Personal Finance

Does pre-approved = no credit check upon offer acceptance (with Scotiabank)?

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  • Oct 4th, 2012 8:51 pm
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Newbie
Apr 19, 2012
91 posts
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Prince George

Does pre-approved = no credit check upon offer acceptance (with Scotiabank)?

Hello,

I just got a message in my online banking saying that I am pre-approved for a Gold Amex with Scotiabank. I have until November to accept it or let it expire. Does anyone know if there will be a hard credit inquiry by Scotia if I accept the offer? I'm trying to keep hard inquiries to 0 over the next 12-24 months while leading up (hopefully) to a mortgage. It would be great if anyone could speak from experience specifically with a Scotiabank pre-approval. Thanks!

LB
19 replies
Newbie
Apr 9, 2008
1 posts
Scotiabank may not check but amex will do a credit check...most certainly
Sr. Member
Dec 22, 2005
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Dundas
The credit card is still going to show up on you credit score. Having a new credit card for less then two years is going to affect you score more than a hard inquiry.
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Dec 11, 2005
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Pre-approved doesn't mean anything - they will still do a check. It's basically marketing baloney. They send out these calls and letters based on demographics... sometimes they send them out to every house in a neighborhood just based on statistics.

Once they get your actual income and/or credit score, you can still be declined.
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Nov 2, 2003
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Scarborough
in some cases they've already done a preliminary check based on your other banking activity known to them, either directly because you've banked with them, or indirectly, because you signed some papers at some point at this bank or another bank that allows them to trade / share your info.
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Deal Addict
Dec 31, 2009
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Pre-approved means exactly what it means. By the sounds of it you already deal with Scotia so they've already done their preliminary background work, typically by doing periodic soft inquiries.

The only damage now is the new account on your credit report. And unless you already have a handful in the last year or two, it isn't going to make a noticeable difference.

I wouldn't worry about it if your mortgage is going to be from one of the big banks. They're smart enough to see the big picture of your credit profile and not hold the little things against you. It's only the b-lenders (and scavenger credit card issuers) who have a stroke over things like a new inquiry or a new account.
Newbie
Jan 14, 2012
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Montreal
I got per-approved scotiabank scene visa last month and I accepted. Fortunately the scotiabank did not do a hard inquiry (at least not shown in my free credit report which I got this week).
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Feb 19, 2010
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LB1275 wrote:
Oct 4th, 2012 4:27 am
Hello,

I just got a message in my online banking saying that I am pre-approved for a Gold Amex with Scotiabank. I have until November to accept it or let it expire. Does anyone know if there will be a hard credit inquiry by Scotia if I accept the offer? I'm trying to keep hard inquiries to 0 over the next 12-24 months while leading up (hopefully) to a mortgage. It would be great if anyone could speak from experience specifically with a Scotiabank pre-approval. Thanks!

LB
Unless you're a complete moron in handling your credit, stop worrying about what your credit score is going to do. IOW, live your life.
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May 18, 2005
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They will need your signature to do a hard check on your credit, so don't worry if you didn't sign anything.
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Apr 10, 2010
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First of all, "pre-approval" means exactly that. You are pre-approved for the card so there will be no credit check.

And speaking from experience #1, not long ago my gf got an email saying she was pre-approved for a scotiabank visa (while she didn't have any business with scotiabank), and she called in scotiabank visa centre, and accepted the offer, and no credit check was done.

Experience #2, not long ago when I went to a scotiabank branch to do some business, the rep told me I have a certain amount of pre-appoved limit and I accepted it and opened a new credit card with the rep. No credit check was done either.

The trick is, first of all, did they ask you to sign any paper? Second, did they just open the credit card account, or did they submit an application to open the account.
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Apr 10, 2010
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caellaigh wrote:
Oct 4th, 2012 5:58 am
Scotiabank may not check but amex will do a credit check...most certainly
Do you even know what you are talking about. The card issuer is scotiabank, amex in this case does not care, amex is the network, not the issuing bank, just like visa and mastercard. Ever heard of visa or mastercard doing credit checks on you?
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Jul 11, 2010
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Paulfistinyourface wrote:
Oct 4th, 2012 8:11 am
Pre-approved means exactly what it means. By the sounds of it you already deal with Scotia so they've already done their preliminary background work, typically by doing periodic soft inquiries.

The only damage now is the new account on your credit report. And unless you already have a handful in the last year or two, it isn't going to make a noticeable difference.

I wouldn't worry about it if your mortgage is going to be from one of the big banks. They're smart enough to see the big picture of your credit profile and not hold the little things against you. It's only the b-lenders (and scavenger credit card issuers) who have a stroke over things like a new inquiry or a new account.
If your credit is good ( and proper use of the credit card is good) everyone will want your mortgage business. Research all lenders for the best rate and conditions. The B-lenders don't have strokes over a new inquiry because the clients that they deal with already have credit problems. 1 inquiry has very little effect. They use ranges ie beacon 600-620 to determine the interest rate and loan value etc. Just use your credit wisely until you are ready to look at mortgages.
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caellaigh wrote:
Oct 4th, 2012 5:58 am
Scotiabank may not check but amex will do a credit check...most certainly
:facepalm:
Scotia bank is the issuer, not Amex, so no they would not hit his credit.
Krox wrote:
Oct 4th, 2012 6:37 am
The credit card is still going to show up on you credit score. Having a new credit card for less then two years is going to affect you score more than a hard inquiry.
Yes his average age of accounts will change, but new accounts only affect you for 6 months, not 2 years.

brunes wrote:
Oct 4th, 2012 7:08 am
Pre-approved doesn't mean anything - they will still do a check. It's basically marketing baloney. They send out these calls and letters based on demographics... sometimes they send them out to every house in a neighborhood just based on statistics.

Once they get your actual income and/or credit score, you can still be declined.
Wrong. Don't confuse pre-approved with pre-selected. Pre-approved means there has already been a credit check completed (soft check), pre-selected offers go out to everyone on their mailing list who may have done business with them in the past, and a credit check would be completed when the application is submitted.
Can you believe it? They sent my income tax return forms back to me! In response to question # 4, "Do you have any dependants?" I replied - "2.1 million illegal immigrants, 1.1 million crack heads, 4.4 million unemployable people, 901 thousand people in over 85 prisons, and 650 idiots in Parliament.
Apparently, this was NOT an acceptable answer.

Who the hell did I miss? :razz:
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513263337 wrote:
Oct 4th, 2012 10:11 am
Do you even know what you are talking about. The card issuer is scotiabank, amex in this case does not care, amex is the network, not the issuing bank, just like visa and mastercard. Ever heard of visa or mastercard doing credit checks on you?
+1
Can you believe it? They sent my income tax return forms back to me! In response to question # 4, "Do you have any dependants?" I replied - "2.1 million illegal immigrants, 1.1 million crack heads, 4.4 million unemployable people, 901 thousand people in over 85 prisons, and 650 idiots in Parliament.
Apparently, this was NOT an acceptable answer.

Who the hell did I miss? :razz:
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LoveRFD wrote:
Oct 4th, 2012 9:15 am
They will need your signature to do a hard check on your credit, so don't worry if you didn't sign anything.
Nope, they sure don't. Do they get your signature when you apply online for a credit card?
Can you believe it? They sent my income tax return forms back to me! In response to question # 4, "Do you have any dependants?" I replied - "2.1 million illegal immigrants, 1.1 million crack heads, 4.4 million unemployable people, 901 thousand people in over 85 prisons, and 650 idiots in Parliament.
Apparently, this was NOT an acceptable answer.

Who the hell did I miss? :razz:
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