Pre-approved vs pre-qualified

Pre-approved vs pre-qualified

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Deal Subedar
901
2051
15

Pre-approved and pre-qualified, is there any difference between these two in respect of offers by bank. I got pre-qualified credit card offer from icici. Can someone knowledgeable throw some light on this?

10 Comments  |  
7 Dimers
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Deal Cadet
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In icici, if you have pre approved offer, you will see the limit as well. Something like You have a pro approved credit card with limit xxxx. If it is pre qualified, then it is normal application process.

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Deal Subedar
901
2051
15
xpress wrote:

In icici, if you have pre approved offer, you will see the limit as well. Something like You have a pro approved credit card with limit xxxx. If it is pre qualified, then it is normal application process.

Thanks. There is no limit mentioned. So it is not preapproved. Have to wait for that.

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Entertainer
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@prabhat775 soch teri shadi karni hai aur teri fotu ladkiwalon ko bhej di gayi hai… smile
.
Ab pre-qualified hua ki ladki ke papa-mummy ne 100 fotu choose kar li ladki ko dikhane ke waaste… smile
.
Aur pre-approved hua ki ladki ne unn 100 me se 10 theek thaak ladkon ki fotu choose karli baat badane ke liye… smile
.
Ab tere papa-mummy to call aata hai to samajh tu pre-approved ho gaya… wink toungueout

Missing
Deal Subedar
901
2051
15
vijkap201 wrote:

@prabhat775 soch teri shadi karni hai aur teri fotu ladkiwalon ko bhej di gayi hai… smile
.
Ab pre-qualified hua ki ladki ke papa-mummy ne 100 fotu choose kar li ladki ko dikhane ke waaste… smile
.
Aur pre-approved hua ki ladki ne unn 100 me se 10 theek thaak ladkon ki fotu choose karli baat badane ke liye… smile
.
Ab tere papa-mummy to call aata hai to samajh tu pre-approved ho gaya… wink toungueout

Samajh gaya smile sundar udhaharan ok_hand

Missing
Deal Subedar
1,269
2617
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Pre-qualification Pre-approval
Do I need to fill out a mortgage application? No Yes
Do I have to pay an application fee? No Maybe
Does it require a credit history check? No Yes
Is it based on a review of my finances? No Yes
Does it require an estimate of my down payment amount? No Yes
Will the lender give me an estimate for a loan amount? Yes No
Will the lender give me a specific loan amount? No Yes
Will the lender give me interest rate information? No Yes

Missing
Entertainer
452
6773
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BAT_MAN wrote:

Pre-qualification Pre-approval
Do I need to fill out a mortgage application? No Yes
Do I have to pay an application fee? No Maybe
Does it require a credit history check? No Yes
Is it based on a review of my finances? No Yes
Does it require an estimate of my down payment amount? No Yes
Will the lender give me an estimate for a loan amount? Yes No
Will the lender give me a specific loan amount? No Yes
Will the lender give me interest rate information? No Yes

Yeh sab kya hai, @BAT_MAN bhai? … sad toungueout

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Community Angel
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Pre-approved : No need to submit any documents. Just have to fill few details online. Fast procedure. Bank account in respective Bank is mandatory in order to get offer.

Pre-qualified : You are eligible for specific CC but you have to follow normal procedure of documents submission, call verification etc.

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