Credit One credit card pre-approval is basically an invitation to apply. In short, Credit One has determined that you may be a good candidate for one of their cards, based on a high-level review of your credit history. They were able to make this determination by doing a “soft pull” of your credit history. That’s the type of credit inquiry that doesn’t hurt your credit score.
Usually, Credit One’s preapproved offers come with a special pre-approval code to use when you apply. You can input this code, along with your Social Security number, on the Credit One website to pull up your offer.
Getting pre-approved might convince some people to apply, if they’re hesitant to do so for fear of getting rejected and damaging their credit standing. But it doesn’t guarantee actual approval, although the acceptance rate is around 90%. Credit One will need to take a closer look at your latest credit history to confirm that you qualify.
So just because you received a credit card pre-approval offer from Credit One doesn’t mean you should take them up on it. As always, you should consider your other options and choose the card with the best terms.
A pre-approved offer just means it will be easier for you to get the card if you decide to apply. However, you should really pay attention and read about fees and APR before you make the decision to apply for it.
Sure, if you have bad credit and desperately need an unsecured card. The terms don't make it the best though (credit limit & APR). You might be better with a secured credit card where you "fund" your own limit.
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