Thursday, September 29, 2022

Why Am I Getting Credit Card Offers In The Mail

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The wave of offers are arriving as card issuers and their processing networks seek to recover from a COVID-19 credit spending drop.

Every time the U.S. Postal Service delivers the mail to our house in the suburbs of Philadelphia, my wife Marci keeps a close eye out for credit card offers which she immediately shreds into oblivion to thwart potential identity thieves. She also needs to keep them away from a member of the household with a history of spending money he didn’t have. That would be me.

I will spare you the gory details but suffice to say, my credit was terrible before I got married. Bill collectors knew my name. A balanced checkbook was a foreign concept to me. Marci, who was trained as an accountant, overlooked these and many other faults and married me anyway. She manages the household budget and trained me so well that I just hand her any mail with a credit card company’s name on it unopened.

Now all my aversion therapy is being put to the test.

Credit card companies are eager for Americans to spend like the Coronavirus pandemic never happened. Researchers from the Federal Reserve in November reported that credit card balances, which fell during the worst public health crisis in more than a century, rose in the second and third quarters last year while debit card use soared.

Like any good business, credit card companies are striking when the iron is hot.

I am not resting easy since the number of credit card solicitations is on the rise.

How Long Does It Take Before I Stop Getting Prescreened Offers

Once you opt out by phone or online, your request will be processed in five days or less. At that point, your name will be removed from the credit bureaus’ firm offer consumer list.

You may continue to receive some credit card offers for several weeks because some credit card issuers may already have begun the prescreening process for your credit offer before your request was processed. You may also continue to receive credit mail from credit card companies you’ve worked with before.

Lastly, opting out of credit card offers will only stop mail from issuers that use the lists compiled by the major credit bureaus. It won’t prevent credit issuers from accessing your information from other sources.

Can I Still Be Declined For These Offers

If youve received an offer that says that youve been pre-selected or pre-approved, the issuer can still decline to give you a credit card. This is because the original reason that they extended the offer to you is no longer valid or something else came up that led them to reconsider their decision. Suppose that you initially were sent an offer because your credit score was 790. You let the mail pile up for a while and didnt reply to the offer until 6 weeks later. During that time, your car was repossessed and you lost your job. As a result, your credit score plunged to 500. In the above situation, the issuer will almost certainly decline to proceed with their offer. Theyll view your updated financial situation as too risky for them to let you use their money. Think of it this way would you let your friend borrow $5,000 from you if he was in the above situation? If so, youre either feeling very lucky or are very well off! Essentially, any offer that has the word Pre attached to it is a targeted marketing effort. It is not a guarantee of acceptance just an opportunity for the issuer to reach out to you and hope that it all works out.

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Downsides Of Opting Out

How To Not Get Credit Card Offers In The Mail / An Amazing Southwest ...

Before deciding to opt out of offers, consider these reasons to continue receiving them:

  • You might want access to easy credit. A key advantage of preapproved credit card offers is that you don’t have to wonder whether you qualify. The issuer has already reviewed your credit and has deemed you worthy.

  • You could miss out on special deals. Preapproved credit card offers sometimes come with more generous terms than the offers available to the general public. There might be a bigger sign-up bonus, for example, or a waived annual fee, or a longer 0% intro APR period. If an issuer is sending you a preapproved offer, it wants your business and may be willing to serve up a pretty sweet deal to get it.

  • You’ll be limiting your options. A preapproved offer might introduce you to a company or product that you werent previously aware of it could turn out to be a good fit for you.

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Why Did I Get This Offer

According to the Federal Trade Commission , pre-screening works in one of two ways:

  • A creditor or insurer establishes criteria, like a minimum credit score, and asks a consumer reporting company for a list of people in the companys database who meet the criteria
  • A creditor or insurer provides a list of potential customers to a consumer reporting company and asks the company to identify people on the list who meet certain criteria.

Using the credit reports, they select candidates for pre-approved offers.

Being pre-qualified means you could be a good candidate for their card.

Pre-approval does not guarantee that you will receive the card if you apply.

What If You Do Want A Credit Card

Youve decided that you do need a credit card. You may want one for emergencies, to help you build credit, or to add an extra layer of security to your payments. Youve done your research and selected an excellent credit card company with reasonable interest rates and fees you can afford. Credit cards are not a problem if they are used responsibly. Follow these tips to ensure that you are protecting your financial future.

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Send A Confirmation Letter

After you call, send a confirmation letter to the company. Keep a copy for your files, along with information about the credit card, like the account number and name on the account.

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What If I Dont Want To Receive These Offers Anymore

Are Credit Card Offers in the Mail Worth Considering?

If you no longer want to receive credit card offers in your mail, you can reduce the number of offers by opting out. You may opt-out for a period of five years, or you may opt-out permanently. You can do this by visiting OptOutPrescreen.com or by calling 1-888-567-8688. You will be prompted to fill out a form that includes your name, Social Security number, date of birth, and address.

Mailed, pre-approved credit card offers are the marketing trend for this product, but stay savvy to the methods used. Now that you understand a little more about how and why you end up on the mailing lists, it should be easier to make informed decisions about the products youre being offered. Always choose and use your credit cards wisely.

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How Do I Stop Them

If you decide that you no longer wish to receive pre-approved offers, you can put an end to them.

According to the Federal Trade Commissions website, If you decide that you dont want to receive prescreened offers of credit and insurance, you have two choices: You can opt-out of receiving them for five years or opt-out of receiving them permanently.

To take advantage of either option, visit optoutprescreen.com.

In addition to lessening your junk mail, another benefit of discontinuing pre-approved offers is that it lessens the chance that one of those offers will land in the wrong hands, which can lead to fraud.

What You Need To Know

  • Although preapproved offers may be worth your time, it is possible to cut ties with this type of mail
  • Opting out could cause you to miss valuable sign-up bonuses or favorable terms that may not be available to the general public
  • If a preapproved offer does catch your eye, dont be too quick to apply. Be sure to consider whether youre truly ready for another credit card

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Why Do I Keep Getting Credit Card Offers In The Mail

  • CC Attorney Blog
  • Why Do I Keep Getting Credit Card Offers in the Mail?
  • If your mailbox is frequently full of preapproved credit card offers, it may be a sign that you have good, or even excellent, credit. These offers often indicate that card issuing companies believe you are a good credit risk. At the same time, many people with bad credit are also targets for the so-called credit builder cards that come with hefty fees. Either way, you may be curious about why card companies continue to send you these offers, or maybe you just want to know how to stop getting so much junk mail.

    Why Do I Get So Many Credit Card Offers In The Mail

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    Your mailbox is stuffed with them, and theyre probably some of the only real mail you get. Mailed credit card offers have become more common in the years since the 2008 financial crisis and recession. It seems like banks are some of the few businesses that still market by postal mail, but why do they do this? And if youve noticed youre seeing a lot more of these offers in your mailbox recently, whats the reason?

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    Are Preapproved Credit Card Offers Worth My Time

    Preapproved card credit offers can actually be very useful. While the flood of envelopes flaunting promises of exclusive offers may be annoying, you could very well luck out and score a great deal on a new credit card that complements your spending habits.

    So, once again, take a moment to think before you simply toss your offers in the trash and zip over to the opt-out website.

    However, if a preapproved offer does catch your eye, dont be too quick to apply.

    Be sure to consider whether youre truly ready for another credit card.

    • Have you developed strong debt management habits?
    • Are you already carrying debt you cant immediately pay off?
    • Are you an impulsive spender?

    These are all things to consider before you take up an issuers generously personalized offer.

    Plus, getting a preapproved credit card offer doesnt mean youre guaranteed approval when you apply. If your credit has changed significantly since the issuer got your information, for example, you may no longer be eligible.

    Other possible reasons for denial could include inadequate income or an inability to verify your personal information.

    Finally, remember that eligibility for preapproved offers is determined through soft credit inquiries.

    Make Sure Youve Opted In

    You may not be seeing as many targeted credit card offers lately if youve said no thanks to them in the past.

    If consumers have opted out of targeted offers, their information will not be available for credit card companies when they contact consumer reporting vendors, says Wilke. If youve opted out, you can reverse your decision at OptOutPrescreen.com to again receive credit card offers.

    Check with your bank and credit card company to make sure youve opted in. And weigh any targeted offers they send your way carefully before you commit.

    Consumers should determine if the specifics of the offer will better benefit their spending habits relative to other options, says Wilke.

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    Can You Call And Ask Your Credit Card Issuer For An Offer

    “You can call and ask, but I’ve never known a vendor to say yes because they all have their own in-house criteria,” says Harris.

    Every offer is selected on an individual-by-individual basis. Even if your issuer extends an offer to your friend or spouse, you might not see the same opportunity.

    “My husband and I both have Discover cards, and sometimes he gets an offer that I don’t,” says Harris. “I’ll call and ask if I can have it too, and they say no.”

    Harris thinks it could be an issue of seasonality and when card issuers market to their members. Since she applied for her card seven months before her husband, she believes they are in two different marketing cycles. Card issuers are known for mailing offers for different customers at different times based on the length of time that person has been a cardholder and how well they’ve followed the borrowing agreements.

    In addition, your card issuer may want you to apply for a new card, instead of giving you an offer for your current card, in order to meet application quotas, says Harris. So instead of offering you 0% APR on a card you already have, you may need to open a brand new card.

    Can You Stop Promotional Credit Inquiries

    Why you get credit card offers in the mail!

    Preapproval offers in the mail can be beneficial, especially if youre in the market for a new credit card because they often come with targeted signup bonuses. Still, not everyone appreciates a mailbox full of credit offers. For example, identity thieves who steal mail might target these offers. You have the right to keep your credit file from being used for prospecting.

    To stop preapproval offers, you will need to visit OptOutPrescreen.com. By filling out a form online, you can opt out of prescreened credit offers for five years. You can also opt back in through the same website.

    If a pre-approved credit card with enticing sign up bonuses has led to uncontrollable consumer debt, consider acquiring the services of a seasoned debt relief attorney. Heather Benveniste of Benveniste Law Offices has helped many Illinois residents settle credit card debt issues on the most favorable terms without filing for bankruptcy. Contact us today at 1-800-497-5358 for a free case evaluation and to discuss your debt settlement options.

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    Be Careful On The Phone

    The same is true of the telephone. Every day hundreds of people are duped out of their money by thieves with a good story. Dont be one of those people. While we all want to trust, you simply have to be suspicious. Again, never give your personal information to anyone who calls you. Do not buy from unsolicited telemarketers. Do not give your credit card or other personal information to anyone who calls you. Instead, if they claim to be from a company that you have a relationship with tell them that you will call back at their listed number and then do so.

    What Do I Do With Credit Card Offers

    Always shred your credit card offers. Mailed offers open you up to fraud and identity theft. Its easy for someone to take one of these offers out of your trash and fraudulently sign up for cards under your name if they have the right information about you.

    Whether or not you apply for the card youve been offered is something you decide. Check the , any associated fees, the credit limit, penalty fees, and check for any perks associated with the card, such as cash-back bonuses. Its also a good idea to learn a little about the different credit card companies.

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    How Do You Opt Out Of Receiving These Offers

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    Pre-approved credit card offers might be a good sign that your credit is healthy — and they can even be a source of juicy signup bonuses. But that doesn’t mean they’re welcome in your mailbox. Nobody loves junk mail.

    Even though prescreening doesn’t harm your credit scores, you have the right to prevent your credit information from being accessed for prospecting purposes. Whether you don’t like the idea of credit card issuers being able to access your information without prior consent or you simply hate the ecological waste it creates, you can put a stop to it.

    You can opt out of receiving future pre-approved offers by visiting OptOutPrescreen.com. Fill out a simple form online and you can opt-out for five years. You can also print and mail in a request if you wish to opt-out permanently. If you ever change your mind, the same website will allow you to opt back in as well.

    There’s an additional benefit to opting out if you choose to do so: Fewer credit card offers in your mailbox means fewer credit card offers that can be stolen by fraudsters. And while opting out certainly won’t prevent you from being a victim of fraud, it will at least reduce your exposure.

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