What Credit Card Pre-Approval means?
Well, Banks create certain pre-qualified lists by buying marketing lists every month from a credit bureau. They buy the names of people who would meet their credit criteria and keep that list.
They conduct a soft inquiry that provides the bank with some basic credit information, including your score. Based upon the information in the credit bureau! Based of that, the bank determines whether or not you have been pre-qualified for a credit card.
Benefits of Pre-approved Credit Cards
Pre-Approved credit cards are extremely useful for people who have considerably good Credit Information Company (CIC) scores.
Also, if you’re not satisfied with your current credit card in the form of cashback and rewards, these may be useful! But a lot of research is necessary.
How to get Credit Card Pre-Approved?
Pre-Approved credit cards is one such opportunity. If you check every mail that you receive in your mailbox online, you will find it loaded with at least two to three offers of such credit cards.
Everyone receives these offer. What is it that needs to be done with these offers? Whether to reject them or go for it, depends solely on you!
But don’t worry if you haven’t received a pre-Approved credit card offer in the mail! It doesn’t necessarily mean you don’t qualify for one.
Some credit card issuers made it easy to find out whether you’ve been pre-Approved for a credit card or not.
You just have to enter your basic information like – your name and last four digits of your social security number to see which credit cards, if any, you may qualify for.
Once you apply for it via your email or directly by any issuer, the credit card issuer will take a closer look at your credit history. He/she will inspect the information on your application & will thus decide whether you actually qualify for the credit card or not!
In the best case, you’re approved for the credit card with the same terms that were listed in the offer letter. But in others, you may be approved, but with less favorable terms than what were listed on the offer.
Sometimes you may get mails about Pre-Approved Credit Limit increase. Don’t reach out to them!
While an increased limit can potentially improve your credit score, it’s probably better to keep your available credit low. It will prevent you from going into further debt.
This is all you need to know about Pre-Approved Credit Card. Hope you got all the Information you needed!! If you wanna give some essential part of information about it, feel free to do so.
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