Checking Pre-Qualification

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ajcarter
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Checking Pre-Qualification

Postby ajcarter » Wed Jan 22, 2014 4:29 pm

Hey!

Quick Question,

I am fairly new to the whole credit application and credit management process, so please bear with me as I figure this out

I wanted to know does checking if you "pre-qualify" for a card affect you credit history?

I usually get a bunch of credit card invitation in the mail, and threw them out - but now that I need a card (my first), I don't get any. However a lot of the credit card companies have an online tool that checks if you have any offers pending. Would using this tool show up on my credit report?




Thanks!


daniel2304
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Postby daniel2304 » Wed Jan 22, 2014 5:15 pm

I do not think that there is a way to know exactly that which card you're pre-qualified for. Even with the pre-qualified invitation, it is still highly likely that you will get the card, not guaranteed. Pending offers would rarely be involved in decision-making.

From what you said about this would be your first card, I assume your credit history is zero. Then in this case, you will need a secured credit card or become an authorized user on someone else's card. Later on, you can apply the following approach to apply another card.

I would suggest that you figure out where you're standing at right now, and which card will fit your needs. Only you can know best about this. You can ask yourself some questions such as:
1/ What is my credit score and how long have my credit history been established?
2/ Am I clear about derogatory marks?
3/ What do I need a card for? (daily use? earn rewards? or social status, well, you know what I'm talking about)
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

MemberSince99
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Postby MemberSince99 » Wed Jan 22, 2014 5:23 pm

It would only show on your report if they do a soft inquiry, and that would be seen under "Inquiries seen only by you". No one else will see that. So you will see it, IF you directly look at your credit report from each bureau, but no one else can. Thus, I think what you are asking is will anyone else know, and the answer is they won't.


So don't worry about using the pre-qualify tools. I've used a lot of them and never had an issue.

ajcarter
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Postby ajcarter » Wed Jan 22, 2014 11:04 pm

daniel2304 wrote:I do not think that there is a way to know exactly that which card you're pre-qualified for. Even with the pre-qualified invitation, it is still highly likely that you will get the card, not guaranteed. Pending offers would rarely be involved in decision-making.

From what you said about this would be your first card, I assume your credit history is zero. Then in this case, you will need a secured credit card or become an authorized user on someone else's card. Later on, you can apply the following approach to apply another card.

I would suggest that you figure out where you're standing at right now, and which card will fit your needs. Only you can know best about this. You can ask yourself some questions such as:
1/ What is my credit score and how long have my credit history been established?
2/ Am I clear about derogatory marks?
3/ What do I need a card for? (daily use? earn rewards? or social status, well, you know what I'm talking about)


Well, I was trying to shy away from the secured card because most entities don't accrue interest on your deposit, so I was planning on just keeping it in my saving account. So I was planning on applying again for the student card. I do have a pretty steady income and pretty financial savvy so I won't carry a balance, but daily uses like grocery or small purchases that I normally make with my current debit card. I don't care much about social status or whatever - I'm a pretty low-key guy

ajcarter
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Location: New York

Postby ajcarter » Wed Jan 22, 2014 11:05 pm

MemberSince99 wrote:It would only show on your report if they do a soft inquiry, and that would be seen under "Inquiries seen only by you". No one else will see that. So you will see it, IF you directly look at your credit report from each bureau, but no one else can. Thus, I think what you are asking is will anyone else know, and the answer is they won't.


So don't worry about using the pre-qualify tools. I've used a lot of them and never had an issue.


Perfect! Thanks, I guess I'll go ahead and use those. Just to see which students card I should apply for.



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