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Instant Decision Credit Cards Explained

Instant approval or instant decision credit cards are not what most people expect. When most people, especially new to the world of credit cards see the term “instant decision credit cards” they rush to apply thinking that if they are approved they will be able to begin using their credit card immediately. This is simply not the case.

While some retail stores may actually offer instant approval and instant credit to shoppers in order to increase sales, most banks and credit card companies may approve your credit instantly if you have an excellent credit report but, you won’t be using that new credit card much faster than any other one since it will be sent by regular mail after they have again reviewed your credit history.

Do You Really Know Instantly If Your Credit Is Approved

Many times people will apply for Instant decision credit cards simply because they don’t want to wait to see if they are approved. However, not all credit card companies that offer instant approval actually tell you instantly whether or not you have been approved.

Usually, if your credit is excellent and your application shows that you can make the minimum payments they will gladly tell you that you have been approved. However, if your credit is less than perfect, most companies will tell you they need a bit longer to check on some things preferring to turn you down.

The truth is that most people who already own one or more credit cards pretty much know whether or not they are likely to be approved for another credit card.

Applying For Instant Approval Credit Cards May Hurt Your Credit

For those people who have average credit and are unlikely be be approved for instant approval credit cards applying for such cards can actually hurt your credit. Almost every credit report includes the number of times you have been denied credit and when other creditors see that you have been denied they are less likely to give you credit.

So don’t make the mistake of applying for several of these cards in the hope that one will approve you because chances are that not only will you be denied but those denials will hurt your credit for a long time to come.

Just keep in mind that instant decision credit cards are just what they sound like. The decision is made in an instant, the actual credit card will take a bit longer to arrive.

Related Information:

  1. Understanding Instant Decision Credit Cards Instant decision credit cards offer people that fill out an online credit card application the opportunity to know if they have been approved within 60 seconds….
  2. Instant Approval Credit Cards Compare instant approval credit cards online and apply for the offer that best meets your credit needs. Read our full reviews of the features and benefits….
  3. Secured Credit Card Offers Explained In some specific situations, secured credit card offers are an appropriate financial tool that can help an individual consumer meet their credit needs….
  4. Approval for Credit Card Applications is Becoming Increasingly More Difficult When an individual applies for a credit card there are several factors taken into account that include not only if they are going to be approved for a credit card…