WalletHub, Financial Company
@WalletHub
Pre-approved and pre-qualified credit card offers both indicate that a potential credit card applicant is likely to be approved. 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.
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.
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 in the email or mail | Check online |
Availability | Top 12 issuers | 7 out of 12 top issuers |
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.
People also ask
Did we answer your question?