![]() Once you decide to apply for a pre-approved offer, however, the application permits the lender to obtain additional credit information and will likely perform a “hard inquiry.” Hard inquiries, which do impact your credit scores, help lenders keep a timeline of how often you’ve applied for credit. ![]() These credit checks are considered “soft inquiries,” and they will not impact your credit scores. When credit card companies seek candidates for pre-approved offers, they ask the three nationwide consumer reporting agencies (CRAs) - Equifax, TransUnion and Experian - for your financial details. Does pre-approval affect my credit scores? Card issuers generally reserve the right to deny your application pending an additional inquiry into your credit history, although the rules for approving applications from the pre-approved card offers are more stringent. They simply mean that you have met at least some of the criteria required for approval. It’s important to note that pre-approved and pre-qualified offers do not guarantee that you’ll ultimately be approved for a new credit card. The lender may then suggest you provide additional information so the lender can obtain your credit information and decide whether to extend an offer based on your credit information. For example, you might indicate your interest in a new card by completing a bank or credit company survey. Pre-qualified offers are often sought out by the consumer. The pre-qualified offers may be honored by the lender, but they do not have the same requirements as pre-approved or pre-screened offers and vary by lender. However, a pre-qualification offer or pre-qualified card offers typically occurs when you are engaged with the lender and seeking information about your credit card options and are not always firm offers.Ī pre-qualification offer typically occurs when you are engaged with the lender and seeking information about your credit card options. Pre-qualified offers are typically initiated by the consumer and not the credit card company and may require your engagement and can require you to share more personal and financial information. Pre-approved offers are pre-screened and provided without your engagement. Is a pre-qualified credit card offer the same thing?Īlthough pre-qualified credit card offers are similar to pre-approved offers, they are not quite the same thing. It may be initiated by the card issuer and you will likely not even know this screening is happening until you receive an offer in the mail. You may also be more likely to receive pre-approved offers from card issuers with which you already have a relationship. You may also be offered a lower introductory interest rate or other rewards that are not available to regular applicants. Some pre-approved credit card offers might come with a special sign-up bonus. Some credit card companies may review your credit scores, while others might take a look at specific behaviors on your credit reports, such as your payment history. Pre-approval criteria will vary from issuer to issuer. You may also see ‘you are pre-screened or pre-selected’.Ī pre-approved offer typically means that a lender’s offer is a firm offer and will be honored if you continue to meet the terms of the account opening requirements. ![]() The language may vary for pre-approved credit card offers. Receiving a pre-approved credit card offer means the issuer has reviewed your credit information and decided that you meet at least some of their approval criteria. What are pre-approved credit card offers? It may be a bit confusing, but pre-approved credit card offers and pre-qualified credit card offers vary. Is the offer trash or treasure?įirst, there are some differences between the type of credit cards that you may receive in that pile of mail. You’re sifting through a pile of mail and find a letter from a credit card company telling you that you’re pre-approved for a brand-new account.
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