Several years ago I filed a Chap.7 bk. Since then I have scrupulously managed my affairs without credit cards (CC) and made a commitment to myself no more credit cards. However, over the years, I kept receiving numerous offers for ccs. Recently, I have been receiving offers from one bank in particular and the envelopes always state that I have "pr -qualified." Having been turned down for car rental because I did not have a cc, I decided to try this pre qualified offer. The ad material specifically stated that I was pre qualified based on the bank's review of my credit report. To my surprise, I was turned down because I had a bk. Are there causes of action here?
No, pre-qualification really doesn't mean much nor is the offer based on prequalification a guarantee of acceptance or that the creditor will actually grant you credit. the pre-qualififcation letters usually state exactly that though it will be in the fine print at the bottom of the offer.
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No, you have no cause of action because you were turned down after being "pre-qualified" for a credit card. If you read the tiny print at the bottom of all of those offers, the lender reserves the right to put a credit report and to not extend credit after reviewing that report.
Nothing in this response creates an attorney-client relationship. The answer is provided as general information and cannot be relied on due to the many factors that can impact any situation when all of the relevant facts may not have been included.
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