Show MasterCard Bryant State Bank DO NOT FALL FOR THIS PRE-APPROVED SCAM!!! Sioux Falls, South Dakota

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.

  

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.

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!!!!!

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.

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.