Instant Approval Credit Cards

No one wants to wait anymore these days, which is why instant approval credit cards are created. It can be disheartening to find that your application has been denied after waiting for several weeks. Thanks to this type of card, you can get the answer in just a few hours. There are even some that will tell you your application status in 60 seconds.

If you have been turned down by an issuer, you have an option to apply for another card from another creditor. Note that you should not send more than two applications at once. Otherwise, this can tremendously hurt your FICO score.

Such type of card requires that you sign up online. You will find a form on the creditor’s website which you need to fill out. The form is similar to the paper when you apply in person where your personal and financial information will be disclosed. After filing out the form, you can submit it and wait for a while to know the creditor’s response.

Choosing the Best Instant Approval Card

One of the first things that you should look out for is the credit rating requirement. Some instant approval credit cards only allow applicants that have at least good credit. You will only waste your time and effort if you submit an application for such a card if you have bad or limited credit history. Likewise, if you have excellent credit, it does not make sense to go for a card that is designed for people with poor rating.

Compare your options first before you sign up. You can find those that have low interest rates but they can come with low credit limit and high annual fees. The agreement or the card terms are plainly laid out to consumers online so that it will be much easier for you to decide. If you can, choose a card that comes with bonus packages or perks. You can choose from the different types of cards here.

Common Misconception

If you have bad credit rating, there are card options for you as well. However, instant approval credit cards do not imply guaranteed approval. Many applicants share the belief that instant approval means that they can be approved instantly – even if they have damaged credit. The truth is that no lender will be interested in making deals with you if you have poor rating. What you need to do before you sign up for a new card is to rectify your situation.

You will need your credit report as your guide. Order your free copy from any of the three major credit bureaus. Then, look at what your report tells you about your spending and payment habits. Put yourself in your potential lender’s shoes. If you were a creditor, would you lend yourself money based on what the report states? Boost your chances of getting approved by repaying your debt as soon as you can.

Instant approval credit cards offer immediate results. In general, they are best for people who wish to get a secured card. Since this a secured card does not require credit check, you can speed up the entire process by applying online.