What does being Prequal'd mean?

icyhot · ‎05-31-2015

Every so often I check the Chase, Citi, and Capital One Prequal sites. Nothing ever showed up until today on C1 I got a offer for the Platinum MC an QS1. I've had these cards before so I'm not really interested and one C1 card is enough, but what does it mean when you're prequal'd by a CCC and you never have been? Is your profile getting stronger? Weaker? Just curious

Anonymous · ‎05-31-2015

It tends to mean that your profile now more closely resembles the type of profile they typically approve. Never a guarantee.

kdm31091 · ‎05-31-2015

@Anonymous wrote:
It tends to mean that your profile now more closely resembles the type of profile they typically approve. Never a guarantee.

Exactly.

Don't rely on the prequals, honestly. Some cards (for example cobranded) will not even show up on there, so you won't see every card you potentially may want. Just apply for what you actually want when you feel your profile supports it. You can typically gauge the kind of score/inquiries/profile needed for certain cards just by lurking around here. You can make a decent judgement of approval this way. Of course nothing is guaranteed but neither is a prequal.

ksantangelo23 · ‎05-31-2015

Most prequal sites showing results are an indicator that they look at you favorably, and your chances are more likely to be good. Exceptions would be Discover and BoA, who will prequalify a rock.

TU: 818 EX: 809 EQ: 801

longtimelurker · ‎05-31-2015

@ksantangelo23 wrote:
Most prequal sites showing results are an indicator that they look at you favorably, and your chances are more likely to be good. Exceptions would be Discover and BoA, who will prequalify a rock.

Rocks could potentially have VERY large AAoAs!

Anonymous · ‎05-31-2015

I love the "You are prequalified to apply" messages. Anyone can apply, so that supposed to mean something? haha

Anonymous · ‎05-31-2015

I think that, as a general rule, if you are receiving prequals where you weren't before, that is an indiction that your credit report is stronger than it used to be. It is not, however, a guarantee that you will be approved.