How To Find Out If You Are Prequalified For A Credit Card
So you’ve decided your business needs a new credit card. Unfortunately, you’ve heard that the credit card application process can negatively impact your credit score, and since credit history can impact your business’s ability to make financial moves in the future, you don’t want to apply for a card unless you’re sure you’ll be approved.
Luckily, many issuers offer checks to see if you’re prequalified for their credit card offers. This will give you a chance to see if you should go through with applying for a card. Once you’re prequalified, you’ll have the confidence needed to go through the full-on application process.
For everything you need to know about prequalification, keep reading. We’ve got you covered!
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What Does “Prequalified” Mean?
Prequalified means that you’ve been selected as potentially “qualified” by a credit card issuer for a particular card offer. Usually, the issuer has done a soft pull on your credit score and found that you’ve met the certain criteria necessary to qualify for the credit card. This soft pull should not affect your credit score.
In some cases, you may also be deemed prequalified because an issuer bought your information via a marketing list from a credit bureau. In this case, the issuer may check if you are on their list to see if you are prequalified.
If you are prequalified for a credit card, you have an 80% to 90% chance of actually qualifying for the card should you go through the application process. It’s worth adding that you don’t need to be prequalified in order to apply for a card—you can still be approved without prequalification. This process just gives you extra confidence before actually applying.
Note that by actually applying for a card, the issuer will likely perform a hard pull on your credit history. This will show up on your credit history. In most cases, a hard pull won’t be a problem long-term because having a credit card should only help your credit into the future (as long as you follow the best practices for a credit card). However, you’ll want to avoid applying for too many cards in quick succession as frequent hard pulls in a short span may lower your credit score.
How To Get Prequalified For A Credit Card
There are several ways to get prequalified for a credit card. Here are the most common:
- Online: By far, the best option is to go to an issuer’s site and check for prequalification via their own checking tools. In most cases, this will take only a few minutes. Plus, you’ll be able to see if you qualify for a card offered by an issuer you already like. In addition, some of our favorite credit scoring-checking websites also have prequalification tools readily available for you to use.
- By mail: Issuers frequently send out credit card offers to people who have met their prequalification criteria already. As such, if you’re looking for your next card, simply opening up your mail might be a quick and easy option. Of course, this method doesn’t offer much flexibility when it comes to what you’re preapproved for.
- In-Person: Many physical bank branches offer prequalification checks. Note that you may already need to be a member of the bank beforehand, however. Additionally, you might be able to go to a retail store and find out during check-out if you’re prequalified for that store’s co-branded credit card.
Most major credit card issuers let anyone check online for prequalification:
- American Express
- Bank of America
- Capital One
- Credit One
- U.S. Bank
Other issuers—like Synchrony Bank, Wells Fargo, or USAA—either don’t have an online prequalification service or only let current members check online.
FAQs About Prequalified Credit Card Offers
Will getting prequalified hurt my credit score?
In almost all cases, no. This is because issuers do a soft pull on your credit history, which does not impact credit scores. Note that actually applying for a card (which causes a hard pull) will affect your credit history.
Can I get prequalified if I have bad credit?
Yes. Different issuers have different requirements when it comes to prequalifying someone for a credit card. So just because you weren’t prequalified for a particular card doesn’t mean you won’t be prequalified for another one.
Curious which credit cards are aimed towards people with bad credit? Merchant Maverick has your back.
Is there a difference between being pre-approved and prequalified?
Yes, although the difference is very slight. If you’ve been prequalified for an offer, it means that your credit score likely falls within the recommended range for a particular card. If you’ve been pre-approved, however, the issuer has targeted you more specifically for an offer.
Do I have to get prequalified before applying for a credit card?
No, becoming prequalified just gives you extra confidence before actually applying. You can still be approved for a credit card without being prequalified.
Prequalification processes can help give you peace of mind before applying for a credit card. They can potentially shield your credit score from an unnecessary hard pull and save you hassle, letting you focus on what matters—your business.
Did a check but didn’t get prequalified? Find out how to improve your credit score. Did get prequalified but want to know if that card is the right choice? Read up on our favorite business credit cards.