Prequalificaton usually means nothing

[SouthJamaica]

The way I look at it, prequalifications -- based on soft pulls -- are based on a credit report which is older in time than the date you wind up accepting the offer and applying.

When you make the actual application, it's going to be based on an up to date hard pull.

So even with those companies that are pretty serious about their prequalifications, like Chase and Cap One, I think it's inadvisable to give any credence to the prequalification (a) if your credit score has gone down at all in the past few months, or (b) if there are new negative or potentially negative items on your report that weren't there a couple of months ago.

[nightglider]

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@DrZoidberg wrote:

CK is a guesstimate just like the card match tool. Shouldn't be use as a focus for a pre-qualify. As far as BoA. I call hogwash on the dog's name. You still have to enter your last 4 and that crosschecks your address and your DOB so the offer is for you, the name isn't as imporant. I find BoA to be reliable. 

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I just tried BoA prequal with the last  4 of 5555, an address not on my reports, and a completely different day/month/year for my birthday. The only thing that was correct was my name.

BoA prequal is worthless.

[longtimelurker]

The other side is that some people don't apply because they don't get prequals on a site.  I think that is wrong too.   On most of these sites, the system searches for an already existing prequal, which was generated when the issuer asked for people who matched certain criteria and could have been restricted in age or geography if that is what the marketeers were looking for.   So lack of prequal just means one wasn't found, not "We checked and your profile doesn't meet our requirements"

So at best prequals are one way, on the "reliable" sites having a prequal means you are somewhat likely to get approved (absent recent changes in your report), not getting one means very little.

On the CK discussion, as others have said, it MIGHT have some value when you look at how people with similar scores did when they applied.   While CK scores don't match FICO scores, there might be enough in common (e.g. both penalize inqs and lates) to be useful.    After all, a FICO score from here also isn't exact if the lender is using a different verison

[kdm31091]

Honestly I think prequals do more harm than good. They either give someone total false hope or they make someone think they won't get approved if they aren't prequalified.

Let's face it: most of them are marketing. The issuer does not spend the money to mail you a nice offer just out of the kindness of their heart. They want you to take the bait, get the card, spend, and hopefully start paying interest. You're being marketed to. You could have applied for the card without said "invitiation" and you would have been approved.

There is no substititute for common sense. Most people browse and read enough here, and are smart enough to know, that despite BOA's "prequal" saying they can have a Cash Rewards, their 500 score and 2 month old BK isn't gonna cut it. Most times when I thought I would be approved for a card, reasonably, due to my scores/recent inqs, etc I was right. And guess what? When I had a feeling I wouldn't be approved, I wasn't or had to recon! The point is that with enough time, experience, etc you develope a pretty solid judgement on your own and in your heart of hearts, you can usually figure out whether it's going to work out or not.

[Anonymous]

I would love to know if US Bank prequal is legit. My bank since 07, burned in 2014 w Charge Off. Since PIF and since my credit repair journey of 2015 have now gotten prequal with their Cash +.  My FAKO is 70 Pts higher than my FICO.  My FAKO is good, FICO is bad.

they probably hold grudges so…I just let them have my direct deposits and avoid the CC button.

[Anonymous]

US Bank prequalification site always tells me I am apporved for a prepaid debit card. Now, considering I'm at 132k in total credit after a few cli's yesterday and today, I find that a little unreliable and silly.

[Anonymous]

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@Anonymous wrote:

US Bank prequalification site always tells me I am apporved for a prepaid debit card. Now, considering I'm at 132k in total credit after a few cli's yesterday and today, I find that a little unreliable and silly.

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LOL... Is it the Contour Debit? That's the only thing I pre-qualify for as well. 

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

US Bank prequalification site always tells me I am apporved for a prepaid debit card. Now, considering I'm at 132k in total credit after a few cli's yesterday and today, I find that a little unreliable and silly.

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LOL... Is it the Contour Debit? That's the only thing I pre-qualify for as well. 

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Yes, the stupid Contour debit. They must be kidding.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

US Bank prequalification site always tells me I am apporved for a prepaid debit card. Now, considering I'm at 132k in total credit after a few cli's yesterday and today, I find that a little unreliable and silly.

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LOL... Is it the Contour Debit? That's the only thing I pre-qualify for as well. 

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Ditto. 

[Anonymous]

Y'all are 24 months ahead of me on scores and I get the Cash  and Plat prequal. I DON'T UNDERSTAND YOUR WAYS US BANK, YOU CREDIT TEMPTTRESS.

perhaps they forgave me.

or they like my direct deposits. 

or my new positive relationship with Cap1 has raised an eyebrow.