Chip Lupo, Credit Card Writer
@CLoop
Yes, the Prosper® Card does have pre-approval. Prosper requires applicants to check for pre-approval before they can apply, so you will have a good idea of your approval odds if you choose to apply. Getting pre-approved for a Prosper® Card means that your chances of being approved for an account are very high if you apply, but it does not mean that approval is guaranteed.
Prosper® Card pre-approvals do not affect your credit score, as they’re done using a soft “pull,” or inquiry. But if you decide to apply for the Prosper® Card, Prosper will conduct a hard inquiry, which will lead to a slight but temporary decrease in your credit score.
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Does Prosper Card do a hard inquiry?
Yes, the Prosper® Card does a hard inquiry on your credit report when you apply. A hard inquiry usually results in a slight decrease in an applicant's credit score, but the effect only lasts for a short period of time. The hard inquiry allows Prosper to determine your credit risk and ultimately decide whether you’ll be approved for an account.
The Prosper® Card requires fair credit to be approved. You can check your credit score by signing...
read full answer by Chip Lupo, Credit Card WriterIs the Prosper Card a credit card?
Yes, the Prosper® Card is a credit card. The Prosper® Card is issued by Coastal Community Bank, works wherever Mastercard is accepted, reports to the credit bureaus, and allows you to pay off purchases over time. There are quite a few important things to know about the card before you apply, though.
Key Facts About the Prosper® Card
- Issuer: Coastal Community Bank
- Network: Mastercard
- Credit requirement: Fair
- Annual fee...
Does the Prosper Card give high credit limits?
The Prosper® Card may give high credit limits to people with good-to-excellent credit, a lot of income, and relatively little debt. The minimum credit limit is $500, and some cardholders report having limits as high as $3,000. In general, though, the card is not considered a “high-limit” card because it does not guarantee a $5,000+ credit limit.
Keep in mind that the starting credit limit you get on the Prosper® Card won’t necessarily be the credit...
read full answer by Chip Lupo, Credit Card WriterDid we answer your question?
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