Quick Approval Credit Cards

Many lenders have realized that most consumers apply for a credit card because they want to purchase something as soon as they can. Because of this, the quick approval credit cards were born. The main issue with such a card is that the term “quick” or “instant” approval can be misleading. Before you go online and fill out a form, there are a few things that you have to be aware of first.

Quick Approval Cards Should Really Be Quick Decision Cards

As mentioned, the phrase “quick approval” can be confusing. Card approval generally means that this is an action taken or a situation where the creditor agrees that the consumer is creditworthy. The truth is that most of the applicants that send out their applications for a certain quick approval card get turned down in the end. Hence, instead of quick approval, you should think of it as “quick decision.” This is because you will immediately learn whether you have been approved or not. Typically, the waiting time will not exceed an hour. Most cards today, however, present only a 60 second delay on the decision-making process.

How to Get Approved Quickly

The most important things that creditors consider when approving applications are your credit report and your credit score. If you apply for a card that requires excellent credit and you do not meet such requirement, you can bet that you will get denied instantly. As such, if you want quick approval, make sure that you meet all requirements before you even fill out a form.

The process of approving applications has become fast because of the automated system used by many creditors. Most of the time, there is no human involved in the quick approval process. Everything is done electronically by the system.  In this regard, make sure that the credit score you have written on your application is excellent and that your report contains low to zero negative items. This will ensure that you will be given quick approval by the system.

Are Quick Approval Cards for People with Excellent Credit Only?

If you have poor credit rating, there is good news for you. The credit card market nowadays is very competitive. As a result, many issuers are willing to approve those people with low credit rating even though they possess high credit risk. This is due to the fact that card companies are more willing to accept credit risk than the possibility of not acquiring more customers.

If your application has been denied, though, you should not persist on getting a card. Limit the number of applications that you send out to avoid damaging your score. It is advised that you only send out two to three applications at a time to control the impact of hard inquiries on your report.

You Still Need to Wait

Once you get approved, you can start waiting for your card to arrive. Yes, the only quick thing about the whole procedure is the approval (or rejection) process. You will still have to wait before you could purchase the items in your wish list. You already know that you can only use a credit card for purchases if you have the actual card itself. Due to safety motives, card companies will not send you an email about your card number and details. Hence, you cannot make a purchase even if you only intend to buy an item online.