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It can be frustrating when you apply for a rewards credit card only to suddenly get your application rejected. Luckily, getting pre-approved for a credit card can help you determine your chances of being approved without actually applying. Best of all, it won’t hurt your credit score and it only takes a few minutes to verify.
Capital One offers great credit card offers for both first-time credit card holders and consumers looking to make the most of their credit card rewards, including a simple cash back credit card, a great travel credit card, and a points-earning rewards card. If you’re interested in a Capital One credit card, going through the pre-approval process can help you save time, protect your credit, and receive targeted rewards that will introduce you to the right card based on your credit score and borrower profile.
You can quickly and easily see which cards you might be pre-approved for by using Bankrate’s CardMatch tool. You can also get pre-approved for credit card offers on Capital One’s website. Either way, it only takes a few minutes to see if you’re pre-approved for a particular card.
What is a credit card pre-authorization and how does it work?
When you apply for a credit card, lenders typically do a hard pull on your credit before deciding whether to approve your application. If your application is rejected, not only will the lender prevent you from opening a credit card, but a hard pull can also have a negative impact on your credit score. A hard query temporarily drops your credit score by a few points, which can be especially frustrating if your credit score is on the brink of moving from average to good, or from good to excellent. A temporary drop in your credit score can also make it harder for you to get competitive card offers in the future.
Getting pre-approved, or pre-qualified, for a credit card allows you to see if you qualify for a particular card before officially applying. This is useful because it lets you know what kind of credit cards you can qualify for without negatively impacting your credit score. It also gives you the confidence to apply for a card that meets your needs. While pre-approval doesn’t guarantee that your credit card application will be approved, it is a strong sign that the lender is willing to approve your application.
How to Get Pre-Approved for a Capital One Credit Card
There are a few ways to get pre-approved for a Capital One credit card, including using Bankrate’s CardMatch tool or pre-qualifying for a card on Capital One’s website.
Check out offers with Bankrate’s CardMatch tool
One of the easiest ways to find out if you’re pre-approved for a Capital One credit card is to use Bankrate’s CardMatch tool. To use this tool, you’ll need to provide some basic information about yourself, like your name, address, and the last four digits of your Social Security number. Bankrate’s secure tool will then present you with a personalized offer based on your borrower profile.
The pre-approval process only triggers a soft pull, so your credit isn’t affected. Plus, you can compare offers and rates across multiple credit cards to quickly and easily apply for the card that’s best for you. Learn more about how to use CardMatch here.
Get pre-qualified on Capital One’s website
You can also get pre-approved for a Capital One card directly through the Capital One website. Like the CardMatch tool, you’ll need to provide some personal information, like your name, address, and Social Security number. You’ll also need to provide information about your income, expenses, and employment status. The lender will then let you know whether you’ve been pre-approved for a Capital One credit card.
Other ways to get pre-qualified for a Capital One credit card
There are a few other ways to get prequalified for a Capital One card. If you received a qualification flyer in the mail, you can apply by following the instructions on the card. You can also visit a physical bank branch to speak with a representative in person to learn more about your options.
Best Capital One Credit Cards for Prequalified Offers
Capital One offers a great credit card for borrowers, whether they’re looking to earn general cash back, miles for travel, or rewards for spending in certain categories.
How to increase your chances of getting pre-approved
While pre-approval is a great way to find out what cards you can apply for without hurting your credit, you won’t be pre-approved for every card you want. Here are some things you can do to boost your credit score and increase your chances of being approved.
Pay your credit card bills on time
One of the most important factors that impact your credit score is your history of on-time payments. Making consistent, on-time payments every month can help your credit. On the other hand, a few missed or late payments can have a serious negative impact on your score. To improve your chances of pre-approval, make it a priority to make on-time payments every month.
Reduce your credit utilization ratio
Your credit utilization ratio is another important factor that affects your credit score. The higher your credit utilization ratio, the worse your credit score. You can lower your credit utilization ratio by reducing your credit card balances and paying off your debt. Opening a new credit card can also help lower your credit utilization ratio, as it increases the amount of credit available to you.
Sign up for Experian Boost
Utility bills don’t typically appear on your credit report, but that doesn’t have to be the case. Sign up for Experian Boost to receive rewards for your on-time utility payment history. This service from Experian allows consumers to include monthly bills, such as utility and phone bills, on their Experian credit reports. Simply paying your utility bills on time every month can help improve your credit score.
Conclusion
Capital One has a variety of great rewards credit cards, including travel cards, cash-back cards, and cards in between. For borrowers with less-than-stellar credit, these cards can be tough to get. But you can get one without having your application rejected or subject to unnecessary hard credit pulls. To see if you qualify without hurting your credit, get pre-approved using Bankrate’s CardMatch tool or visit Capital One’s website.
