Am I really Pre-Approved?:

You just received a credit card offer in the mail that says you are pre-approved. Are you really pre-approved? The answer is no. When you complete the application and send it in, the credit approval process truly begins. Your credit history then comes into play. A full report on you is pulled from one or all 3 of the major credit reporting agencies: Transunion, Experian, and Equifax. There are a few credit card companies who will actually give you a yes or a no online instantly. The GM Card does this.

So what should I do if I have no credit rating or history? One thing you can do is write a letter back to the customer service department pleading your case, explaining why you are responsible paying your bills, your background, education, work history, etc. This has worked for some people with little or no credit history. Doing this also saves you from paying a high application fee on credit card applications that charge you a high price to build or establish your credit.

Next up - FICO Score

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