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4 Bumps

i got this CitiFinancial paper in the mail for a $6,000 loan and pre qualified

if someone is prequalified why does it say you need to qualify by FICO scores, get your credit history etc? it doesnt say nothing about it being a loan if you have a Mortgage or anything. Just says Express Loan Certificate $6,000.. anyone ever get stuff like this in the mail? is it fake?

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Asked by Anonymous at 7:04 PM on Sep. 16, 2010 in Money & Work

Answers (9)
  • I get those all the time - creditors are sending out queries to rope in new slaves. Shred it.

    Answer by tasches at 7:08 PM on Sep. 16, 2010

  • Those things scare me. I don't like when I'm being chased for business.

    Answer by BlueSaphire at 7:09 PM on Sep. 16, 2010

  • Pre-qualified basically means that they've done a soft check on your credit and you have enough info to make them interested in offering you a loan.

    Once you apply, they do the actual credit check, and depending on your score, they will then offer or decline the loan. Also depending on your score, the terms of the loan may be better or worse. For example, a lower score might increase the interest rate or shorten the loan duration (which increases the payments).

    It's not a scam, per se, but do be aware that EVERY time a hard check is done on your credit, it lowers your credit rating. Too many checks in a short period of time can cause you to be denied credit in the future.

    If you aren't DESPERATELY needing money, I'd shred it and walk away, but that's me.

    Answer by geminilove at 7:11 PM on Sep. 16, 2010

  • I've got a couple of those in the mail. I just shredded them. They might be real, but not worth the interest.

    Answer by H.I.S. at 7:11 PM on Sep. 16, 2010

  • Express LOAN Certificate. Shred it.

    Answer by elizabr at 7:14 PM on Sep. 16, 2010

  • I get that stuff all the time. TEAR IT UP & RUN FROM IT!

    Answer by Abytome at 9:56 PM on Sep. 16, 2010

  • They are real, however, it is important to note that those types of loans typically have ridiculously high interest rates. My advice would be to RUN FROM IT. Shred it, because you can never be too careful when it comes to protecting your credit score and your identity.

    Answer by JuJuBug100207 at 10:04 PM on Sep. 16, 2010

  • Don't do it! the interest rates are probably very high!! NOT a good idea!

    Answer by Kainalu55 at 3:49 AM on Sep. 18, 2010

  • scam

    Answer by swaney06 at 2:07 PM on Sep. 20, 2010

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