topic Re: Online CC Prequal in Credit Card Applications

Online CC Prequal

CreditSage — Thu, 15 Aug 2019 04:29:03 GMT

Do the online prequals soft pull your credit? The reason I ask is my credit is a bit low from utilization which should go back up next thursday because I made some big payments and I'm wondering if I should wait until then to check if I prequal online.

Thanks

Re: Online CC Prequal

Anonymous — Thu, 15 Aug 2019 11:32:49 GMT

https://www.doctorofcredit.com/view-personalized-credit-card-offers/

I understand that this is not a credit card application and that the process of checking to see if I have an offer will not affect my credit score.

Re: Online CC Prequal

Remedios — Thu, 15 Aug 2019 13:03:46 GMT

@CreditSage wrote:
Do the online prequals soft pull your credit? The reason I ask is my credit is a bit low from utilization which should go back up next thursday because I made some big payments and I'm wondering if I should wait until then to check if I prequal online.

Thanks

Prequals are based on SPs and you should wait till payments post. If you're looking to apply, you'd want to look really pretty when you do especially if there are any negatives present on your report.

Re: Online CC Prequal

Anonymous — Thu, 15 Aug 2019 13:07:08 GMT

@CreditSage wrote:
The reason I ask is my credit is a bit low from utilization which should go back up next thursday because I made some big payments and I'm wondering if I should wait until then to check if I prequal online.

Thanks

Are you using any method to monitor your credit? You have to make sure that your CRA's pull your most up to date profile. Just because you have paid off large balances, that does not mean your CRA's are updated with that information at the same time. It could take 2 - 3 weeks before a CRA pulls your profile reflecting updated balances. Keep that in mind when you apply.

Re: Online CC Prequal

CreditSage — Thu, 15 Aug 2019 16:27:25 GMT

Yes I am very aware. This question was specific to the online prequals - knowing how they are qualifying you and therefore if, like a traditional app, you should wait until your most recent payments/credit profile updates are reflected to the beureaus.

Re: Online CC Prequal

Remedios — Thu, 15 Aug 2019 16:56:16 GMT

SP is done in real time, and will reflect info present on your CR at the time it's done.

Info in SP is identical to info in HP, just coded differently.

Re: Online CC Prequal

CreditSage — Thu, 15 Aug 2019 17:09:51 GMT

What I needed to know. Thanks!

Re: Online CC Prequal

Remedios — Thu, 15 Aug 2019 17:10:55 GMT

Welcome and good luck