If you're pre-approved for a credit card, are you guaranteed to get it? This question is about Best Pre-Approved Credit Cards

If you're pre-approved for a credit card, are you guaranteed to get it?

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This question is about Best Pre-Approved Credit Cards

Jason Miles, Wallethub Credit Card Consultant

@jasonmiles42 • 05/13/23 This answer was first published on 01/03/22 and it was last updated on 05/13/23.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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No, even if you’re pre-approved for a credit card, you're still not guaranteed to get it. However, it does indicate that your chances of getting approved are very high (around 80-90%) if you apply.

Pre-approvals do not affect your credit score, as they're done using a soft pull. But if you decide to apply for the card you were pre-approved for, the issuer will conduct a hard pull of your credit report. This inquiry will lead to a slight, but temporary decrease in your credit score.

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What's the difference between pre-approved and pre-qualified credit cards?

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.

Both pre-approved and pre-qualified credit card offers have no effect on your credit standing, as issuers only use a soft pull...

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Does getting pre-qualified hurt your credit score?

Getting pre-qualified does not hurt your credit score. A pre-qualification only triggers a soft credit inquiry, so your credit report won't be fully pulled and analyzed, and your credit score will be unaffected.

However, once you apply for a specific credit card or mortgage, you will trigger a hard inquiry. Hard inquiries directly impact your credit score, lowering it by up to 5 - 10 points, but scores usually recover within a few months. Hard inquiries...

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