Getting preapproved can seriously take a burden off your mind if you are planning on getting a credit card.
The normal process of getting a credit card works by filing an application for your desired credit card at the corresponding bank. However, this method can have an unexpected outcome, leaving you depressed and hateful towards that bank.
Although fair credit history greatly improves your chances of getting a credit card, sometimes you get a rejection due to some reason other than the credit score. Therefore, you just need to apply for the right credit card to get it.
One way of knowing whether you qualify for a certain credit card or not is to get pre-approved, and this is what we are going to detail out in this short article.
What Is Pre-Approval For A Credit Card
Pre-approval, simply stated, is to get a soft approval for a credit card. If you are pre-approved, it means the bank has glanced at your details and thinks that you have considerable chances of making through the detailed screening for the credit card. An example of Good credit Card is Double your line.
Note: Getting pre-approved doesn’t guarantee that you’ll get approved for the credit card for sure.
As applying for and getting rejected for a credit card again and again can seriously damage your credit score, so you should take a safer route. Especially, if your credit score is around average.
Channels For Getting Pre-Approval Offers
Primarily there are two ways to get a pre-approval for a credit card and these are described below.
Pre-Approval By Mail
Banks normally borrow details of customers from credit bureaus and all those customers who, the bank thinks, have a considerable chance of qualifying for a credit card and contact via direct mail.
Replying to an offer received via direct mail doesn’t mean you’ll get the credit card, because detailed screening may reveal some aspects of your credit history that the bank doesn’t deem suitable for the credit card.
Pre-Approval By Online Method
There are several banks that allow you to get your pre-approval by simply filling a form at their websites. For example, Capital One, Bank of America, Discover, Platinum Offer, etc. are a few to name.
Although these websites can give you instant pre-approval still it doesn’t mean you’ll get the credit card if you apply for one. Deep screening requires a lot more information regarding your credit history and income streams, which is not considered during the pre-approval process. Therefore, this information might not suit the schemes and credit card programs of the bank, getting you a rejection.
Final Words On Getting Pre-Approval For A Credit Card
Although getting a pre-approval can seriously lift your mood, a rejection doesn’t mean end-of-opportunities for you. There is still an option of getting started with a secured credit card to build up your credit score and then move on to an unsecured credit card.
On the contrary, if you are in need of quick cash then personal loan schemes are much more suitable for you, but keep in mind the high-interest rate.