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Key takeout
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Pre-qualified card offers can help you out of scope your chances of qualifying for a credit card. Issuers usually only make soft credit inquiries that do not affect your credit score.
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If you improve your credit score by practicing your habits, such as paying on time and keeping your card balance low in relation to all available credits, you are more likely to get prequalified.
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With a variety of major card issuers, you can check on the website to see if you are eligible for a qualifying offer in advance.
Applying for a new credit card can be intimidating. This means that almost every credit card application is triggering hard credit inquiries, so it temporarily removes your credit score and doesn’t just stay on credit reporting for two years. What’s worse, there’s no guarantee of approval, which will damage your score without showing new cards.
The good news is that most credit card issuers can check if a potential cardholder has prequalified a particular credit card before applying. Prequalification tends to refer to less intensive screenings that look at basic credit history and other personal information. This helps remove a lot of speculation from the application process and helps you understand where you are standing before applying.
However, each issuer handles prequalifications in a slightly different way. Here we explore how prequalified offers work, how to improve your chances of getting prequalified offers, and how different issuers handle prequalified cards.
Pre-qualification and approval
The difference between pre-qualifications for credit cards and pre-qualifications for credit cards can be difficult to identify, even for credit experts. Not only do card issuers use the terminology differently, but some use the two interchangeably.
As a rule of thumb, prequalification is not very intensive and therefore less reliable – the decision of approval odds. On the other hand, pre-approval is usually attributable to formal pre-screening on the part of the issuer and may indicate the highest approval odds the issuer can provide without deducting credit.
Pre-qualification for credit card is explained
Pre-qualification usually occurs when you provide your credit card issuer with your credit information to see if you may be eligible for your card. To determine if you have prequalified, the issuer will usually ask for basic personal and financial information such as:
- Your income
- Monthly housing payments
- social security number
You will then check your credits via “soft pull” and let you know if your credit profile meets basic eligibility criteria. If you’re wondering if getting prequalified makes sense to you, we’ve broken down the general pros and cons to help you make a decision:
Strong Points
- It does not affect your credit score
- Better understand your potential for approval
- Possibility of higher welcome bonuses and exclusive offers that are not publicly available
- Pre-screened pre-approved offers indicate credit offers from FCRA compliant companies
Cons
- We do not guarantee approval
- You can feel that you are obligated to take more credit cards than you can manage
- If you have officially applied, please contact us for a hard credit
Pre-approval of credit card has been explained
Preapproval often sees issuers affiliated with the Credit Bureau to compile a list of consumers who are likely to qualify for a particular card, but the data they request is more detailed. This is expensive for the issuer, but it can help narrow down the list of people who want to expand their credit. You can also access exclusive sign-up bonuses and welcome offers.
From a customer’s perspective, this type of pre-screen pre-approval is a more powerful signal that the application will be approved if you choose to apply. This is because fair credit reporting law requires the card offer that allows the results of pre-screening to constitute a solid credit offer. So, you may notice many of the same benefits as prequalification, but if you receive prequalification, your approval odds can be slightly higher.
3 ways to know if you want to prequalify for a credit card
You can usually check if you want to prequalify for a credit card.
- Please check the email for offers that have been screened in advance. Lenders are pre-viewed in both their email inbox and their actual mailbox as lenders work to identify consumers qualifying for a particular credit product. If you choose to apply for a credit card offer after receiving your pre-screened offer via email, it may be approved, but is not guaranteed.
- Please check if you are prequalified through third-party sources. Several third-party sources offer online tools to see if consumers are to confirm pre-qualification of offers from partners on the site. Again, there is no guarantee that the application will be approved once it is officially applied.
- Please contact the publisher directly. If you already have which issuer you need the card, go directly to the source. Many mainstream credit card issuers offer prequalified tools on their sites.
Pre-qualified credit card offers from the issuer
Each issuer prequalifies in its own way, providing some people with a simple way to check prequalified offers between cards, while others may introduce this option only on cards of their choice, or offer them a collection of themselves through pre-screened offers.
The prequalification tool usually determines eligibility by seeking basic information such as your name, Social Security number, income, employment status, and more. Below is how some major issuers handle prequalifications:
| Card Issuer | Do they obtain qualifications in advance? | Necessary information | General or card-specific? |
|---|---|---|---|
| Wells Fargo | yes | The last four names, addresses, SSN | It shows you the card you have previously qualified. |
| Discover | yes | Name, address, date of birth, student status, housing payments, annual income, email address | We offer up to three credit card offers and standard APR. There may also be a welcome offer. |
| Capital 1 | yes | Name, phone, email address, education level, employment status, total income, monthly housing payments, SSN, date of birth | Shows prequalified cards, standard purchase APRs, and welcome offers available. |
| Tracking | yes | Name, address, last four of SSN, total income | Shows approved cards, welcome offers and APR ranges. |
| Bank of America | yes | Name, last 4 of SSN, date of birth, address, card preference | Shows approved cards, welcome offers and APR ranges. |
| American Express | yes | Name, address, last four SSN, annual income | If you prequalify for a specific card, you will see the APR through potential credit restrictions, special welcome offers, and the “Apply with confidence” feature. General prequalifications only offer recommended cards. |
| City | yes | Name, address, last four SSN, annual income | Special welcome offers are only available through the tool. You will also be shown to purchase an APR. |
| Apple Card | yes | The last four: Apple ID, address, email address, name, phone, SSN | Shows your credit limit and APR. |
| TD Bank | yes | Name, full SSN, address | Cards you are eligible for, special offers, APR range |
| US Bank | no | ||
| PNC Bank | Limited foundation | PNC Online Banking Login |
How to increase your chances of scoring a pre-qualified credit card offer
Issuers usually take into account factors such as credit score, credit history, income, and debt when screening customers for pre-qualified offers. Many publishers offer products for different types of customers and credit building stages.
Additionally, each issuer (individual cards) has its own approval requirements, but there are a few basic steps to improve your chances of getting a pre-qualified offer.
Conclusion
Finding whether you have prequalified or approved for your credit card is always a wise move before you apply. By doing so, you can save you from wasting harsh inquiries on your credit report on cards you may not even get. It is also a great way to see what types of offers are available when purchasing the best credit card for your financial situation and lifestyle.
Please note that not all card issuers can check their prequalification status, and even if they do prequalify, they are not guaranteed to obtain the required cards. Maintaining the highest possible credit score and lowest credit utilization will improve your application’s chances of success.