Cred Card Prequalifications

[Anonymous]

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.

[Dalmus]

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.

[medicgrrl]

Because you can still be approved without a prequal.

[AverageJoesCredit]

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

[gdale6]

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

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Softs are only seen by you, hards everyone sees.

[Anonymous]

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.

[Anonymous]

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@gdale6 wrote:

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

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Softs are only seen by you, hards everyone sees.

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

[Anonymous]

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

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I almost answered until I saw the asker.

[AverageJoesCredit]

Thank you

[AverageJoesCredit]

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