Does Bank of America have pre-qualification?

Question

Pre-approved and pre-qualified credit card offers both indicate that a potential applicant is likely to be approved, but they are used in slightly different situations. Being pre-approved means the issuer sent you an offer, while pre-qualification usually means you checked your approval odds through the issuer’s website. However, the terms are often used interchangeably.... read full answer

Both pre-approved and pre-qualified credit card offers have no effect on your credit standing, as issuers only use a soft pull to gauge your eligibility. But if you decide to apply after being pre-qualified or pre-approved, the issuer will do a hard pull of your credit, which will temporarily lower your score.

Pre-Approved Vs. Pre-Qualified Credit Cards

Category	Pre-Approved Credit Cards	Pre-Qualified Credit Cards
Initiated By	Card issuer	Consumer
Credit Impact	None	None
How to Get	Receive an offer via email or mail	Check online
Availability	Top 12 issuers	7 out of 12 top issuers
Pros:	May receive better terms and bonuses than those publicly available Determine your approval odds before impacting your credit score	May receive better terms and bonuses than those publicly available Determine your approval odds before impacting your credit score Check if you pre-qualify for multiple credit cards at the same time
Cons:	Potential to rack up debt Offers may tempt you to apply for more cards than you can handle Mailings can increase the opportunity for identity theft	Potential to rack up debt Offers may tempt you to apply for more cards than you can handle

Top 7 Issuers That Offer an Online Pre-qualification Tool

American Express

Bank of America

Capital One

Chase

Citibank

Navy Federal Credit Union

Wells Fargo

Pre-approved and pre-qualified offers generally provide an 80% - 90% chance of approval. On the other hand, if you get a “pre-selected” offer, it means you fit some general criteria established by the issuer and have around a 70% chance of approval. Lastly, an “invitation to apply” gets sent out based on demographics, not your credit. Such offers have lower acceptance rates because they’re sent to large groups of people and are not as targeted.

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Answer 1 · 2023-03-22 12:10:10

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Chip Lupo, Credit Card Writer

@CLoop • 03/22/23 This answer was first published on 03/22/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, Bank of America does have pre-qualification. Bank of America has an online pre-qualification page where potential applicants can quickly check their odds of approval for certain Bank of America credit cards before they actually apply for one. Current Bank of America customers may also receive pre-qualified offers periodically by e-mail or when logging into their card’s online account. And in some cases, Bank of America will send people pre-qualified offers for a specific credit card in the mail.

Getting pre-qualified for a Bank of America credit card indicates that your chances of being approved for an account are very high, should you decide to apply. It does not mean that approval is guaranteed.

How to Check for Bank of America Pre-Qualification Online

Click “Find a Credit Card Quickly” on the Bank of America website.
Log in to your Bank of America account or select “Continue without signing in.”
Enter your full name, birthdate, and the last four digits of your Social Security number.
Click “Show me my offers” to view any pre-qualified offers.

If you have pre-qualified offers, you can apply for the card of your choice directly from the pre-qualification site. Simply click the button next to the card you want, and you will be directed to the card’s application page.

To respond to a pre-qualified offer in the mail, visit the website listed in your pre-qualification letter and enter the invitation code included with your offer. This allows Bank of America to flag the application as pre-qualified.

Bank of America pre-qualifications do not affect your credit score, as they’re done using a soft “pull,” or inquiry. But if you decide to submit an application for any Bank of America card, Bank of America will conduct a hard inquiry, which will lead to a slight, but temporary decrease in your credit score.

Does Bank of America have pre-qualification?

Chip Lupo, Credit Card Writer

How to Check for Bank of America Pre-Qualification Online

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