Do preapproval offers expire?

Quick insights

• Credit card preapprovals are based on a soft credit inquiry (which does not affect your credit score) and indicate that you meet the initial approval criteria for the credit card.
• These offers generally expire within 30 to 90 days.
• Understanding the specifics of preapproval offers, including their expiration and non-impact on credit scores can be helpful for making informed financial decisions.

Understanding credit card preapprovals

Credit card preapprovals are initial notices from card issuers that you might qualify for a credit card based on a preliminary review of your credit report. Banks typically look for a stable credit history, a certain credit score threshold and evidence of financial responsibility before sending out preapproval offers.

Benefits of receiving a preapproval offer might include potential access to higher credit limits, lower interest rates, exclusive rewards programs and greater clarity regarding which cards you may qualify for. There are a number of ways you can see if you’re preapproved for any credit card offers, such as checking your mail or email or filling out an online form on a lender’s website, such as the Chase preapproval offer page.

Do credit card preapprovals expire?

Yes, credit card preapprovals usually expire within 30 to 90 days after they are issued. The expiration is due to the time-sensitive nature of the financial assessment and market conditions which can change. It's important to read the preapproval letter carefully to understand the expiration date.

All of that said, an expired preapproval offer does not mean you will not be able to get approved. If a preapproval offer expires, it's possible to receive another one, especially if you maintain or improve your credit score.

Receiving new preapproval offers

Here are some things to consider if you’re looking to receive a preapproval offer:

• Maintain a strong credit score: A credit score is a 3-digit number between 300-850 that indicates your credit worthiness. A good or excellent credit score could potentially increase your chances of receiving future credit card preapproval offers. Consistently making payments on time and avoiding opening multiple new credit accounts in a short period of time could potentially help you maintain or improve your credit score. A higher credit score can signal to lenders that you are a low-risk borrower, potentially making you a more attractive candidate for offers.
• Use credit responsibly: Going hand in hand with the previous suggestions regarding your credit score, responsible use of your existing credit could potentially increase your chances of receiving future preapproval offers. You might want to try to keep your credit utilization ratio low and have a good mix of credit types, such as revolving credit accounts and installment loans. This could demonstrate to lenders that you can handle credit wisely.
• Opt-in for credit offers: Many card issuers offer online preapproval forms that you can fill out to see if you're eligible for a card. These forms typically ask for basic personal information and indicate your interest in receiving future offers. You can also visit OptOutPrescreen.com, the official Consumer Credit Reporting Industry website, to accept or deny unsolicited offers. Opting in means you allow credit bureaus to include you in lists that credit card companies use for preapproved offers.
• Build a relationship with a bank or lender: Establishing a good relationship with a bank by using their savings, checking accounts or existing credit products can potentially increase your chances of receiving preapproval offers from them. Banks often send these offers to existing customers who they already have a financial history with.

By focusing on these areas, you might enhance your profile as a creditworthy individual and potentially increase your chances of receiving credit card preapproval offers.

Impact on credit score from expired preapprovals

Both active and expired preapproval offers do not impact your credit score, as they are based on a soft inquiry. However, applying for a credit card after receiving a preapproval can lead to a hard inquiry on your credit report, which may slightly lower your credit score temporarily. Applying for credit selectively based on your credit needs and the likelihood of approval could help minimize the impact on your credit score.

Maximizing benefits from credit card preapprovals

There are some things you can do to try to get the most benefits from credit card preapproval offers:

• You might want to compare preapproval offers based on factors like interest rates, rewards programs and credit limits to help you find the best card for your needs.
• Carefully reading the terms and conditions of each preapproval offer may help you avoid surprises related to fees, penalties and the APR after the introductory period. Understanding such features can also help you learn the benefits of your chosen credit card.
• Utilizing credit cards responsibly by keeping balances low and payments timely could potentially help lead to credit score improvements and/or better future offers.

The bottom line

Credit card preapproval offers do expire—usually within 30 to 90 days after they have been issued. By carefully reading offers, maintaining good credit habits and using tools to manage finances responsibly, you can potentially utilize preapprovals to not only get desirable credit card offers but also maintain or enhance your long-term financial health.