Advertiser Disclosure

Banks.com » Credit » Credit Cards » What Is a Preapproved Card Offer?

What Is a Preapproved Card Offer?

Written by Allison Martin

Allison Martin is a personal finance enthusiast and a passionate entrepreneur. With over a decade of experience, Allison has made a name for herself as a syndicated financial writer. Her articles are published in leading publications, like Banks.com, Bankrate, The Wall Street Journal, MSN Money, and Investopedia. When she’s not busy creating content, Allison travels nationwide, sharing her knowledge and expertise in financial literacy and entrepreneurship through interactive workshops and programs. She also works as a Certified Financial Education Instructor (CFEI) dedicated to helping people from all walks of life achieve financial freedom and success.

Updated December 18, 2023​

2 min. read​

preapproved card offer

You want to apply for a credit card without hurting your credit score but aren’t sure if it’s possible. The reality is that anytime you formally apply, the lender will do a hard credit pull or inquiry that could ding your credit score by a few points. However, you may be able to get preapproved first to view your approval odds, so you’ll know if it’s sensible to apply or move on to other options.

Loading... Loading...

What is a Preapproved Credit Card Offer?

A preapproved credit card offer is generated when you visit the credit card issuer’s website, input a few key details, and they screen your credit profile.

Preapproved vs. Prequalified Credit Card Offers

Although the terms are often used interchangeably, there’s a difference between preapproved and prequalified credit card offers. Unlike preapproved credit card offers, prequalified offers result from creditors reviewing your financial and credit history and predicting that you have a solid chance of qualifying if you apply. Still, there are not as strong as preapprovals since the credit card company hasn’t yet pulled your credit profile.

Do Preapproved Credit Card Offers Hurt Your Credit?

No. Credit card companies only conduct a soft credit pull or inquiry that doesn’t impact your credit score when determining if you’re preapproved. But if you decide to move forward with the application process, a hard inquiry can slightly drop your credit score, but the effect lessens over time.

How to Get Preapproved for a Credit Card

You can spend hours browsing the web for credit cards that may work for you, but there’s an easier way to get preapproved. Consider using Experian CreditMatch, an online tool that lets you view personalized credit card and loan offers without hurting your credit score.

Sign up for Experian today to access CreditMatch and view pre-approved offers that could be a good fit based on your financial profile.

Improve Your Credit Score to Get Better Offers

You can also work towards improving your credit score to make your profile more attractive to creditors and lenders. There are several ways to do this, including:

  • Making timely payments on all your accounts.
  • Bringing any past-due accounts current.
  • Keeping the utilization on your credit card accounts at or below 30 percent – 10 percent is even more ideal.
  • Maintaining a healthy mix of revolving and installment credit.
  • Refraining from closing old credit accounts.
  • Only applying for new credit as needed.

If you signed up for a free Experian account, it also includes an assortment of tools and resources to help you keep tabs on and improve your credit health. As a part of the free membership, you’ll get free credit monitoring, monthly Experian credit report and score updates, credit score tracking and FICO Score alerts.

You can also take advantage of Experian Boost to potentially raise your FICO score for free. Here’s how it works:

  • Step 1: Sign up for a free Experian account.
  • Step 2: Link the bank account that you primarily use to pay bills.
  • Step 3: Select the eligible accounts with positive payment history that you want Experian to include in your credit profile.
  • Step 4: Boost your credit score and view your results right away.

If you haven’t yet already done so, sign up for a free Experian account today. It’s fast and simple, and you aren’t required to put a credit card on file. Or you can access your free report and score if you’d prefer not to register for an account.

Loading... Loading...

Advertisement Disclosure

Product name, logo, brands, and other trademarks featured or referred to within Banks.com are the property of their respective trademark holders. This site may be compensated through third party advertisers. The offers that may appear on Banks.com’s website are from companies from which Banks.com may receive compensation. This compensation may influence the selection, appearance, and order of appearance of the offers listed on the website. However, this compensation also facilitates the provision by Banks.com of certain services to you at no charge. The website does not include all financial services companies or all of their available product and service offerings.
×