Get a better sense of your approval odds.
Having your application denied is never a fun scenario. And while there’s no guarantee that you’ll be approved, you can choose to apply only when you have high odds of success. Enter: prequalification.
Our pick for a Chase card
Compare Chase credit cards
Chase’s cashback cards, which are available to more customers, may be easier to prequalify for. Prequalification is especially useful for the bank’s travel products, which tend to have tougher approval requirements.
What does prequalification mean?
When you’re prequalified, a bank has performed a soft pull on your credit history and thinks you’re a good candidate for one of its credit cards. If you apply for a card, you have a very good chance of being approved — above 80% to 90% by some estimates.
Prequalification doesn’t mean you’re guaranteed approval, though. You can still be denied for a card if a bank deems your credit profile insufficient. However, getting prequalified is a good way to test the waters before risking a hard pull on your credit history.
What’s the difference between a soft and hard pull on your credit history?
Think of a soft pull as a background check. Banks might perform a soft pull to see if you’re the right fit for their products. Or you might get one when you check your credit score.
You’ll get a hard pull on your credit history when a bank makes a lending decision — for example, when you apply for a credit card, car loan or mortgage. Typically, a hard pull will slightly lower your credit score.
If you’re not sure whether a bank will perform a soft or hard credit pull, ask one of its representatives.
What are the benefits of a Chase prequalification?
- High chance of approval. While approval is never guaranteed, a prequalification from Chase means your application has very good odds.
- See which cards you qualify for. When you use Chase’s prequalification tool, you can see which cards you have a better chance of being approved for. This can help you narrow down your options.
- You can still shop around. There’s no obligation to apply after your prequalification. You can try to get prequalified with other institutions without affecting your credit.
- No impact to your credit score. Chase will perform a soft pull on your credit history, so there’s no effect to your credit.
How do I get prequalified for a Chase credit card?
- Visit the Chase credit card prequalification page.
- Enter your name, address and last four digits of your Social Security number.
- Check the box to agree to Chase’s terms.
- Click Find my offers.
Bottom line
Head to Chase’s prequalification website to get a better picture of where you stand. There will be a soft pull on your credit history, so your credit won’t be affected. In a few seconds, you’ll see which cards you’re pre-qualified for.
You’re not obligated to apply for any of the cards, so don’t be afraid to shop around with other providers. You could find the right product with American Express, Discover or another bank.
Frequently asked questions
Images: Shutterstock
