 TITLE: What Is a Preapproved Credit Card Credit Offer? CONTENT: The Difference Between Prequalified and Preapproved Credit Card Offers\n----------------------------------------------------------------------\nPrequalified and preapproved can mean the same thing, particularly when you're looking at credit card offers.\nCredit card issuers may use the terms interchangeably to describe a scenario in which you submit a preliminary application to see which cards and offers you may qualify for. Card issuers may also preapprove you for a card or offer and extend a firm offer of credit if they've prescreened you and determined you've passed their basic criteria.\nHowever, prequalified and preapproved can have significantly different meanings in other lending situations. With a mortgage, for example, a prequalification may mean the lender has given you a general idea of how much you can borrow based on your estimated income, debt and credit.\nA mortgage preapproval is often a more complex process—similar to that of actually applying for a mortgage—that can require submitting documents and the lender verifying your information. As a result, a mortgage preapproval can give you a better sense of what you'll likely be approved for and your interest rates, and can reassure sellers your offer is legitimate. END