![]() Banks cannot look at your credit unless they receive permission from you. Rather, they base your pre-approval status on general criteria, but must verify other information before you can be approved.Īlso, pre-approvals do not affect your credit. You may have found out the hard way that pre-approvals require more information than lenders can obtain on their own. First and foremost, they are not guaranteed offers. What Pre-Approvals Aren’tīefore we dive into the reasons you could have been denied, it’s important to know what pre-approvals are not. ![]() This gives banks and lenders the green light to look into a candidate’s credit worthiness to determine their real eligibility for the product. In other words, candidates are deemed “pre-approved” and encouraged to apply for the product. ![]()
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