Preapproved Credit One Bank cards: How to qualify
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Credit One Bank is often best known for its credit cards that focus on rebuilding credit. However, the bank also offers cards for average to excellent credit, many of which feature rewards and other perks.
If you’re interested in a Credit One Bank credit card, it’s easy to check if you qualify for a card without triggering a hard inquiry. The issuer actively sends out preapproved credit card offers in the mail, and you can also prequalify for a card on the Credit One Bank website or through tools like Bankrate’s CardMatch™.
How Credit One Bank approaches preapproval vs. prequalification
The terms “preapproval” and “prequalification” can be used differently or interchangeably depending on the issuer. According to Credit One Bank, the difference lies in whether the bank or the consumer initiates the process.
For preapproval, the issuer has done a soft credit inquiry — which doesn’t affect your credit score, unlike a hard inquiry — to determine your approval odds for a particular credit card. If you meet an issuer’s requirements for a card — by having a certain credit score or profile — the issuer may then send you a preapproval offer in the mail inviting you to apply for a credit card.
For prequalification, the consumer initiates the process. Most issuers, including Credit One Bank, allow you to answer a few questions online to see which cards you may prequalify for. However, being preapproved or prequalified for a particular card doesn’t mean that you’ll be approved for the card when you apply.
Which Credit One Bank cards can you get preapproved or prequalified for?
Unlike some issuers, Credit One Bank lists recommended credit scores for each of its credit cards on its website. That makes it a bit easier from the start to know which cards you might be able to get preapproved or prequalified offers for.
When you go to the Credit One Bank website, you can click “See if You Pre-Qualify” to head to the prequalification page. Then, fill out the form to see which cards you may qualify for.
For instance, if you have a bad to fair credit score, the issuer may recommend the Credit One Bank® Platinum Visa® for Rebuilding Credit*. If you have at least a good credit score, you may prequalify for Credit One Bank® Platinum Rewards Visa® with No Annual Fee or another rewards credit card.
How to prequalify for a Credit One Bank card
There are two ways to check for offers you’re prequalified for. Note, however, that being prequalified for a card doesn’t guarantee approval. It only shows that you’re likely to be approved based on your credit and other factors.
Check for offers on the Credit One Bank website
It’s easy to get prequalified for a Credit One Bank credit card. All you have to do is provide some personal information to the bank so it can perform a soft inquiry. Soft inquiries only require some basic information and don’t have any impact on your credit score, unlike a hard inquiry, which may knock off a few points.
You can go directly to the Credit One Bank prequalification page. On the page, you’ll be asked to provide some personal information like your full name, mailing address, email address, date of birth and Social Security number. Then, click “See Card Offers” to get a list of Credit One Bank cards that you’re most likely to get approved for.
Check for offers on CardMatch
You can also find cards you’re prequalified for using CardMatch, a tool that provides credit card offers tailored to your credit profile and interests. To use the tool, you’ll enter some basic information like:
- What you’re looking for in a credit card (such as rewards or rebuilding your credit)
- How you plan to use your credit card
- Whether or not you’re willing to pay an annual fee
- Employment status and income
- Any monthly payments you have (like rent or mortgage)
- Your full name, mailing address, email address and the last four digits of your Social Security number
Once you’re done filling out the form, you’ll be matched with qualifying credit card offers from various issuers, including Credit One Bank. Since there’s no impact to your credit score through using this tool, this is an excellent way to shop for your next credit card. The best part is, you’ll see options besides Credit One Bank cards, which can help you make a more informed choice.
How to boost your chances of preapproval or prequalification
If you’re just starting your credit journey or if you’re working on rebuilding your credit, you might feel nervous about your credit card approval odds with Credit One Bank or other issuers. Fortunately, there are steps you can take to improve your odds.
Check (and build) your credit score
Before you can start working on your credit, you’ll need to know where it currently stands, and you’ll need to keep tracking it over time. Building your credit score will help you to have more credit and loan opportunities (with better terms) in the future.
While it’s possible to get approved for select Credit One Bank credit cards even with a poor FICO score (below 580), you may be able to qualify for better cards, like rewards cards, if your credit score is at least in the good range.
Pay all of your bills on time and in full
Your payment history is the most crucial aspect of your credit score. If you currently have any loans or credit cards, make sure you’re making all of your payments early or on time.
Keep your credit utilization low
To help your credit further, lower your credit utilization ratio — or, how much you owe in relation to your credit limits. Your credit utilization ratio is the second most important credit score factor, and it’s recommended to keep it below 30 percent to make sure it’s not hurting your credit.
Pay off credit card debt
Make an effort to pay down any credit card debt as soon as possible because carrying debt hurts your credit score. To do this, you may want to consider a credit card that offers a 0 percent intro APR on balance transfers for a select timeframe (usually 12 to 21 months).
Count your household income
When you’re applying for a credit card, you can list your household income as opposed to your personal income. This can help you bump up your approval chances.
Avoid applying too often
If you apply for multiple credit cards in a short period of time, credit card issuers may see it as a sign that you’re trying to borrow funds in a dire financial situation — and you might not be able to pay them back. For that reason, try to limit your credit card applications to no more than one application every six months, or even one application per year.
The bottom line
It’s easy to check for prequalification offers from Credit One Bank, so it can be a good option to consider if you’re looking for a new credit card. This is especially true if you have a poor or fair credit score since you can check for offers without any impact to your credit. Still, remember that preapproval or prequalification doesn’t guarantee you’ll be approved for a card. Plus, when you do apply for a card, you’ll still face a hard inquiry whether you’re approved or not.
Keep these aspects in mind when you’re shopping for a new credit card. However, while it’s good to stay on top of available offers and see what you might prequalify for, it’s best to commit to applying only when you’re certain it’s the right time — and the right card.
*The information about Credit One Bank® Platinum Visa® for Rebuilding Credit has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.