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Credit cards can be tools to help you build your credit score and smooth your finances. But in a market with a seemingly endless list of choices, choosing a credit card can feel like a daunting task. This is where Capital One’s preapproval process can help.
Without impacting your credit score, you can get an idea of which credit card you might qualify for and then decide if you want to apply. Here’s what you need to know.
How To Get Preapproved For Capital One Credit Cards
To begin the preapproval process for Capital One credit cards, start by going to the preapproval page.
The preapproval page lets you view available options, including current welcome bonuses. Capital One takes you through questions to determine which cards might best fit your needs. After that, you’re able to see a list of pre-approved offers. You can choose one, fill out a short application and determine whether you qualify for the card.
Information you’re asked to provide as part of the process includes:
- What is your purpose for the card? The Capital One website lets you choose up to two goals for your credit card, including building credit, getting travel rewards or receiving cash back. You can also indicate whether a new member bonus or low interest rate is important to you.
- Your personal information. Following the purpose, you go through eight more steps where you provide information about your name, address, email, phone, employment status, education level, income, housing payment, bank accounts, birth date and Social Security number.
In the final step, you agree to receive electronic communication about your preapproval, and you agree to a soft credit inquiry. A soft credit inquiry won’t impact your credit score, so you can see which cards you might qualify for without worrying that it will lower your credit score.
How To Check the Preapproval Status Of Capital One Credit Cards
Your results should come back almost instantly. You’ll receive a list of cards that you’re likely to qualify for based on the quick credit pull performed with your information. If you aren’t pre-approved for any of Capital One’s credit cards, you’ll know quickly, and Capital One will send a letter within seven to 10 days, letting you know why you weren’t approved.
In most cases, you’ll know whether you’re pre-approved within 60 seconds — and which cards you’re most likely eligible for.
After you finish the preapproval process, you can choose a card to apply for. Because you already filled out the preapproval information, Capital One has a shortened application. Fill in a few details and find out whether you’re actually approved.
It’s important to realize that once you submit your application, your credit is impacted. As with preapproval, approval usually takes place within 60 seconds. In some cases, Capital One might need to review your application. In that case, you might have to wait for the company to provide you with a decision later. To check the status of your application, you can call 800-903-9177.
How Accurate Is Capital One Credit Card Preapproval?
In general, Capital One credit card preapproval is likely to be fairly accurate. Because you provide your Social Security number and other identifying information, it’s possible for Capital One to get an idea of your credit history and provide you with a reasonably accurate list of cards you qualify for.
As long as you provide accurate information about your situation, you will get a better list of credit cards to choose from. Remember that preapproval isn’t the same as approval. You still need to go through the step of applying for the credit card to get a final decision. However, preapproval allows you to compare different credit card options that you’re more likely to get without having to apply or have your credit impacted.
The Capital One credit card preapproval tool can help you decide which card is likely to fit your needs. Plus, because you have already gone through a preliminary step, you can be reasonably sure—although it’s not a guarantee—that you will be approved for the credit card.
How To Apply For A Capital One Credit Card Without Preapproval
You don’t have to receive preapproval to apply for a Capital One credit card. If you go to Capital One’s credit card page, you’ll see a list of credit cards offered. Capital One provides information about the card and its rewards and whether there’s an annual fee.
You can use a filter to see different cards for various needs, including building credit or earning rewards. Student and business cards can also be compared using the filter. There’s also an option to compare all the cards on one page.
Capital One provides details about its various cards and special offers on one page, including APR and other information that can help you decide what you want to apply for. You can also see what credit rating you need to have to qualify. For example, the Capital One VentureOne Rewards Credit Card suggests that you need excellent credit to gain approval, while the Capital One QuicksilverOne Cash Rewards Credit Card only requires fair credit.
All you have to do to apply is to click the green “Apply Now” button.
However, applying without knowing if you’re pre-approved can be a bigger risk than first using the Capital One credit card preapproval tool. If you apply for a card that requires excellent credit, but your credit rating is good, you might not get the card you chose.
For example, you might apply for the Capital One SavorOne Cash Rewards Credit Card, but get rejected because you don’t have excellent credit. On the other hand, if you used the preapproval tool, you might have been steered toward the Capital One SavorOne Cash Rewards for Good Credit*, which is a slightly different card with less-stringent credit requirements.
Once you apply for a Capital One credit card without preapproval, your credit score is impacted. Depending on your situation, it might make sense to get preapproval first, without seeing an impact on your score, so you have a better idea of what you’re more likely to be approved for in the end.
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Bottom Line
Preapproval isn’t the same thing as approval. However, getting pre-approved for a Capital One credit card can increase the chances that you will be guided to a credit card option that suits your situation and needs. The preapproval process is an informal way to get an idea of what Capital One thinks you’re likely to qualify for, so you have better information when deciding on which credit card to apply for.
Because preapproval doesn’t affect your credit score, you can see various potential options before moving forward. Going through the credit card application process does impact your credit score, so if you don’t go through the preapproval step, there’s a chance that you could be denied a credit card and see a negative impact on your credit.
For many people, using the Capital One credit card preapproval tool can make sense if you want access to better information before putting your credit score at risk.
