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Prequalify for credit cards without affecting your credit score
Find out your chances of credit card approval before you apply.
Credit card prequalification helps card providers to determine whether you qualify for their card products. Typically, the card provider will check your credit information using a soft pull, which unlike a hard pull, doesn’t affect your credit score.
Keep in mind, prequalification only shows your chance of approval. Even if you prequalify, your credit card application can still be denied. Here’s how to prequalify depending on your card provider.
How to prequalify for a credit card
The process varies between card providers, but in general, here’s how to request prequalification:
- Visit the provider’s website and navigate to the prequalification page.
- Fill out the application form with your personal information.
- Choose a credit card you wish to prequalify for, if possible.
- Review the form and submit.
|American Express||Yes||Full name, address, last four digits of your SSN, income (optional)|
|Bank of America||Yes||Full name, address, date of birth, last four digits of your SSN, and the type of card you want such as rewards or balance transfer|
|Chase||Yes||Full name, address, last four digits of your SSN|
|Citi||Yes||Full name, address, last four digits of your SSN, the type of card you want (But you can’t prequalify online)|
|Capital One||Yes||Full name, address, email, date of birth, your full SSN, employment status, and annual income|
|Discover||Yes||Full name, address, birth date, full SSN, student status, number of bank accounts you already have, housing status, income, and the card benefit you want|
|HSBC||Yes||Full name, address, birth date, email and full SSN|
|USAA||Yes||You need to be a member to see prequalified offers|
How can I increase my chances of prequalification?
Before you request prequalification, you can increase your chances of application approval with these three tips:
- Check your credit score. There are many ways you can check your credit score for free, including accessing your score from one of the three major credit bureaus — Equifax, Experian or TransUnion. Having at least a good credit score of 670 or higher is required to get most credit cards.
- Always pay your bills on time. Payment history is an important factor affecting your credit score. Make sure you pay all your bills on time to increase your credit score.
- Keep utilization ratio low. This is the ratio between your available credit and your debt. Rule of thumb is to keep it below 30% to have a positive impact on your score. If your current utilization rate is higher than 30%, try to lower it down before you request prequalification.
What’s the difference between prequalification and preapproval for credit cards?
A common difference between prequalification and preapproval is in how thorough the provider has checked your finances. During a prequalification, a provider typically just looks at your basic finances and may perform a soft pull on your credit score. Think of a prequalification as an invitation from the provider to see if you’re more qualified.
The preapproval process tends to look at more details of your finances and may prove a better indication of your approval odds. Preapproval offers are also often sent by the provider to the consumer, rather than the consumer seeking out their prequalification offers. Either way, neither prequalification or preapproval guarantees you’ll actually qualify for the card.
Some providers tend to use these terms interchangeably as well, so don’t sweat it if you get a prequalified offer instead of a preapproval offer or vice versa.
Why prequalification doesn’t affect your credit score
When you apply for a credit card, the card provider will make a hard pull on your credit, which will cause your credit score to drop by around five points.
On the other hand, prequalification has no effect on your credit score because the card issuer makes a soft pull on your credit. Consider this a simple glance at your credit score that helps the card issuer determine if you’re a good fit for a certain credit card.
How to check on your prequalification status
Sometimes you may not get an instant answer on your application. In this case, you can check your prequalification status by calling the card issuer.
|Bank of America||866-695-6598|
Compare credit cards from brands that offer prequalification
Check out the table below to compare cards from banks that have prequalification.
Prequalification can be a powerful tool when looking to acquire new credit cards without affecting your credit score. Keep in mind, each card provider has its own prequalification process, so make sure you compare all credit cards until you find the right card for your needs.
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