Before applying for a credit card, everyone wants to be sure that they stand a high chance to get it. The blind application for a card that’s out of your league could leave you with bad credit, especially if it is rejected. To know if a Capital One credit card is suitable for you, you need to prequalify.
If you are asking how to prequalify for a Capital One credit card, it could be done in two ways. The first involves the banks themselves going to the credit reference bureaus to seek out information about potential customers. If you are listed among the potential customers, Capital One will write to you asking that you apply for a credit card.
The second way to prequalify is initiated by you, the potential customer. You fill in your information on a designated web page, agree to the terms and conditions and submit.
It doesn’t matter how Capital One accesses your information. Either way, it will assess you in terms of your age, income, employment status, and credit history.
How to Prequalify For a Capital One Credit Card?
Step 1. To prequalify for a Capital One credit card, all you need to do is go to the designated Capital One web page, Capital One pre-qualified credit card offers, where the process takes a mere 60 seconds.
Step 2. You will be required to enter your name, date of birth, social security number, and residential address.
Step 3. At this stage, you will select between travel rewards, cash back, or low-interest credit card by checking a box.
Step 4. You will have to rate your credit level based on whether it is excellent, average or rebuilding.
Step 5. After checking the box to confirm that you understand you are not making an application, you will click “See You Card Offers“.
Does Pre-Approval Affect Your Credit Score?
Get this from the start. Prequalifying for a Capital One credit card doesn’t affect your credit score. It is not a credit card application but rather, a “Soft” inquiry to find out whether you are suitable for a particular credit card.
While the inquiry for information by the lender will be part of your credit report, it has no impact on your credit rating.
When you eventually complete the application for a credit card, Capital One will be at liberty to do a “Hard” inquiry on your credit history. The hard inquiry will form part of your credit report and impact your credit rating for between 6 and 12 months.
Related: Things to Know Before Getting a Credit Card with Bad Credit.
When Should You Apply For A Capital One Credit Card?
Once you receive a notification in the mail that you have been pre-qualified for a Capital One credit, you can go ahead and fill in the application form. Since you will get suggestions on the cards you qualify for, you won’t have to engage in unnecessary guesswork.
So what are you waiting for? Go to the Capital One website and fill in the pre-approval application. After the simple 60-second process, you can sit pretty and wait for the pre-approval notification to arrive in the mail.
I have been granted the pleasure to carry the credit one card for over 6 months. it has been awesome to use and the frauds department has been on top of all my issues with a bogus charge to my account. so, thank you very much.