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Citibank, a Forbes Advisor partner, might, like many other financial institutions, prescreen you for a credit card; note that Citi does not call this preapproval. If you take good care of your credit, you might still be accepted when you apply, even if you don’t get an offer.
While Citi prescreening can be convenient, it does not guarantee approval. Admittedly, the terms “prescreened,” “preapproved” and “pre-qualified” are very similar. Each is used to attract new customers. The difference comes down to which party initiated the request.
The Answer is Yes
Citibank performs a hard inquiry on your credit report whenever you apply for one of its credit cards. A hard inquiry can temporarily lower your credit score, but the impact is usually minimal and short-lived. The hard inquiry allows Citibank to assess your creditworthiness and determine your eligibility for the card.
What is a Hard Pull?
A hard pull, also known as a hard inquiry, is a type of credit inquiry that occurs when a lender checks your credit report to evaluate your creditworthiness. Hard pulls typically happen when you apply for new credit, such as a credit card, loan, or mortgage. Each hard pull can lower your credit score by a few points, but the impact is usually temporary and disappears within a few months.
Why Does Citi Do a Hard Pull?
Citibank conducts a hard pull on your credit report to:
- Verify your identity and credit history.
- Assess your creditworthiness and determine your eligibility for the card.
- Set your credit limit and interest rate.
How Does a Hard Pull Affect Your Credit Score?
A hard pull can lower your credit score by a few points, but the impact is usually temporary and disappears within a few months. The number of points your score drops depends on several factors, including your existing credit score, the number of recent hard inquiries on your report, and your overall credit utilization.
How to Minimize the Impact of a Hard Pull
Here are some tips to minimize the impact of a hard pull on your credit score:
- Limit the number of credit applications you submit within a short period.
- Check your credit report regularly for errors and dispute any inaccuracies.
- Maintain a good credit utilization ratio by keeping your credit card balances low.
- Make your credit card payments on time every month.
Citibank does perform a hard pull on your credit report when you apply for a credit card. However, the impact on your credit score is usually minimal and temporary. By following the tips above, you can minimize the impact of a hard pull and maintain a healthy credit score.
Additional Information
- Citibank credit cards require limited to excellent credit to be approved.
- You can check your credit score for free on WalletHub to see if it meets the requirements for the Citibank credit card you’re considering.
- For the most up-to-date information about Citibank credit cards, please visit the Citibank website.
Frequently Asked Questions
Q: How long does a hard pull stay on my credit report?
A: A hard pull typically stays on your credit report for two years. However, its impact on your credit score usually disappears within a few months.
Q: Can I avoid a hard pull when applying for a credit card?
A: In some cases, you may be able to get pre-qualified for a credit card without a hard pull. However, this is not always possible, and you may still need to undergo a hard pull when you formally apply for the card.
Q: How can I improve my credit score?
A: You can improve your credit score by following the tips mentioned above, such as limiting credit applications, checking your credit report for errors, maintaining a good credit utilization ratio, and making on-time payments.
Disclaimer
This information is for educational purposes only and should not be considered financial advice. Please consult with a qualified financial advisor before making any financial decisions.
What Is Needed for Prescreening With Citibank?
Although the precise requirements for being prescreened for a Citi credit card are unknown to the general public, you most likely need to fulfill the following minimum standards:
- You must be at least 18 years old
- You must have a Social Security number
- Your personal data must correspond to what the credit bureaus have on file.
- You have a good credit score (usually 670-plus)
It’s worth noting that some credit cards also require personal or household income. These numbers aren’t typically published, but financial institutions can set their own minimum standards.
Even if you meet all the requirements above, you may not automatically be prescreened. That’s because prescreening happens when Citi is proactively looking for new business. You might not be prescreened if you’re not a current client or if one of the credit reporting bureaus doesn’t have access to your information.
How To See if I’m Pre-Qualified for a Citi Card
Citi currently provides the option to see if you’re pre-qualified via a form on their website. We’re not sure how long this will stay unavailable because it was just made unavailable, but it may be worthwhile to check. Interested customers can always check out all of Citi’s card offerings via their website.