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Can you prequalify for HSBC credit cards?
There’s no prequalification tool, but you may get a preapproval letter.
With prequalification, you can check for credit cards that fit your credit profile. While HSBC doesn’t offer this option, you can increase your chances of getting a preapproval letter by maintaining good credit.
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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.
Updated December 7th, 2019
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What does prequalification mean?
When you’re prequalified, a provider runs a soft pull on your credit and believes you could be approved for certain cards. By some estimates, you have around an 80% to 90% chance of approval after prequalification.
Even after getting prequalified, you still need to submit an application. At that point, the provider runs a hard pull on your credit. You may be denied if your credit profile is insufficient.
Soft vs. hard credit pulls
A soft pull is a type of background check. A bank might initiate one after you apply for prequalification and it won’t affect your credit.
After you submit an application, the bank checks your credit with a hard pull. Though your credit score will usually drop by a few points, it can recover relatively quickly as you make on-time payments.
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 do I get prequalified for an HSBC credit card?
Unfortunately, HSBC doesn’t allow prequalification at this time.
The bank does send card offers to preapproved individuals. You can’t request these offers, but you can increase your chances of receiving them. Banks look for consumers with high credit scores and incomes that consistently pay their debts.
Bottom line
If you want to get prequalified for a card, consider other providers such as Citi, American Express, Capital One and Discover.
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