What are the Pre Qualifications for a Credit Card?

What are the Pre Qualifications for a Credit Card?

What are the Pre Qualifications for a Credit Card?

(Last Updated On: April 6, 2018)

Pre-qualification for a credit card does not mean you will be approved when you apply for that card but it shows the odds are on your side. Most card issuers have a means of checking for pre-qualification offers online.

Almost all Credit card providers use soft credit pulls to obtain information on  your credit worthiness, then run an estimate to ascertain which credit cards you are qualified for.

When you talk of pre-qualification, it means you are not fully eligible to have a credit card. To pre-qualify for a particular credit card you must have a reasonable income and a good credit score.

A good card issuer will ask for your full name, last four digits of your SSN (Social Security number), and your address before it decides on which card you are pre-qualified for, While some 3rd party sites run an automated check for pre-qualification offers from major issuers. If you will be doing this yourself, then, you’ll have to check the issuers individually and this is more stressful.

When you are pre-approved for a particular credit card, know that there’s the possibility for you to get approved for other cards.

How do I get pre-qualification for a credit card?

In most cases, the lucky ones get notified of a pre-qualified credit card offer via mail and are invited to apply for a particular credit card offer. Sometimes also, in order to be pre-approved for a card, you’ll have to complete an online form which would include your personal information and also your financial information.

Is it the same as being pre-screened?

Yes of course; the process of pre-qualifying for a credit card can also be called pre-screening because your basic credit information is being accessed and “Screened”. Some issuers call pre-qualification “pre-screening”, so don’t be confused when you came across such terms.

Does pre-qualification for a credit card affect my status?

Don’t bother about your credit being tampered with. On your credit report, a pre-qualification notice will appear in form “inquiry” (a banking term used when you bank is requesting to access your credit). This will not have any effect on your credit score or credit report.

How to know if you are pre-qualified for a credit card?

There are various online tools to check this. You can check Capitalone  to see if you pre-qualify for a credit card.

This tool allows you to find a particular card you are pre-qualified for.

Where to get pre-qualified?

Check out these sites below

Citi cards

Capital one

What more?

Recall that being pre-approved for a credit card doesn’t imply you will be issued the card when you apply for it. There are lots of credit cards issuers and they all have their specific requirements for pre-qualification. Previously, people check their mailbox daily for the credit card offers. Technology has simplified everything for us; now, you can access your offers online at your own convenient time.

Note: Your credit card score is the most important and considerable factor before you can be pre-qualified for a credit card.

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