One of these notices arrives at the rate of two a week, at least. Sometimes, there are several in one day. While I never wanted one of the offers of a loan, I did call once about thiry years ago. I knew I was not pre-approved, but I wanted to see what would happen once I called as instructed. The person who answered the phone spoke familiarly and was very friendly.
Then, he wanted all my personal information. When I asked why he needed it, he said it was to see if I could be pre-approved. Of course, I questioned him, saying I was already pre-approved--got the guarantee in my hand! Needless to say, he did not get far with me. I tried to use my pre-approval, but eventually I was told I did not qualify, not a surprise to me. The amount was exceedingly large.
Remember the thirty-two-year-old who had six children? She held down an iffy part-time job that she did not report to irs. And, she was paid by her church to teach Sunday School and babysit at night. Her husband never worked at any place longer than six months. He would quit before he had another job because people were hinting about him aloud or talking about him.
One day, she told me they had been pre-approved for $150K home loan. They had been home shopping. The plan was to get a home not quite the amount of the loan and buy new furniture and appliances. When I asked her if she really wanted to pay for a refrigerator loan for 30 years, she was a little irked at me.
She was also a little vague about where the loan came from. Outwardly, I was happy for her. Inwardly, I was alarmed. A few weeks into this delusion, she reported that the loan did not go through. Then, the truth came out. They received a letter in the mail and never filled out papers to get a loan before she announced their good fortune.
She was shattered and felt foolish. She rejected my cautions. She always knew better than I about anything because she viewed me as an old lady (I am) and behind the times on most everything (Not at all). My experience counted for nothing. Now, she could not eat crow, not that I expected her to do so.
Since I get these all the time, I am pretty sure you do, too. Have you ever had anyone try to use the pre-approval and succeed? Have you ever known anyone who was able to cash the "check" sent to them? Do you have any other thoughts on these practices?
The only pre=approved cards I have ever used were a couple of store cards. I opened them at the cash register in the store to get an additional 25 percent off my purchase, paid the bills the day they came and never used them again and cancelled them within a couple of months.
ReplyDeleteAnne,
DeleteThose were good cards. Of course, they were trying to suck you into debt.The ones I get are for a $3500 loan. Or, they vary but the others are for over $100,000. each. There is not one benefit for me. Thanks. I never get the kind you get. I do have another variety of yours. I rarely remember those in time to use them even if I want or need something. Thanks.