Are Pre-Qualified Credit Card Offers Guaranteed to Get You Credit?

Has a cashier ever said that you’ve been pre-qualified for a line of credit? If so, you may have wondered how the store knows you qualify before you’ve even applied!

Often, point-of-sale credit card offers are made because you’ve previously signed up for a rewards program. Many retailers then make a soft inquiry on your credit, and if you meet their criteria, they pre-qualify you based on your current circumstances. This means you are (probably) good to go; however, if your circumstances have changed, their acceptance offer might be for a reduced amount or retracted entirely.

Should or shouldn’t you apply?

If you can risk a hard inquiry and the card’s terms suit you (Always read the terms and conditions.), then the offer is probably worth considering. Store-branded cards are just like any other credit card, so if you use them responsibly, the overall increase in available credit just might help your score. Also, how they frequently come with special savings programs makes them pretty appealing! But ultimately, only you can decide which cards are best for you.