Soft-pull PREAPPROVALs - Updated 4/20/21

[robleewent]

I was just on their site and when I attempted to do a preapproval, the link appeard to be broken or not working.  I signed in and when I tried to access their other products (outside of my vehicle loan account), it wanted me to sign out to do this.  Seemed a little odd. I might try again in a few days. 

[waqaszm1]

Thank you for informing. List has been updated to reflect this change. 

[waqaszm1]

https://www.forbes.com/sites/jeffkauflin/2020/04/16/exclusive-early-data-shows-12-of-online-loans-in...

Rising defaults in personal online loans - interesting read

[Neiltyson]

Thanks for awesome list.

Can someone please clarify for me what pre-qualify means in terms of soft pull.. 

Will you get a hard pull once you accept the offer?

I'm planning on going on a spree soon, but don't want to accept cards I don't really want thinking it was only a soft pull. Thanks! 

[Iusedtolurk]

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@Neiltyson wrote:

Thanks for awesome list.

Can someone please clarify for me what pre-qualify means in terms of soft pull.. 

Will you get a hard pull once you accept the offer?

I'm planning on going on a spree soon, but don't want to accept cards I don't really want thinking it was only a soft pull. Thanks! 

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@NeiltysonWhen you input your information into a pre-quaification the issuer displays credit offers that you will have a higher percentage of obtaining especially when they give you a set apr (such as 18%) some may even show credit line.

All of this is done through a soft pull of your credit which has no effect on your score.

Once you accept the offer and apply then a hard pull is done which may cause you to lose 3 or more points off your credit score (which is no biggy).

If you go on a spree expect each new account to drop your score by 3 points or more such as 4 account 12 or more points total but spread among the bureaus the hard pull was done on.

for example

2 from transunion 6 or more points

1 from equifax       3 or more points

1 from experian     3 or more points

You generally get those points back when the inquiries age 1 year

Basically all new accounts you initiate cause a hard pull to be done (whether that account is approved or denied).

[MeN5]

@robleewent That exact thing happened to me I immediately closed the card and they removed the inquiry and account .

[robleewent]

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@MeN5 wrote:

@robleewent That exact thing happened to me I immediately closed the card and they removed the inquiry and account .

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Did you just call IKEA or the cars issuer and request that verbally? Did they tell you why or offer to stick by their preapproval? 

[BmoreBull]

I used the link to the Kay Jewelers prequal. It wasn’t a soft pull and it wasn’t from Comenity any more. They hard pulled my Equifax and it said the bank was Sterling. I also got an email that said the card was through Genesis FS card services. To be clear, when I got to the Kay’s website, the link said get prequalified. But after filling in my info, I received a hard pull. I was approved for a $4k limit, but would never had pulled the trigger on this card if I knew I was going to get hard pulled or open up a new account. It was my mistake and I’m not blaming anyone. Just sharing dp’s.

[matrixx]

I received a hard pull for this. 

[Anonymous]

@waqaszm1 

23. Petal is invitation only now

24. Deserve lets you pre qualify if you are a student only