Credit Card Prequalification Offers

Many credit card issuers offer prequalification applications. These tools allow you to see if you are likely to get approved for a card (or multiple cards) without a resulting hard inquiry appearing on your credit report. Some lenders will even present the details of your offer, including your credit limit and APR.

Hard inquiries lower your credit score, and too many of them in a short period of time can be a red flag to lenders. If you are seen as aggressively seeking new credit, you may be perceived as a higher risk. So, using prequalification apps that only use a “soft pull” can be beneficial, especially if you are building or rebuilding your credit.

Multiple offer major credit card prequalifications

These lenders use a single prequalification application to determine your eligibility for multiple cards. This can help you narrow your choices when you are considering a card from a major issuer. This can also lead to some surprising approvals when you are unsure whether you might meet the criteria for a particular card.

Single offer major credit card prequalifications

These cards have a dedicated prequalification application. However, in some cases where you don’t qualify, you might be presented with an alternative, such as a secured card or a closed-loop card.

Closed loop credit card prequalifications

Closed loop credit cards are intended for use with a specific merchant or merchant group. Sometimes, though, if the merchant also has a co-branded major credit card, their prequalification app will consider you for the major card before offering the store card as an alternative.

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