I opened my mailbox today and found an envelope with American Express written all over it. I receive more prescreened/pre-approved credit card offers by mail in a month than I do bills. I usually cut them in half and toss them into the recycle bin, but I am going to start making a collage using poster board - just for kicks. I want to know exactly how many credit card offers I receive week by week, and of course, I will provide updates from time to time.
If a collage seems like a waste of time, and cutting up credit card offers is dulling your scissors, here is some advice.
Visit OptOutPrescreen and fill out a form. This is an automated service run by four main credit bureaus (Equifax, Experian, Innovis, TransUnion), and it should stop all prescreened mailings that come from them. Look hard for the opt-out button. It is at the bottom of the page after a list of prescreened credit card benefits. Thats right, - benefits. Hmm. They include:
- Consumers are provided with product choices.
- Consumers learn about and have an opportunity to take advantage of offers that may not be available to the general public.
- Firm offers help consumers to “comparison shop”, which may increase a consumer’s buying power.
If you want to learn how prescreened credit card offers work, visit Federal Trade Commission.
Do you need more credit card choices? Have you received special offers that can’t be beat? Does receiving prescreened applications help you compare what’s available? Personally, I just find them to be a waste of paper and plastic. But maybe I'll be able to create something different with my collage.
Share your prescreened credit card experiences, and expect to see pictures of my emerging collage in future posts.
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2 Comments
Jason Simon
03/31/08 02:21 AM
Wow, that is very young! Education regarding credit cards and money matters in general needs to start early - way before prescreened cards hit their mailboxes.
Jerry King, Jr
03/28/08 06:20 PM
Great Blog. I see this alot and even worse. Credit card companies today have no ethics whatsoever. I've have kids in my seminars as young as 13 with their own credit cards (not authorized signer cards). These companies know these kids are not of legal age to enter into a legal and binding contract. However, they do it knowing that the kid can't pay and then use strong-arm tactics to intimidate the parents into paying. I've met with some people up on Capital Hill about it and believe me, heads are going to roll very shortly.
Check Senate.gov...Sen. Carl Levin is a bulldog on this credit card issue. He chairs a senate subcommitte on cred card co. abuses. I am interfacing with them to bring more light on these issues as it pertain to teens and young sadults who really don't fully understand the implications of having severe debt & bad credit by age 17. Keep up th good work.
Jerry King, Jr
Facilitator: Teen Credit Boot Camp
www.TeenCreditBootCamp.Bravehost.com
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