Speed Up Your Credit Card Approval: Strategies For Pre-Approvals

Guides1 year ago
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If you need a new credit card, it is important to bear in mind that every hard inquiry or application can negatively affect your credit score. Being rejected by a card will decrease your score and make it harder when you apply for another card.

Therefore, if you want to protect your credit rating and increase your chances of success you need to take steps to be certain your application will be approved. Credit card pre approval will help you to protect your rating and ensure the highest chances of success when you apply for a new card.

Below you will find everything you need to know to discover pre approval processes and how they can help you to secure a new credit card. We'll look at the information needed for pre approved credit cards, credit card pre approval for bad credit, and how to apply for Discover Pre Approval cards. So, let's get started!

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What is Credit Card Pre Approval?

When you apply for a credit card, going through the pre approval process will help you to discover if you are likely to successfully qualify before you submit an application. This will help you to avoid applying for cards that will reject you and negatively affect your credit score as a result.

When applying for preapproved credit cards you will be sharing information about your finances with the credit card issuer to determine if you meet their approval criteria.

If you are not a good match for the card, you will be able to avoid harming your credit score. However, it is best to keep in mind that the pre-approval process doesn't provide a guarantee for a successful application. Instead, it should be viewed as an educated indicator of your chances of success.


If You Are Preapproved for a Card is Your Application Guaranteed to Be Succesful?

A successful pre approval is a strong indicator that your card application will be accepted, but is not a 100% guarantee. The preapproval process involves a soft credit inquiry, but when you submit your actual application - a hard credit check and possible request for additional information will be initiated.

However, if you have received a pre-screened credit card offer this is because the issuer has judged you suitable based on information from the Consumer Financial Protection Bureau.


Does the Pre-Approval Process Harm Your Credit Score?

If you are looking for a credit card pre approval for bad credit, the last thing you want is for your score to dip lower in the process. Luckily however, the process for preapproved credit cards involves a soft credit inquiry which will not negatively affect your credit rating during the short term.

So, if you want to rebuild your credit and make sure a bad credit score doesn't dip lower - preapproval before the actual application process is essential.

However, to protect your credit score, it is important to make sure that you are only submitting a pre approval request and not placing a complete application for preapproved credit cards.

Make sure to read the fine print and details before committing to anything and don't submit unless you are confident about the repercussions for your credit score.


Does Credit Card PreApproval and PreQualification Mean the Same Thing?

One of the factors you may be confused about when applying for preapproved credit cards is the difference between the terms "preapproved" and "prequalified." These phrases are sometimes used as though they mean the same thing, but they differ a little.

The main difference between the terms concerns who is matching you to preapproved credit cards and the process of doing so.

Credit card preapproval will usually involve potential customers being contacted by the card issuer via email or mail. In this case, the issuer will have already pre-screened the person they are contacting and judged them to be a good possible match for the particular card they are promoting.

Prequalified offers are initiated by interested customers who want to check they meet the criteria of a card before applying. The pre-qualification process is not a credit application or does not provide a reliable judgment of your creditworthiness overall.


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How Do You Start The Process with PreApproved Credit Cards?

So, now that we know how important credit card preapproval for bad credit is and what it does - how exactly do you start applying?

Well, there are some online tools you can use to check which US credit card issues offer preapproved credit cards. A credit card comparison tool such as those offered by Experian will give you a rundown of the cards which may be able to offer you preapproval.

You can also use a service such as OptOutPrescreen.com to opt-in to receiving offers from issuers offering preapproved credit cards which may be a good fit for you.

You can also check the individual sites for card issuers to browse the preapproved credit cards on offer and see if the interest rates and fees are a good fit for you. The process will usually proceed as follows:

  • Select which preapproved cards for bad credit you are interested in by visiting the card issuer's website and beginning the preapproval process.
  • Supply the issuer with the information they need for preapproval, including your name and address, social security number, employment details, and income.
  • If you are preapproved, review the credit card offer you receive and compare it against those of competitors.
  • Decide which preapproved credit card is the best fit for you and submit your application.


How to Apply for Discover Pre Approval?

You can easily apply for Discover Pre Approval on a variety of Discover credit cards through the issuer's website. The information that is initially required when applying for Discover card preapproval includes:

  • Name and Address
  • Date of Birth
  • Whether you are a student
  • How much do you spend on your monthly house payments?
  • Your total annual income
  • What card benefits you are interested in - e.g., Balance Transfer, Cash Back, Travel Rewards?

Discover will then use this information to match you with the best preapproved credit cards for you to consider.


How Can You Increase Your Chances of Success with Preapproved Credit Cards?

Whether you are looking for credit card approval for bad credit, or are simply feeling nervous about how a rejection may affect your score, some factors are likely to affect your pre approval.

What Credit Rating is Likely to be Succesful?

Obviously, the higher your credit score rating, the more successful you are likely to be. The majority of card issuers are likely to approve a credit score of 740 and above. If you want to improve your score so that you have a higher level of success, then you can work on building your credit with the following:

  • Make sure your payments are on time.
  • Try to limit how much credit you are currently using.
  • Check your current credit reports and take action to correct false information which may be affecting your score.
  • If you are in a position, you can increase your available credit to improve your credit utilization ratio.
  • Apply for preapproval with issuers you already have a credit history and relationship with.



Summary - Speed Up Your Credit Card Approval

To increase your chances of a successful credit card approval for bad credit, you need to come up with a definite plan to improve your credit score and ensure you don't harm it further with unsuccessful applications.

Discover pre approval credit cards are a great place to start. By inputting a few details, you can get started by looking at the preapproved credit cards which match your income and outings. Make sure that you are cautious and don't apply for cards before you feel confident about your chances of success.

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