Maria Adams, Credit Cards Moderator
@m_adams
Getting pre-approved or pre-qualified for a credit card is equally good. In both cases, your chances of being approved for an account are very high (typically around 90%), should you decide to apply. However, it does not mean that approval is guaranteed.
The terms are often used interchangeably, but their exact definitions are a bit different. A pre-approved credit card offer is when a credit card issuer proactively browses someone’s credit history and decides that he or she is likely to meet the requirements for one of its cards. A pre-qualified credit card offer is when someone asks a credit card company to take a preliminary look at his or her credit history to gauge the likelihood of approval if an application is submitted.
Effects on Your Credit Score
Both pre-approved and pre-qualified credit card offers have no effect on your credit standing. They only use a soft pull to see if you’re likely to get approved. 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.
People also ask
What does credit card pre-approval mean?
Pre-approval means that a credit card company has made you an offer for one of their cards, usually via mail or email. Just note that while there are plenty of issuers that offer pre-approved credit cards, not all of them provide this opportunity. Also, until you actually apply for the card, you won't know for sure if you got approved for it or not.
Moreover, receiving a pre-approved offer means the issuer has done a soft pull...
read full answer by Bogdan Roberts, Credit Cards ModeratorHow can I pre-qualify for a credit card?
You can pre-qualify for a credit card online, via mail, or in person, depending on the card and its issuer. Credit card issuers will typically send pre-approved offers to people who have good approval odds based on a soft pull of their credit. In addition, most major credit card issuers allow you to check for pre-qualification on their website by providing your full name, address, birthday, and Social Security number.
Pre-qualification and pre-approval are similar,...
read full answer by Joyce Brown, WalletHub Credit Card AnalystWhat does pre-qualified mean for a credit card?
Being pre-qualified for a credit card means the issuer has done a soft pull of your credit history and concluded that you are a good fit. It also means you have an 80%+ chance of acceptance if you decide to apply for the card in question. It’s very similar to pre-approval in those regards.
The main difference between pre-qualification and pre-approval is who makes the first move. If a credit card company sends you an...
read full answer by Chip Lupo, Credit Card WriterDid we answer your question?
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