topic Re: Cred Card Prequalifications in Credit Cards

Cred Card Prequalifications

Anonymous — Wed, 10 May 2017 18:46:31 GMT

Hey Everyone, we all know many creditors offer a way to see if you prequalify for a credit card, and if you get a specific APR its usualy a good sign for approval, but I wonder, when you do not prequalify for a card, why dont they just tell you not to waste a HP applying for a card because you wont get approved. But rather than be honest, they say we dont have any offers for you but you might like this card, just to deny you and make you waste a HP. Most people here are smart enough to not fall for it, but it hurts a lot of other people.

Re: Cred Card Prequalifications

Dalmus — Wed, 10 May 2017 19:20:59 GMT

The average person probably doesn't know the difference between a hard and a soft pull.

Heck, the average person probably doesn't realize merely applying for a card effects their credit score.

Re: Cred Card Prequalifications

medicgrrl — Wed, 10 May 2017 20:36:52 GMT

Because you can still be approved without a prequal.

Re: Cred Card Prequalifications

AverageJoesCredit — Wed, 10 May 2017 20:50:05 GMT

What is the difference between a soft pull and hard pull?

Re: Cred Card Prequalifications

gdale6 — Wed, 10 May 2017 20:51:37 GMT

@AverageJoesCredit wrote:
What is the difference between a soft pull and hard pull?

Softs are only seen by you, hards everyone sees.

Re: Cred Card Prequalifications

Anonymous — Wed, 10 May 2017 23:39:18 GMT

I didn't prequalify for AMEX, Discover, or Capital One. Applied anyway and got all three. Prequals are great indicators of likelihood but just as a prequal is no guarantee of success, not getting prequalified is no guaranteed of failure. They go based upon a soft pull plugged into their algorithm. Actual approvals and denials take many more things into account.

Re: Cred Card Prequalifications

Anonymous — Wed, 10 May 2017 23:47:39 GMT

@gdale6 wrote:
@AverageJoesCredit wrote:
What is the difference between a soft pull and hard pull?
Softs are only seen by you, hards everyone sees.

Its so hard to not read that post in a gutter minded way. LOL!

Re: Cred Card Prequalifications

Anonymous — Thu, 11 May 2017 01:44:05 GMT

@AverageJoesCredit wrote:
What is the difference between a soft pull and hard pull?

I almost answered until I saw the asker.

Re: Cred Card Prequalifications

AverageJoesCredit — Thu, 11 May 2017 11:44:29 GMT

Thank you

Re: Cred Card Prequalifications

AverageJoesCredit — Thu, 11 May 2017 11:48:59 GMT

Lol, Cincy, i hear ya haha

I decided a little dead pan might be needed

Op, good point though, many get caught off guard, though in some cases, we should know better, ie Chase (5/24). Perhaps the credit card companies are like the cashiers at retail, the more apps they get the better.? Yeah they could tell us what they sre looking for upfront but then they wouldnt have their fun, looking at you Disco

Re: Cred Card Prequalifications

Anonymous — Thu, 11 May 2017 13:30:20 GMT

Basically, if you haven't gotten a pre-qualification offer, or you do get a prequal but it doesn't have a good APR offer (what you need to look for is a single-figure APR, ideally, or one with a small range between high and low, generally 3 to 4 percent), you're rolling the dice when you apply. You might hit snake-eyes and get turned down flat, but then again you might get the boxcars and get approved with a really good SL. For that matter, I've heard of folks who had good-looking prequalification offers who got declined when they actually went to apply, though that's fairly uncommon. All this is a roundabout way of saying that if you're going to apply for a CC, you need to be as educated as possible about your up-to-date FICO scores and the current state of your credit history so that you know what the good spots and bad spots are.

Re: Cred Card Prequalifications

sjt — Thu, 11 May 2017 14:29:35 GMT

Also poeple could have "Opt-Out" from prescreened offers that prevent them from getting pre-quals.

Re: Cred Card Prequalifications

Anonymous — Thu, 11 May 2017 15:49:35 GMT

Just for some data points with prequals. I have NEVER been prequalified for a card. EVER. And in the last 6 months have picked up. QS1, BofA Cash Rewards, Amex Everday, Disovery IT, Barclays Apple, Marvel Mastercard and DCU Visa. Zero prequals.