It’s difficult to know ahead of time if you’ll receive approval for a credit card. However, if you look at your credit card pre-qualification offers, you’ll have a better understanding of what cards an issuer may approve you for.
Here, we’ll discuss what pre-qualifying for a credit card means and how to tell whether you’re pre-qualified.
What does it mean to pre-qualify for a credit card?
To get a credit card, you must meet creditworthiness and financial standards set by the credit card issuer. Pre-qualifying for a credit card means that an issuer—either through information you’ve provided them or by pre-screening your credit report—believes you may meet these standards.
Keep in mind, you’ll still have to apply for the card and be approved. While a pre-qualification is not a binding guarantee that you’ll receive approval, it usually means that an issuer has found credit cards for which you may be a good fit.
3 ways to see if you pre-qualify for a credit card
Here are some different ways you may know whether you pre-qualify for a credit card:
1. Check for pre-screened offers in your mail or email
Credit card issuers may mail or email pre-qualification offers. Check your mail or inbox to see if you’ve received news that an issuer has pre-qualified you for a credit card.
2. Use online screening tools
Some websites may offer screening tools that may give you a good idea of whether you may qualify for a credit card. They’re easy to use, and if the website partners with credit card issuers, the screening tool may tell you whether you pre-qualify for specific credit cards.
3. Go directly to the issuer
Just as many websites offer pre-qualification screening tools, card issuers like banks will often offer their own online tools. If there’s a credit card you’re interested in applying for, you may be able to go directly to an issuer’s website to see if you pre-qualify.
Difference between credit card pre-qualification and pre-approval
The difference between credit card pre-qualification and pre-approval will largely depend on the card issuer. While both terms refer to a method of pre-screening your potential as a credit card applicant, some issuers may use the term “pre-approval” to refer to a more rigorous process in which verified information is used to assess whether you have met their initial criteria. In this case, “pre-qualification” would refer to a less formal pre-screening.
However, other issuers may still use these terms interchangeably, so it’s important to know what an issuer considers a pre-approval or a pre-qualification before you apply. No matter how the terms are used, neither pre-qualification nor pre-approval guarantees your credit card application will be approved.
Does credit card pre-qualification affect credit?
Pre-qualification typically involves soft credit inquiries, which do not impact your credit. If you end up applying for a credit card, the card issuer will do a hard credit inquiry, which can negatively affect your credit score for a temporary period.
How to boost your chances of pre-qualifying for a credit card
You can do a few things to help increase your chances of pre-qualifying for a credit card. These activities all involve building or maintaining your creditworthiness.
Make payments on time
Repayment history plays an important role in determining your creditworthiness, which is a big factor in whether you pre-qualify for a credit card. A history of consistent, on-time payments can help you pre-qualify.
Keep credit card balances low
Another important factor in determining whether you pre-qualify for a card is credit utilization, which refers to how much of your available credit you’ve used. Keeping your credit utilization low may increase your chances of pre-qualifying.
Don't apply for too many cards at once
As a rule, you should avoid applying for several credit cards at one time, as each application results in a hard credit inquiry. These inquiries can hurt your credit score temporarily, which can lower your chances of pre-qualifying.
Use credit card pre-qualification to your benefit
Remember, pre-qualification isn’t a guarantee, but it can play a helpful role in researching and comparing credit cards. If you’re interested in obtaining a credit card, you can start by checking whether you pre-qualify. This added step can help you gauge which cards may be a good fit while posing less of a risk to your credit score with multiple hard inquiries.
Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.
