Pre-Qualified vs. Pre-Approved: What’s the Difference?

Pre-qualification and pre-approval are two ways to check the likelihood of being approved for a type of loan or credit card.  

For credit cards, issuers might use the terms pre-qualification and pre-approval interchangeably. Neither pre-qualification nor pre-approval typically impact your credit score. But, depending on the lender, pre-approval may be a slightly more rigorous process and require more information. Here’s what you need to know about pre-qualification and pre-approval. 

What does pre-qualified mean?

Pre-qualifying for a credit card means the card issuer has done a preliminary review of your credit and decided that you may be eligible for a particular card. 

To pre-qualify, you may need to provide basic financial information like: 

  • First and last name 
  • Email address 
  • The last four digits of your Social Security number (SSN) 
  • Mailing address 

When you submit a request to pre-qualify for a credit card, the issuer performs a soft credit inquiry, which won’t impact your credit score. You may also get pre-qualified offers by mail or email.  

Getting pre-qualified doesn’t guarantee that you’ll be approved if you apply, but it does mean you’re likely to be approved.  

What does pre-approved mean?

Like pre-qualification, pre-approval means a card issuer has reviewed your credit and decided you may qualify for a particular card. Card issuers may send a notice of pre-approval in the mail or via email to consumers who they believe may meet a card’s eligibility requirements. If you receive a pre-approval offer, you can respond to the card issuer by formally applying for the credit card. 

A pre-approval is not a guarantee that you’ll be approved; it simply means you may be more likely to be approved based on the financial information the card issuer obtained. Like pre-qualification, the pre-approval process generally triggers a soft inquiry on your credit report, meaning there won’t be any impact on your credit score until you officially apply. 

Pre-qualification vs. pre-approval

Whether being pre-approved and pre-qualified for a credit card mean different things can depend on the card issuer. In general, there aren’t many differences between pre-qualification and pre-approval when it comes to credit cards. For some issuers, pre-approval may involve a more rigorous process than pre-qualification, but that is not always the case.  

In some cases, pre-approval is initiated by the card issuer, meaning you’ll receive outreach via physical mail or email. Pre-qualification, on the other hand, is initiated by the consumer by completing a pre-screening form, calling the card issuer, or stopping into a physical location. 

Does pre-qualification or pre-approval affect your credit score?

Since pre-qualification and pre-approval typically only require a soft credit inquiry, there is generally no impact to your credit score.  

If you pre-qualify or are pre-approved and decide to officially apply for the card, applying generally triggers a hard credit inquiry, which could decrease your score by a few points for up to a year and stay on your credit report for up to two years.  

How to find out if you’re pre-qualified or pre-approved

There are several ways to check pre-qualification and pre-approval. 

  • In the physical mail or via email: Card issuers may send you a pre-approval offer via mail or email 
  • Online: You may be able to submit a pre-qualification screening form on the card issuer’s website 
  • Over the phone or in person: You can call the card issuer directly to discuss pre-qualification, or, if you live near a branch, stop by to ask about cards you might pre-qualify for 

Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.

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