Just wanted to get a few opinions on this...Lately I've been getting more and more "preapproved" credit card offers. Coincidentally, I'm actually looking to get another Visa or MasterCard in the near future, because I only have one Visa card right now and I realize that a lot of mortgage lenders and creditors like to see 2 major credit cards(but not many more than that). The only thing I'm uncertain about, is whether or not I'll actually get approved if I apply for these "preapproved" offers. If there is a good chance that I won't get approved, then I do not want to apply because all that will do is produce a hard inquiry. (Either way it'll produce an inquiry when I apply, but it'll be worth it if I get approved and actually have a card to show for it.)
My question is: As long as nothing on my credit report changes, and I keep all my accounts in good standing with low balances, is it almost certain that I will be approved for a MasterCard when I apply for this "preapproved" offer?
Another question: I have a few inquiries(2 for each bureau's report) on my credit report left over from summer 2004. Because inquiries only stay on a report for 2 years, they are ready to "fall off" soon. Should I wait until October to apply, when all of those old inquiries will be off my report? Will less inquiries result in me being approved for a higher credit limit than if I applied now? Or, does it not really matter because the inquiries are so old?(effect wears off with time, and although inquiries stay on a report for 2 years, they only get calculated into a FICO credit score if they're within 1 yr old)
One last question: Am I a bit overextended on a few loans? I currently owe $10,500 on a Stafford student loan that was originally $11,000. I also owe about $20,000 on an auto loan that I got in November 2005, originally for $27,000. I pay more than the minimum on both of these each month. Could these loan balances affect if I get approved for this "preapproved" offer?
Thanks for your responses and input!


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