The phrase denotes the method of figuring out potential eligibility for a credit score providing particularly associated to purchases at a significant residence enchancment retailer, using a credit score scoring mannequin from a well known credit score bureau. For instance, a client may discover this feature to evaluate their probability of approval for a store-branded bank card earlier than formally making use of.
Understanding one’s potential approval odds could be useful for a number of causes. It permits shoppers to gauge their monetary standing in relation to a selected credit score product, doubtlessly avoiding a tough credit score inquiry if the pre-qualification evaluation signifies a low likelihood of approval. Traditionally, retailers have provided such choices to encourage client spending and loyalty via accessible financing.
