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Petal® 2 “Cash Back, No Fees” Visa® Credit Card. What Are Instant Approval Credit Cards? An instant approval credit card is designed to provide a rapid decision on your application, often ...
An actual pre-approval requires a hard credit inquiry, which you have to agree to let the lender make because it affects your credit. ... you can work with a bank or lender to get a letter of pre ...
Pre-approval: Pre-approval credit cards use public data and soft credit pulls to tell you if you're pre-approved. While pre-qualifying isn't a guaranteed approval, it indicates a higher likelihood ...
In lending, a pre-approval is the pre-qualification for a loan or mortgage of a certain value range. [1]For a general loan a lender, via public or proprietary information, feels that a potential borrower is completely credit-worthy enough for a certain credit product, and approaches the potential customer with a guarantee that should they want that product, they would be guaranteed to get it.
In a mortgage context, pre-qualification denotes a process that has not yet been underwritten by the lending institution. Typically, subprime lenders will allow 50% DTI. . Common monthly debts used for calculating DTI are mortgage (or new mortgage payment), auto payment(s), minimum credit card payment(s), student loans, and any other common monthly or revolving debt that is on the applicant's ...
Well, here's the good news: The "pre-approval" process doesn't actually involve checking your credit report. "You are not 'pre-approved,' you are conditionally approved," explains John Ulzheimer ...