Generally, credit card issuers will filter to find out which groups of consumers are suitable for accepting certain credit cards. In the screening process, the credit card issuer will ask the credit bureau to list consumers who meet certain criteria. These criteria are related to credit scores and a number of accounts. If your application meets the required criteria, the credit card issuer will put your name in the list and send a pre-approval offer. This can be considered an invitation to apply for a credit card.
Pre-approval doesn’t affect your credit score, because credit card issuers don’t make hard withdrawals on your credit report. However, the credit card issuer will conduct a credit check that will ask difficult questions. Requests originating from your application can actually damage your credit score depending on other information in your credit report.
How can I get credit card pre-approval?
Many ways banks offer pre-approved credit cards. First, the bank will offer by post, where they are invited to bid for a particular card. At other times, to be pre-approved, you must fill out an online form that contains some basic personal and financial information, to be submitted to the credit card issuer.
How Does It Work?
Pre-approved credit card offers in the mail
One way you can get a pre-approved credit card is by submitting an offer received by post. This is also known as a “pre-screen” offer – www.discover.com. You can receive filtered offers in the mail because the credit card issuer gets a list of consumers who meet the credit card’s initial criteria from the credit bureau.
Pre-approved credit card offers online
You need to fill out a short and simple online form that contains your basic personal and financial information. From there, if you meet the credit card criteria, you can be shown a credit card offer that according to the publisher matches your financial needs.
What are the Benefits?
There are two benefits seen from offers in the mail and offers online.
• Offers in the mail. The benefit of receiving pre-approved credit card offers is that you can get a very competitive delivery APR. It’s also a great way to learn more about various credit card offers from various publishers and weigh their benefits. You can learn more about the gift program. Choose one of the pre-approved credit cards that best fits your lifestyle and financial needs.
• Offers online. Filling out a credit card pre-approval form like Discover will not affect your credit, because there is no hard check on your credit until you choose to submit a card. In addition, because you provide information to the publisher about yourself, your offer will be personalized. Another benefit of getting online pre-approval is to help your research. You can choose the type of credit card according to your requirements by considering the benefits of each pre-approved credit card.
Find Pre-Approved Credit Cards
If the credit card issuer does not submit a pre-approved credit card offer, that does not mean you are not eligible to get it. Some credit card issuers make it easy to find out if you have received a pre-approved credit card.
To find out whether you get a pre-credit card or not, you can simply enter your basic information – your name and the last four digits of your social security number – to see which credit card, if any, means you qualify.
For this pre-approval check, credit card issuers usually only make soft withdrawals on your credit report. Soft withdrawals do not affect your credit score unless you finally decide to apply for a credit card.
Not Real Offer
Even if you have received a pre-approval credit card offer, you still have to make an application, just like your own credit card. After you submit a request, the credit card issuer usually looks more closely at your credit history and information on your application to decide whether you really qualify for the credit card.
For the best scenario, your credit card application is approved according to the conditions stated in the offer letter. Scenarios are unsatisfactory: The application is approved but still requires requirements that might be less profitable for you. For example, it is approved with a higher interest rate or a shorter promotional period. Worse scenario: Your credit card application was completely rejected.
After the Application is Rejected
If your application for a pre-approved credit card is rejected or approved but with burdensome requirements because your credit score does not meet the criteria, the card issuer will usually send a copy of your credit score used in the decision.
If your application is rejected, you are entitled to a free credit report because of information on your credit report. You have 60 days to request this free credit report. Take this opportunity to find out why your pre-approved credit card application was rejected. You also need to work hard to improve your credit score so that in the future your credit card application can be approved.
Don’t Forget to Shop Around
You are advised to shop around, because the pre-approved credit card offer that you receive is not necessarily the best offer. Before you respond to the offer, you should do an online search so you know the latest credit card offers.
Through shopping around, you will probably find better offers than you receive in the mail. Shopping around can help get the best deals. You can choose a credit card issuer while comparing between one publisher and another to get the best credit card. You need to compare your credit card that meets the requirements based on rewards, facilities, interest rates and fees.