Have you ever acquired a letter or an e-mail telling you that you just’re pre-qualified for a Capital One bank card and that you must go toalong with your particular code to entry your supply?
Did you assume that meant you had been already pre-approved for the cardboard and all you needed to do was soar on the positioning and say, “Yeah, gimme the cardboard!”
Nicely, it would possibly be simply that simple, however the reality is that a pre qualification is not the identical as a pre approval, neither in Capital One’s world nor on this planet of some other issuer.
Right here’s the distinction:
- A pre-qualification is basically a method of letting you understand that you just’ve made it via some screens that Capital One has used to establish potential new clients. Possibly they did a “gentle” examine in your credit score historical past (doesn’t affect credit score rating) to see in case your credit score rating met a sure threshold that they use to search out customers who’re seemingly to be accepted. Nevertheless, no determination on approval is definitely made till you apply.
- A pre-approval would imply that you’ve got already been accepted for a card and that every one you must do is ask to have it despatched to you. In actuality, nevertheless, there isn’t any such factor as a pre-approved card as a result of Capital One (or some other issuer) at all times requires its clients to confirm the knowledge it has about them. As well as, as soon as a “preapproved” buyer really requests a card, a “laborious pull” is finished on their credit score report, that means the issuer takes a extra in-depth take a look at the applicant’s credit score historical past. (And the applicant’s credit score rating takes a minor hit.) At this level, the applicant may nonetheless be rejected if one thing on the credit score report has modified within the current previous, or for some other purpose of Capital One’s selecting.
Backside line: Being pre-qualified means you usually tend to be accepted by Capital One than a random applicant who has not been pre-qualified, however there may be NO GUARANTEE.