Pre-approval for credit cards is a beneficial process that assesses your eligibility before you formally apply, thus preventing unnecessary 'hard' searches on your credit report. These hard searches can damage your credit score if they accumulate, as they suggest financial instability or dependency on credit. Pre-approval uses only 'soft' searches, which do not affect your credit score, allowing you to maintain a healthy credit status. Knowing you are pre-approved also provides details like APR and credit limits, helping you make better-informed decisions when selecting a card. This process not only enhances your chances of acceptance but also protects your credit score by minimizing hard inquiries.
Read the full article here.