WalletHub, Financial Company
@WalletHub
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 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 |
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Top 7 Issuers That Offer an Online Pre-qualification Tool
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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