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Does Pre-Qual hav any value?

Established Contributor

Does Pre-Qual hav any value?

Should people read anyting into pre-qualifed offers.  Does receiving one mean you're more likely to qualify?  Does not receiving any suggest any outward risk on its own? 

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Message 1 of 8
7 REPLIES
Super Contributor

Re: Does Pre-Qual hav any value?

The words "pre-qualified" or "pre-approved" means there's a very high probability of approval.

 

The "pre-selected" doesn't mean anything.

Message 2 of 8
Established Contributor

Re: Does Pre-Qual hav any value?


Open123 wrote:

The words "pre-qualified" or "pre-approved" means there's a very high probability of approval.

 

The "pre-selected" doesn't mean anything.


Thanks...so does not having any pre-qualified offers mean your not likely? 

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Message 3 of 8
Regular Contributor

Re: Does Pre-Qual hav any value?

I was pre selected for a chase freedom, but applied and received instant approval for a chase sapphire preferred. Those don't really mean anything, it still depends on your score and report and their internal scoring system.
Message 4 of 8
Established Contributor

Re: Does Pre-Qual hav any value?


kilj0y wrote:
I was pre selected for a chase freedom, but applied and received instant approval for a chase sapphire preferred. Those don't really mean anything, it still depends on your score and report and their internal scoring system.

Thanks.  I'll try not to read too much into whatever i see on the pre-qualified tools on CC sites.  After all, if they're not pulling anything they can't tell anything anyway.  I'm a ways from applying for anything new anyway, so no big deal.  Just curious is all.

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Message 5 of 8
Established Contributor

Re: Does Pre-Qual hav any value?

I think the chances of approval is greater when youre prequalified...my dad got both the discover ($5.5k) and citi TY pref ($4.5k) with preapprovals on their site... his report still has one CO from 2010

Starting Score: MYFICO 12/30/15 -TU: 481, EQ:561, EX:532 - BK7 DISCHARGED 12/2015 - Current: 09/01/2016 TU:642 EQ: 651 EX: 646
NFCU cashRewards:$6200 QS:$1500 Merrick:$1200 Cabelas:$1000 SonyVisa: $500 JCrew:$850 Overstock:$850 Express: $1050 PaypalCredit:$2150 NAVCHECK:$10K
Message 6 of 8
Regular Contributor

Re: Does Pre-Qual hav any value?


EaglesFan2006 wrote:

kilj0y wrote:
I was pre selected for a chase freedom, but applied and received instant approval for a chase sapphire preferred. Those don't really mean anything, it still depends on your score and report and their internal scoring system.

Thanks.  I'll try not to read too much into whatever i see on the pre-qualified tools on CC sites.  After all, if they're not pulling anything they can't tell anything anyway.  I'm a ways from applying for anything new anyway, so no big deal.  Just curious is all.


I've been wondering this same thing and after my experience, IMO, they aren't helpful.  For one, I'm opted out, so I don't know if that makes a difference. But, I did the pre-qual on Chase, they found no offers.  I did the creditcards.com, they gave me First Premier and AF cards, also secured.  My EQ score was 683 at the time.  I applied and was approved for BofA Cash Rewards Visa Siggy at $6,000.  So, I don't believe they are helpful from my personal experience.

 

Amex BCE 24.5K | BofA Cash Rewards 15K | CSP MC 13.5K| Chase Freedom 7.5K | Discover IT 3K
Message 7 of 8
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Epic Contributor

Re: Does Pre-Qual hav any value?


jlfce1 wrote:

EaglesFan2006 wrote:

kilj0y wrote:
I was pre selected for a chase freedom, but applied and received instant approval for a chase sapphire preferred. Those don't really mean anything, it still depends on your score and report and their internal scoring system.

Thanks.  I'll try not to read too much into whatever i see on the pre-qualified tools on CC sites.  After all, if they're not pulling anything they can't tell anything anyway.  I'm a ways from applying for anything new anyway, so no big deal.  Just curious is all.


I've been wondering this same thing and after my experience, IMO, they aren't helpful.  For one, I'm opted out, so I don't know if that makes a difference. But, I did the pre-qual on Chase, they found no offers.  I did the creditcards.com, they gave me First Premier and AF cards, also secured.  My EQ score was 683 at the time.  I applied and was approved for BofA Cash Rewards Visa Siggy at $6,000.  So, I don't believe they are helpful from my personal experience.

 


Opted out will not allow you to use the pre-qual sites.

 

and if you do the pre-qual or pre-approved whatever the wording is on Chase, Citi, Discover... those are SOLID approvals if you get an offer. I have not seen those turn out declined after being offered and clicking to actually apply.

and yes the real pre-approval links like on chase.com, citi, etc. are pulling SP on your credit, so they do have real information about you.

Message 8 of 8