The expression pre-qualification identifies an estimate for credit written by a loan provider predicated on information supplied by a debtor. Pre-qualifications are conditional and involve the financial institution reviewing a debtor’s creditworthiness before giving a pre-approval. Lenders generally utilize this as an advertising strategy for creditors trying to get customers that are new particularly for such things as bank cards and mortgages.
How Pre-Qualifications Work
Pre-qualifications are popular marketing strategies utilized by numerous creditors to entice brand brand new and customers that are existing submit an application for credit services and products such as loans, bank cards, and mortgages.