How To Get An Amex Prequalify? Is It Really Worth It?

Multiple American Express cards are popular for offering strong rates of earning, generous amount of bonuses, and, at the same time, cash discounts on the purchases that are made through the Amex Offers program. With such winning programs, it is not a wonder why their cards are so popular.

However, with higher benefits, the approval standards also increase. There is never a guarantee that you will receive the card that you wish for, and even applying for the same holds a small risk.

If you formally apply for an Amex card, you will have to go through an inquiry about your credit report, which may lower your credit score and make credit applications in the future a lot more complicated. Knowing that you hold a strong chance of success could help in easing the anxiety that comes with the decision.

Getting an Amex prequalify or pre-approval may not be an official commitment, but it is an excellent way to know that you are a highly qualified applicant. If you have received one such offer, American Express is hinting that it considers you as someone who is worthy of its credit and a valuable customer while giving you an above-average approval opportunity.

What Is Amex Prequalify And How Does It Work?

Getting an Amex prequalify does not guarantee that you will get approval for the card as well. However, it does indicate that you stand a better chance compared to others.

For any credit card, the prequalification determination comes after the issuer of the card, which in this case is American Express, has the primary financial information, like the credit score of the applicant, their payment history, etc., to judge your ability to receive one of their cards.

If you do get prequalified, you will get a prescreened offer mailed to you by the credit card company, or you can simply visit their online website to check for your prequalification status.

Amex prequalify or pre-approval generally comes with a soft credit check that does not affect your credit score. American Express will request some information on your financial portfolio from three major credit bureaus, which include TransUnion, Equifax, and Experian.

If you do decide to apply for an Amex credit card after getting a prequalification notice, you need to submit an official application and provide more information, like your income, your Social Security number, and monthly mortgage or rent expenses.

Once you have officially applied, American Express will be conducting a hard credit inquiry. Hard inquiries generally drop your credit points; therefore, think twice before you jump into a pre-approval offer.

Difference Between Amex Prequalify vs. Amex Preapproval

When we talk about credit cards, prequalify and preapproval are generally used in an interchangeable manner, which solely depends on the card issuer. But in other cases, they indicate different things.

Preapproval may inculcate a more expanded process where the issuer of the credit card engages with a credit bureau to match your profile with a specific credit card. Because the issuer of the credit card has more in-depth information about you, there is a higher chance of getting approved if you have already gotten a preapproval. Prequalification, on the other hand, could refer to a more exterior review done by a credit card company independently.

There also exists a third term, which is known as preselection, which indicates that the chances of approval are at their lowest. However, before you get your hopes high, Amex prequalify, preapproval, or preselection – none of these can guarantee you the approval of an Amex credit card.

How To Increase Your Chances For Amex Prequalify? 

The logic is simple. The higher the credit score you have, the higher your chances will be to get an Amex prequalify or preapproval. There are multiple things that you may do to improve your credit score before you undergo the process of preapproval, such as paying for loans in full and on time or constantly paying your credit card.

If you do not have a credit that you need to pay off, go for a credit builder loan or a secured credit card. Both these products are curated to establish or rebuild credit scores and do not need any high standards to qualify either. A secured credit card may also give you access to a credit line, which will help in contributing to your credit utilization, which means how much debt you have now vs. how much credit is available to your name. You must always strive for a credit utilization that is below 30% to keep the credit score positive.

How To Apply For An American Express Credit Card? 

Once you compare all the available options that you find on American Express’ website and select the card that you wish to have, you need to fill out an application.

Here are the steps that you may follow:

• Select the “Apply now” button on your desired option.
• Provide the information that is on request on the application form.
• Submit the form once you complete it.
• Provide any additional data or documents that American Express might ask for in order to confirm your legal status and identity.

The entire process of applying for an American Express card will take you not more than ten minutes. Just a few minutes after you successfully submit the application, the Express Approval system will approve if your request has been approved.

How To Get An Amex Pre Approval? 

You can easily see if you are prequalified for an Amex card by just visiting their website.

You may also receive a targeted approval offer through your mailbox or your email.

Additionally, you may also get in touch with American Express directly to check if you are prequalified for its credit cards. It is more like a way to measure eligibility.

Once you get prequalified, you may apply for the card online. You will need to provide some additional information, but Amex will generally approve or reject the credit applications reasonably quickly. Once again, applying for the same will result in a hard credit inquiry, which will result in a temporary drop in your credit score.

The Bottom Line 

Checking how eligible you are for an Amex prequalify or preapproval may give you an accurate picture of the chances of approval without going through with a hard credit inquiry, which will harm your credit score.

American Expression is one of the credit giants in the world. It’ll give you the opportunity to check your Amex prequalify eligibility. You can do it online or through targeted ads sent to you electronically or through the mail.

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