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Regular Contributor
RozBuds
Posts: 203
Registered: ‎09-27-2008

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.

 

Frequent Contributor
tsquad131
Posts: 474
Registered: ‎09-12-2010

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.

FICO scores - 727 TU(Walmart)/ 727 EX(Amex app)/ 721 EQ(Discover app)
In My Wallet: BankAmericard Cash Rewards($2,000), Discover More($3,000), Chase Freedom($2,000), Fidelity Amex($1,000), Sam's Club Discover($4,400), SallieMae 5% Mastercard($5,000), Amex BCE($2,000) ,Citi Simplicity($2,000), Paypal SmartConnect($3,100), Walmart Store Card($2,350), Chase Amazon Visa($700), Target RedCard($500), Capital One Cash Rewards($750), Best Buy Store Card($1,900), HHGregg($2,000), Amazon Store Card($1,250),Newegg Preferred Account($2,000), Park West($2,000), BankAmericard Travel Rewards($5,000)
Regular Contributor
RozBuds
Posts: 203
Registered: ‎09-27-2008

Re: Pre-Approval vs Pre-Qualification

[ Edited ]

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.


 

Valued Contributor
vish1
Posts: 1,129
Registered: ‎01-20-2011

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...

Amex PRG | BoA Cash rewards 35K | BoA Cash rewards 7K | Citi AAdvantage 15 K | Chase Sapphire Preferred 11 K | Chase Freedom 10k | Chase United 5 K | Chase Southwest 5K | Chase Airtran 6.4K | Discover IT 8K | Barclays US Airways 7.8 K | DCU 3 K | US Bank Flex Perks 8K | Toys r US 6 K | JC Penney 4.6 K | Macy's 1200 | Kohl's 600
Ex Fico: 762 (PSECU)
EQ Fico: 764 (DCU)
TX Fico: 773 (Discover)

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