Chip Lupo, Credit Card Writer
@CLoop
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 offer, it’s probably pre-approval. But if you check yourself, on an issuer’s website or by visiting a branch, it’s pre-qualification. However, the distinction is small enough that people often use the terms interchangeably.
What to Know About Getting Pre-Qualified for Credit Cards
- Bank of America, Capital One, and Wells Fargo are among the issuers that let you check for pre-qualification online. You’ll need to provide your full name and at least the last four digits of your Social Security number. You may also have to provide your birthday and home address. You’ll then be shown which cards (if any) you prequalify for, along with an application link.
- If you get a pre-approved offer in the mail, it will come with a code that you can use to respond to the offer on the credit card company’s website. But they’ll also send you a paper application that you can fill out and mail back if you prefer.
- Whether you’re pre-approved or pre-qualified, you still need to apply, and you aren’t guaranteed acceptance. But you do have a very strong chance of getting approved if you apply.
Getting pre-qualified for a credit card means you can apply knowing that you probably aren’t wasting a hard inquiry on a long shot. And if you sign up for WalletHub, you’ll get personalized credit analysis with card recommendations tailored to suit your circumstances as well.
Ultimately, it is worth noting that some issuers let you check for pre-qualification online, while others only send offers in the mail. And if you don’t want to get offers, you can opt not to receive them at OptOutPrescreen.com. But prequalification can be a big help in choosing which card to apply for, since it helps you limit applications to your most likely options.
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People also ask
Can you be denied a pre-approved credit card?
Yes, it is possible to be denied a pre-approved credit card. This is because being pre-approved for a credit card simply indicates that your chances of approval for an account are very high (around 80-90%) should you decide to apply. However, you will still need to apply for the credit card to get a final approval decision.
Credit card pre-approval is typically based on a soft pull, which is a preliminary review of your credit...
read full answer by Maria Adams, Credit Cards ModeratorDoes pre-qualified mean you're qualified?
No, pre-qualified does not mean that you’re qualified. It means that you have an 80%+ chance of acceptance if you decide to apply for the card in question. The final decision comes after a more comprehensive review during the formal application process, which involves a hard pull of your credit.
Getting pre-qualified for a credit card means you can apply knowing that you probably aren’t wasting a hard inquiry on a long shot. If you’re looking for a...
read full answer by John Miller, Credit Cards ModeratorDoes 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...
read full answer by Mary Grace McCormick, Credit WriterDid we answer your question?
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