What Credit Score Do You Need to Get Pre-Approved for a Credit Card?

NEW YORK - September 21, 2021 - (Newswire.com)

iQuanti: If you're applying for a credit card, you may want to consider a card that offers pre-approval. While it doesn't mean you'll be guaranteed a card, you'll have a good chance of being approved if you choose to apply.

Pre-approval is how credit card companies screen their customers to decide if they are a good fit for the credit card. Typically, pre-approval forms require you to supply basic personal identifying information such as your name and Social Security number to the company, and they will do a soft pull on your credit to learn if you'd be a good customer. This decision is based primarily on your credit score.

Your credit score can dictate if you're pre-approved or not and what your interest rate is. Here's some information about what credit score you need, and different options you may have.

Do I need a high credit score to be pre-approved?

People with all credit scores can get pre-approved for a credit card.

You don't need a high credit score to be pre-approved, but it can improve your likelihood of being approved and get you a lower interest rate. You could also be eligible for other personalized offers, such as a higher welcome bonus.

Each credit card company has its own approval requirements, and while some give applicants an easy way to get pre-approved for all cards, others only give this option for select cards. Some credit cards offer pre-approval with credit scores as low as 630, though others may require 690 or higher.

If you have a specific card in mind, a higher credit score may increase the chances of being approved for that card. Otherwise, research or compare pre-approval qualifications. Some cards may even show you your specific offer, including credit limit and APR, before you apply.

Options if you have a lower credit score

Even if you have a lower credit score, there are options available to you. These cards may be more basic but can help to build or rebuild your credit so you can upgrade to a better card in the future.

• Student credit card: If you're just starting to build your credit, student credit cards are a great first step in establishing a good credit history. These cards are specifically designed for students who don't have a credit score, though in most cases you must show some type of income.
• Secured credit card: With secured credit cards, you provide a security deposit that protects the issuer in case you don't pay your bill. The deposit reduces the risk for the issuer, so they are easier to qualify for even if you don't have an excellent credit score. However, you must show you have a source of income, and it is still possible to be denied.

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Original Source: What Credit Score Do You Need to Get Pre-Approved for a Credit Card?