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Applying for a new credit card can come with concerns. Will you receive an approval? Will the APR be low enough? What will your credit limit be? Besides the unknowns, issuers make hard inquiries against your credit report(s) when evaluating your creditworthiness. By pre-applying for a credit card, much of the uncertainty can be avoided. Most card issuers offer pre-approval or pre-qualification, allowing applicants to see if approval for a card is likely without committing to a formal application. Applicants can shop around and fill out as many pre-approval applications as desired. Pre-approvals don’t usually harm credit because issuers perform soft credit checks to determine eligibility. Once the applicant decides to apply the issuer will do a formal credit pull before making a final decision. Receiving a pre-approval for a card won’t guarantee the issuer will give final approval with the terms initially offered. This being said, you’ll usually stand a good chance of getting what you’re shopping for if you submit a formal application within the pre-approval window. Find The Best Credit Cards For 2022No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers. Credit Card Pre-Approval vs. Pre-QualificationCard issuers may sometimes use the terms pre-approval and pre-qualification interchangeably. Both mean an issuer preliminarily reviews your personal and financial information to determine if you’re eligible for a credit card offer. The difference is that a pre-qualification tends to be a simple review of your credit history using basic details like name, address and social security number. A pre-approval may go a step further by performing a soft credit check and analyzing financial information such as annual income and monthly bill payments. A pre-approval or pre-qualification offers potential rates, terms and card benefits as individualized for the applicant. No matter what the issuer calls it, pre-approvals or pre-qualifications don’t guarantee a final offer. If you are denied during this process, you can try applying with a different card issuer without harm to your credit. Credit Cards That Offer Pre-ApprovalMost major credit card issuers in the U.S. offer pre-approval or pre-qualification for at least some of the cards in their lineups. Each issuer requires different information from the applicant ranging from name and email address to income and housing status. Not every credit card is eligible for pre-approval. Here are some of the best card offers we’ve seen on the market: Capital OneCapital One requires your name, date of birth, Social Security number and what kind of card you want, among other personal details:
DiscoverDiscover asks for name, Social Security number, annual income, monthly bill payments, housing status and more:
American ExpressAmerican Express requires a home address, annual income and the last four digits of your Social Security number:
Bank of AmericaBank of America requires your name, date of birth, last four digits of your Social Security number and what kind of card you want:
ChaseChase does not offer an online application for pre-approval anymore, but logging into your Chase account may result in the opportunity to receive an offer based on your existing relationship with the bank or you may receive offers in the mail.
Featured Partner OffersCitiCiti asks for your name, address, last four digits of your Social Security number and the type of card you want:
Issuers Allowing You to Pre-Qualify For Credit CardsMost major card issuers in the U.S. offer pre-approval for a selection of cards, including Citi, American Express, Discover, Bank of America and Capital One. If your preferred card issuer is not listed here, contact the company by phone or email to ask if they have pre-qualifying offers. What Is Pre-Approval?Pre-approval means a credit card issuer has reviewed your credit history using a soft credit check to determine whether you’re eligible for a credit card. Soft credit checks don’t affect your credit, whereas hard credit checks appear in your credit history and may reduce your score slightly. If you decide to submit a formal application for a credit card, the card issuer will more than likely make a hard credit check before making a final decision. Pre-approval offers are not guaranteed and sometimes these offers expire. For example, Discover’s pre-approval offers are valid for seven days (applicants can apply for a new pre-approval offer if they pass the initial pre-approval period). How To Receive a Pre-Approval or Pre-Qualification For A Credit CardThe first step to getting pre-approved for a credit card is to go to the card issuer’s pre-approval tool on its website and fill in the required details. Each issuer may require different information, so it’s best to be prepared. Have your personal and financial information handy like your Social Security number, annual income, monthly bill payments and housing status. Pre-approval offers can be mailed to your address in which case you can respond by phone or by entering your offer number on the card issuer’s website. The mailing letter will have detailed instructions on how to apply. Online pre-approvals happen in seconds. The issuer’s website will inform you which cards you qualify for—sometimes including rates, credit limit and APR. From there, you can fill out a formal application. If you’re denied, the card issuer will likely provide reasons for the decision. Use this information to improve your credit standing and try again in a few months. You can also move on and apply for pre-approval with a different card issuer. Find The Best Credit Cards For 2022No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers. Bottom LineApplying for pre-approval on a card issuer’s website is one relatively easy way to figure out which cards you may be eligible for. Pre-approval or pre-qualification allows you to shop among card issuers without affecting credit score. Sometimes the card issuer may even share your potential credit limit and APR. Keep in mind pre-approval offers are not final. If you miss the pre-approval window or your financial situation changes, the card issuer may deny your formal application. Frequently Asked Questions (FAQs)How much does pre-approval hurt credit?Card issuers perform a soft credit check for pre-approval, meaning your credit will not be affected. Submitting a formal application will result in a hard credit check which will show up on a credit report and may cause your score to temporarily dip. How To Find Pre-Approved Credit CardsGo to any card issuer’s website and look for its pre-approval or pre-qualification tool. Can you get denied after pre-approval?Yes, it is possible to be denied a credit card even if pre-approved for the same card. This is especially likely to happen if you apply after the pre-approval period or if your financial situation changes. How to Pre-Qualify for Chase CardsChase does not offer a pre-approval tool, but you can check your current Chase account “offers for you” to see if any offers appear. Does Bank of America have a prePrequalifying at Bank of America is a quick process that can be done online, and you may get results within an hour. For mortgage preapproval, you'll need to supply more information so the application is likely to take more time.
What credit score is needed for Bank of America credit card?Unlike some other small-business credit cards, which accept good credit scores (690 to 719 FICO), Bank of America® business credit cards generally require excellent credit scores (720+) to qualify.
Is Bank of America prePre-approvals are done using a harmless soft inquiry. But if you then decide to apply for a card, Bank of America will perform a hard inquiry, which can cause a short-term drop in your credit score. Keep in mindthat being pre-approved indicates that you have good odds, but doesn't guarantee that you will get the card.
Is Bank of America hard to get a credit card with?Your Bank of America credit card approval odds are best if you have a credit score of 750 or higher. Most Bank of America credit cards require excellent credit for approval. You can also check for Bank of America pre-approval to get a better sense of your BofA credit card approval odds.
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Pre approval credit cards bank of america
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