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Can you prequalify for HSBC credit cards?
HSBC has opened its prequalification process and you can now see your chances for credit card approval.
Those looking to prequalify for HSBC credit cards can rejoice: HSBC has recently implemented a prequalification feature on its website, letting you trade in some financial information to see which HSBC cards you might qualify for. Because the prequalification process is done with a soft pull on your credit, it won’t affect your credit score.
When you request prequalification, it doesn’t mean you have applied for a card. It only shows your chances of credit card approval. Keep in mind, even if you prequalify for a certain card, there’s no guarantee that your application will be approved.
How do I prequalify for HSBC credit cards?
HSBC has a dedicated prequalification feature available on its website. Here’s how to use it:
- Go to the HSBC website’s main page and click on Credit Cards.
- At the new page, click on the grey Get pre-qualified button.
- Fill out the form with the requested information.
- Check the disclosure agreement box and then click the Check Now button to see your offers.
The offers you receive, if any, depend on your credit score and financial history.
What are the benefits of an HSBC prequalification?
- Your credit score won’t be affected. You can keep your score intact for when you finally submit an application.
- Better chances of approval. Prequalification is a good idea because the provider presents cards that fit your credit profile.
- No obligation. Submitting a prequalification form isn’t a contract to apply. You can still look for credit cards elsewhere.
How to prequalify yourself
You can prequalify yourself unofficially, but it likely won’t be as accurate as if you would get prequalified by HSBC. Here’s what you need to do:
- Check your credit score. Experian, Equifax and TransUnion let you access your credit score once every 12 months for free. If this is not an option for you, check with your bank or with other services that offer free credit checks.
- Compare your card options. HSBC doesn’t have credit-building cards, meaning you need at least a good credit score of 670 or higher. But even if you meet the credit score requirements, it won’t guarantee approval.
- Give yourself time to improve your finances. Aside from credit score, card providers also look at your payment history and utilization rate. Pay your balance on time on your other debts and lower your utilization rate to 30% or below to increase your chances of credit card approval.
Bottom line
With HSBC’s prequalification feature, you can see for which credit cards you have high chances of approval. Other card providers also offer prequalification. This lets you prequalify with multiple providers and apply for the card that offers the highest chances of approval.
Compare HSBC credit cards
HSBC products often include rewards, intro APRs and signup bonuses, so the provider prefers customers with a good to excellent credit score of 670 and above. This table can help you get a sense of which cards you might prequalify for when you take the prequalification test.
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