied to me and said that upon inquiry, TransUnion had sent them a list of people who were considered good credit risks.

After calling TransUnion and finding out that they never send out this kind of information -- I called back Show and told the girl I spoke to NOT to give me that line again because TransUnion does not provide credit risk information.

She put me on hold forever and then came back on and said that all Show MasterCard did to send me out a PRE-APPROVED CARD was verify that I was over the age of 18 and had a valid street address.

I have NEVER received a pre-approved card before that wasn't actually pre-approved at the time. PRE-QUALIFIED, yes -- but never PRE-APPROVED. And all this pre-approval was based on was my being over the age of 18 and not being homeless. Wow.

So now they have taken my credit score down [I have requested a letter of deletion] and wasted my time calling them and TransUnion.

DO NOT -- I REPEAT -- DO NOT ACCEPT A PRE-APPROVED OFFER FROM SHOW MASTERCARD. You are not pre-approved. You just aren't a 16 year old runaway.

I hope this helps somebody. I checked online before I accepted their offer and this credit card didn't come up as a scam. Let me be the first to declare that it is.

 

 

This report was posted on Ripoff Report on 01/03/2011 03:24 PM and is a permanent record located here: https://www.ripoffreport.com/reports/show-mastercard/sioux-falls-sd-south-dakota-57117/show-mastercard-bryant-state-bank-do-not-fall-for-this-pre-approved-scam-sioux-falls-678174. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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REBUTTALS & REPLIES:
2Author
3Consumer
0Employee/Owner

#5 Consumer Suggestion

So... You didn't read the fine print!

AUTHOR: John Q Public - (United States of America)

POSTED: Tuesday, March 20, 2012

Ok,

I just wanted to place my input on this one.  I get "Pre-Approved" offeres for Credit almost daily Including this one from the Show Card.  The author has made some things very clear, however I don't think this is a Scam because He/She got denied Credit.  Several factors come into play.  I will explain them below.

The Author claimed that He/She has never gotten a "Pre-Approved" offer for credit that was never "Approved".  I suggest anyone read the fine print on any "Pre-Approved" offers they may get.  CC Companys use data from several sources(Including the Credit Bureaus) to gather info on what risk you may be and send out a "Pre-Approval" to what card you would be best suited for.  In theory if you receive a "Pre-Approval" it means just that you are "Pre-Approved" so I understand where the author is coming from.

However if you read the fine print on any "Pre-Approval" it says that it is subject to the banks decision at the time you accept the offer.  It also says something to the tune that "We reserve the right not to furnish credit to anyone whom does not meet our criteria"  so yes even though you got a "Pre-Approval" offer in the mail it is subject to the banks rules.

One factor that can have a big impact on a "Pre-Approval" is your credit score when they pull the hard inquiry(so when you actually accept the offer and are in that process) If you were say a 720 when they sent the "Pre-Approval" and you are say now a 675 you may not meet the banks criteria anymore for that card and "Pre-Approval" offer.

Another thing that will come big time into play is your Debt to Income ratio.  If say you had zero debt before and you now have more then 30% on your cards ar have maxed your other cards that could mean you are rejected by the CC issuer.

So in all fairness no CC "Pre-Approval" is ever guaranteed.  What the author needs to understand that He/She still needs to meet the lending institutions criteria regardless.  And all of that is in the fine print on any "Pre-Approved"/CC offer.  This also works the same way for Auto and Home loans except the lower your Credit score and what your debt to income ratio determine your loan status(on this it would be the interest rate).

I personally got this offer.  I opened it and laughed at the 36% interest rate!  However I think the work "Scam" is a bit harsh.  I would not call it a "Scam" a ripoff yes but a "Scam" no.  I would stay away.

Good luck.

  

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#4 Author of original report

Good For You!

AUTHOR: Anon54 - (United States of America)

POSTED: Saturday, February 05, 2011

I'm glad I was of some help.  As I stated in my first complaint -- I have never received a pre-approved offer that wasn't actually pre-approved, and where I didn't receive a credit card.  This is a complete scam. 

The shredder is exactly where this "offer" belongs.

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#3 Consumer Comment

Good Deal Sharing info...getting the word out

AUTHOR: JM - (United States of America)

POSTED: Monday, January 24, 2011

Glad you shared this info. I just received one; going to send it to the shredder

Also I will the word out on this. I do understand when you fall victim of this type of situation....happen before to me..which makes me do my research first.

Spreading the WORD!!!!!

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#2 Author of original report

NOT TRUE

AUTHOR: Anon54 - (United States of America)

POSTED: Friday, January 07, 2011

As you are obviously an employee of Show Mastercard, I would like to set the record straight.

I was TOLD by a Show employee that all they had done was validate that I was over 18 and had a street address. Meaning I wasn't 16 and homeless. That's it.

TransUnion also told me that they don't sent out information of the kind you state in your rebuttal.

I object to the fact that I was told that I was pre-approved for a credit card when I was not. My credit situation had actually improved at the time Show turned me down, and it was good to begin with.

The whole "Pre-Approved" letters that Show is sending out is a scam -- pure and simple -- and I want to warn people to stay away from this company.

You can spin it all you like. People are not "pre-approved" and it will just hurt credit scores [like it did mine] to respond to this offer.





 






 





 





 

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#1 UPDATE Employee

Pre-Approved Offers of Credit

AUTHOR: Bryant State Bank (Show MasterCard) - (United States of America)

POSTED: Tuesday, January 04, 2011

Pre-approved Credit Offers indicatethat the creditor (in this case Show MasterCard) has contacted the credit bureau to obtain a list of consumers who meet the specific credit criteria defined by the creditor.

Credit criteria means the way other credit is maintained (paying on time, paying late, etc) and credit scores available from the credit bureau.When a customer responds to a pre-approved credit offer, the creditor is allowed by law to verify that the customer continues to meets the same or less restrictive credit criteria than when the offer was sent. If a customer continues to meet the same criteria, the creditor will extend the offer of credit.

If a customer no longer meets the credit criteria, the creditor is permitted to decline the offer.

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