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Pre-Approval vs Pre-Qualification

Regular Contributor

Pre-Approval vs Pre-Qualification

Lately I have been receiving credit card offers that I am both pre-approved and pre-qualified. What exactly is the difference and which is the one I would have the best chance at being approved? I am considering apping in July.

 

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3 REPLIES
Frequent Contributor

Re: Pre-Approval vs Pre-Qualification

this question is asked so many times. there is no difference between the 2 and there is no guarantee for approval. your information was sold to another bank from one of your current creditors and they sent you that offer because they softed your report and based on some of the information they saw they think you are more qualified to apply than others who have not received the offer and invite you to apply. Be wary because there is never a guarantee for approval with preapprovals its a gimmick to get you to apply.

amazon
Message 2 of 4
Regular Contributor

Re: Pre-Approval vs Pre-Qualification

Thanks. I was hoping one was better than the other therefore easier to get approved. Oh well... 

 

tsquad131 wrote:

this question is asked so many times. there is no difference between the 2 and there is no guarantee for approval. your information was sold to another bank from one of your current creditors and they sent you that offer because they softed your report and based on some of the information they saw they think you are more qualified to apply than others who have not received the offer and invite you to apply. Be wary because there is never a guarantee for approval with preapprovals its a gimmick to get you to apply.


 

Message 3 of 4
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Valued Contributor

Re: Pre-Approval vs Pre-Qualification

They are virtually the same, depends on the lender. So if it was AMEX, its nearly a done deal, If it's city, it may just mean that you have a service which they are partner with (they may not even have soft pulled at your CR). For example if you were a American frequent flier, you may get an invite from citi.

 

Chase / Discover are also considered to have very good chances of approval with preapproved...

Citi Hilton Reserve 22.3K | Citi Thank You 8.2K | CSP 15.5K | Chase Freedom 10K | Chase BA 15K | Chase United 8.5K | Chase Marriott 5K | Discover IT 9K | Club Carlson 13K | Amex SPG 20K | BofA Cash Rewards 11K | BofA Cash Rewards 50K
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