How to see if you’re prequalified for a credit card
Key takeaways
- Prequalified card offers can help you scope out how likely you are to qualify for a credit card, and the issuer typically only does a soft credit inquiry that will not impact your credit score.
- If you improve your credit score by practicing habits such as paying on time and keeping your card balances low in relation to your total available credit, it’s more likely that you’ll prequalify.
- A variety of major card issuers allow you to check if you’re eligible for prequalified offers on their websites.
Applying for a new credit card can be intimidating. That’s due in no small part to nearly all credit card applications triggering a hard credit inquiry, which temporarily drops your credit score and stays on your credit report for two years. What’s worse, there’s no guarantee of approval, so you could end up hurting your score with no new card to show for it.
Prequalified credit card offers can help you take a lot of guesswork out of the application process, allowing you to get a sense of where you stand before you apply. Checking for prequalified offers should give you some peace of mind and help you narrow your list as you try to find the best credit card for yourself, but each issuer handles prequalification a bit differently. Here, we explore how prequalified offers work, how to improve your odds of getting a prequalified offer and how different issuers handle prequalification for their cards.
Prequalification vs. preapproval
The difference between credit card preapproval and credit card prequalification can be tough to pin down, even for credit experts. Not only do card issuers use the terms differently, some even use the two interchangeably.
As a rule of thumb, prequalification tends to refer to a less intensive screening that looks at your basic credit history and other personal information. Preapproval, on the other hand, typically results from a formal prescreening on the issuer’s side and could signal the highest approval odds an issuer can offer without pulling your credit.
Neither process will affect your credit score, nor will they guarantee approval.
Pros and cons of prequalified offers
Typically, prequalification happens when you give a credit card issuer your credit information to check if you’re likely to qualify for a card. To see if you’re prequalified, issuers usually ask for basic personal and financial information like your income, monthly housing payment and Social Security number, then check your credit via a “soft pull” and let you know whether your credit profile meets their basic qualification criteria. If you’re wondering whether a prequalification is the right choice for you, we’ve broken down the pros and cons to help you decide:
Pros
- Doesn’t affect your credit score
- Gain a better understanding of your approval chances
- Might get unadvertised offers or better welcome bonuses
- Eliminate cards you don’t qualify for from your shortlist
- Compare the cards you meet the qualifications for
Cons
- May lead to more unsolicited credit card offers
- Doesn’t guarantee approval. Your application can still be declined
- Prequalification isn’t offered by all card issuers
- Hard inquiry if you formally apply
Some credit card issuers also mail out invitations to apply to consumers who meet their criteria. But unless the mailer is explicitly labeled a “prescreened” offer of credit, this could be little more than marketing material. Check the fine print of any preapproved or prequalified offers you receive for a formal prescreen and opt-out notice to be sure it’s a true prescreened offer.
Pros and cons of preapproved offers
Preapproval often sees issuers partnering with credit bureaus to pull together a list of consumers likely to qualify for a given card — but the data they request is much more detailed. This is costlier for the issuer, but it helps them narrow the list of people to which it would like to extend credit. It can also mean that you’ll get access to exclusive sign-up bonuses or welcome offers.
From a customer’s point of view, preapproval based on this sort of prescreening is a much stronger signal that your application will be approved if you choose to apply. That’s because the Fair Credit Reporting Act requires that card offers that result from prescreening constitute a firm offer of credit. So while you’ll notice many of the same advantages as prequalifying, you may have a slightly higher approval odds if you receive a preapproval.
Pros
- Doesn’t affect your credit score
- Gain a better understanding of your approval chances
- Potential for higher welcome bonuses and exclusive offers that aren’t publicly available
- A prescreened preapproval offer signals a firm offer of credit in compliance with the FCRA
- Compare the cards you meet the qualifications for
Cons
- Still doesn’t guarantee approval
- Could feel obligated to take on more credit cards than you can manage
- Hard credit inquiry if you formally apply
3 ways to see if you prequalify for a credit card
You can typically find out if you prequalify for a credit card when you:
- Check your mail for prescreened offers. Prescreened offers show up in both your email inbox and your actual mailbox because lenders are working to identify consumers who qualify for certain credit products. If you choose to apply for a credit card offer after receiving a prescreened offer in the mail, you’re likely to get approved — however, it is not guaranteed. Also, make sure the offer is legitimate. If you don’t recognize the issuer, do some online research before applying.
- See if you are prequalified through third-party sources. A few third-party sources, offer online tools like Bankrate’s CardMatch for consumers to check to see whether they prequalify for any offers from the site’s partners. Once again, there is no guarantee you will be approved once you formally apply.
- Contact the issuer directly. If you already have an idea of what issuer you want a card from, go directly to the source. Many of the mainstream credit card issuers offer prequalification tools on their sites.
Prequalified credit card offers by issuer
Each issuer approaches prequalification in its own way, with some giving applicants an easy way to check for prequalified offers across cards and others only featuring this option on select cards or via prescreened offers they put together themselves.
Prequalification tools typically ask for basic information such as your name, Social Security number, income and employment status to determine your eligibility. Here’s a look at how some major issuers handle prequalification:
| Card Issuer | Do they prequalify? | Required information | General or Card-specific? |
|---|---|---|---|
| Wells Fargo | Yes | Name, Address, Last 4 of SSN | Shows which cards you’re prequalified for. |
| Discover | Yes | Full SSN, Current income, Housing status, Bank account status, Education level, Bank accounts owned (checking, savings or both), Monthly housing payment, Gross income | Provides up to three credit card offers plus your standard APR. You may also have welcome offers. |
| Capital One | Yes | Name, Phone, Email address, Education level, Employment status, Gross income, Monthly housing payment, SSN, Date of birth | Shows which cards you prequalify for, standard purchase APR and available welcome offers. |
| Chase | Yes | Name, Address, Last 4 of SSN, Gross income | Which cards you’re approved for, welcome offers and an APR range |
| Bank of America | Yes | Name, Last 4 of SSN, Date of birth, Address, Card preference | Which cards you’re approved for, welcome offers and an APR range |
| American Express | Yes | Name, Address, Last 4 of SSN, Annual income | When prequalifying for a specific card you’ll see your potential credit limit, special welcome offers and APR through the “Apply with Confidence” feature. A general prequalification will only provide you with recommended cards. |
| Citi | Yes | Name, Address, Last 4 of SSN, Annual income | Special welcome offers that are only available through their tool. Your purchase APR. |
| Apple Card | Yes | Apple ID, Address, Email address, Name, Phone, Last 4 of SSN | Credit limit, Your APR |
| US Bank | No | ||
| PNC Bank | Limited basis | Your PNC online banking login | |
| TD Bank | Yes | Name, Full SSN, Address | Which cards you qualify for, special offers and APR range |
How to boost your chances of scoring a prequalified credit card offer
Issuers typically consider factors like your credit score, credit history, income and debt obligations when screening customers for prequalified offers. Many issuers also offer an array of products for different types of customers and stages of credit building.
And while each issuer — each individual card, even — has its own approval requirements, there are a few basic steps you can take to improve your odds of getting a prequalified offer:
FAQs
The bottom line
Finding out whether you’re prequalified or preapproved for a credit card is always a smart move to make before you apply. Doing so can save you from wasting a hard inquiry on your credit report on a card you might not even be able to get. It’s also a great way to see what kinds of offers are available to you as you shop around for the best credit card for your financial situation and lifestyle.
Just keep in mind that not all card issuers allow you to check your prequalification status, and even if you do prequalify, you’re still not guaranteed to get the card you want. Maintaining as high of a credit score as possible, as well as a low credit utilization ratio, will improve your application’s odds of success.
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