A few years ago, banks had to do away with pre-approved offers for credit. Now, federal regs require banks to determine your ability to pay for any/all size credit lines.

A pre-selected offer (NOT an Invitation to Apply) is generally what is called a guaranteed offer of credit. The caveat is that the guarantee is usually a minimal credit line of $500. Once they determine your DTI and CB scores, they can finalize the limit and rate.

At BofA, a pre-selected offer will always disclose the promo/go-to interest rates prior to submitting income/rent info.

It's important to note, accepting a pre-sel offer still constitutes a formal application (and requires CB hard pull) and is ALWAYS subject to approval.