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Pre qualified sites question

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tbea1004
Frequent Contributor

Pre qualified sites question

If you are prequalified on one of the sites will you automatically get the card if you apply for it or is it a chance you can be declined? Will trying any of the prequalified sites hurt your credit score?

Message 1 of 14
13 REPLIES 13
FinStar
Moderator Emeritus

Re: Pre qualified sites question


@tbea1004 wrote:

If you are prequalified on one of the sites will you automatically get the card if you apply for it or is it a chance you can be declined? Will trying any of the prequalified sites hurt your credit score?


There are no guarantees with being approved even if it shows a pre-qualified offer.  Trying any of the pre-qualified sites will not hurt your credit score (most, if not all, provide this disclaimer).

Message 2 of 14
JustBPatient
Established Contributor

Re: Pre qualified sites question

And some prequal sites are a better indicator of success...Chase is normally gold where as Discover is worthless.

Amex Gold =Amex ED 20k = Amex BCP 14k = Amex SPG Lux 2k = Arrival 2k = Ring 14k = BOA 321 30k = BOA BBR 10k = CSR 25k = Freedom 10k = Citi Simplicity 9k = Citi DC 5k = Citi DP 3k = DCVR IT 16k = DCVR IT(2) 10k = CAP1 QS 15k = NFCU CR24k/AE25k/CLOC 15k = BBVA 14k = Wells Plat. 5k = (2) US Bank Cash+ 13k, 18k = PenFed 17k

FICO scores TU 764 EX 739 EQ 745
Message 3 of 14
icyhot
Valued Contributor

Re: Pre qualified sites question

I hear that with Chase and Cap One its ain't always guaranteed. BofA is just marketing. But it's never guaranteed. Some banks are just stronger than others with preapprovals
Ch 7 BK discharged 12/2018
Bank Cards: NFCU Flagship Rewards $25K | NFCU Cash Rewards $20K |NFCU More Rewards Amex $17K | PenFed Power Cash $12.5K | PenFed Platinum Rewards $12.5K | PenFed Pathfinder Rewards $10K | PenFed Gold Card $7.5K | PayPal Cashback Mastercard $5K | Apple Card $3.5K
Store Cards: Bergdorf Goodman $10.5K | Neiman Marcus $7.5K | Care Credit $7K |
Scores: EX 656 | EQ 667 | TU 680


Goal Card: Amex Platinum (Amex IIB, waiting for 5 year mark)
Message 4 of 14
icyhot
Valued Contributor

Re: Pre qualified sites question

*almost always, not ain't. iPhone 6 buttons
Ch 7 BK discharged 12/2018
Bank Cards: NFCU Flagship Rewards $25K | NFCU Cash Rewards $20K |NFCU More Rewards Amex $17K | PenFed Power Cash $12.5K | PenFed Platinum Rewards $12.5K | PenFed Pathfinder Rewards $10K | PenFed Gold Card $7.5K | PayPal Cashback Mastercard $5K | Apple Card $3.5K
Store Cards: Bergdorf Goodman $10.5K | Neiman Marcus $7.5K | Care Credit $7K |
Scores: EX 656 | EQ 667 | TU 680


Goal Card: Amex Platinum (Amex IIB, waiting for 5 year mark)
Message 5 of 14
Anonymous
Not applicable

Re: Pre qualified sites question

A general rule of thumb is, if the wording is there with "pre-approval" or "pre-qualified" and there is a firm APR offer and not a range, it is more likely that it will be approved.

If it is a range APR, it means nothing.  SpongeBob gets range APRs from BofA and Discover.

There are no guarantees, but Chase and Cap One seem to be two of the better pre-qualification pages.

Message 6 of 14
Creditwiser
Valued Contributor

Re: Pre qualified sites question

Stay away from Discover pre approve.  Like someone said, spongebob will get an approval. 

NFCU Visa 30k | NFCU Platinum 30k | Cap1 QS 12K | Cap1 QS 11.5K | Barclay MC 9k | Delta Gold Amex 30K | Discover IT 14K | CFNA FS 3200 | CareCredit 20k| Paypal Credit 5k |
Message 7 of 14
kdm31091
Super Contributor

Re: Pre qualified sites question

There is never a guarantee. Even people saying "Chase is gold" is a bit misleading because no prequalifier is "gold" or 100%. Any creditor can still decline you after a prequal. A prequal is based on the lender's most recent SP. Your information could have changed and there's no way to know what time period they are going off of.

 

In short, they can be a tool to help you, but nothing to rely on. You should app for the card you actually want and not rely on what it says you are prequalified for. You should strive for the cards you want, improve your profile if needed to obtain them, and go from there. Just my advice

Message 8 of 14
lhcole77
Valued Contributor

Re: Pre qualified sites question

I have never been turned down after a pre-qualified offer. My scores have not been affected after checking offers.

 

That is my experience.

Message 9 of 14
Anonymous
Not applicable

Re: Pre qualified sites question

This thread just gave me the itch to try for Discover. I checked the pre-qualifer site and was qualified for the IT (with the APR range). I had to call them to verify why I had inquiries. They must be inquiry sensitive because I only have 3 inqs on two of my reports and 5 on the other. I told him I was reestablishing credit and they approved me for $1,500. Woot! Now I am done! Garden Garden.

Message 10 of 14
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