A pre-approved credit card offer means that the issuer has reviewed your credit information and decided that you meet at least some of their approval criteria. Pre-approval criteria will vary from issuer to issuer, and some credit card companies may review your credit scores, while others might take a look at specific behaviors on your credit reports, such as your payment history. Pre-approved offers are essentially advertisements for specific cards, so you might not be getting the best terms and rates the company has to offer.
It is important to note that pre-approval does not guarantee approval, and you still need to apply and get approved. Pre-qualification and pre-approval processes are different ways for you to review your credit card options. Pre-qualification means that the issuer has taken a look at your financial details and given you its best guess as to whether you’d be approved. Pre-approval means a credit card issuer has reviewed your credit history using a soft credit check to determine whether youre eligible for a card. Both pre-qualified and pre-approved credit card offers usually result from a credit card company working with a credit bureau to look at your basic credit information.
Pre-qualified offers are typically initiated by the consumer and not the credit card company and may require your engagement and can require you to share more personal and financial information. Pre-approval might indicate a slightly higher chance of having an application accepted than a pre-qualification, but ultimately, it depends on the issuer. Pre-qualification and pre-approval for credit cards both typically involve soft inquiries, which don’t affect credit scores.
