When you're filling out a credit card application, you're filled with anticipation. From the minute you begin filling out the application until the moment you press the submit button, three major questions are likely to cross your mind: Will my application be accepted? What is my credit limit going to be? How soon will I know if I've been accepted? The time it takes you to acquire responses to these questions is largely determined by how you submit your credit card application.
You might find out right away if you've been approved
If you apply for a credit card online, over the phone, or in person (for example, at a retail store) and provide all of the required information, you may usually find out whether your application is granted in 60 seconds or less. To prevent your personal information from being stolen, make sure you utilize a secure web connection (not public Wi-Fi) when filling out your credit card application online. Don't hit the back or submit buttons more than once after you've submitted your online application. Otherwise, there may be complications with your application being processed. Unless you applied for a credit card with no spending limit, you'll find out the credit limit you've been authorized for once your approval is verified. Your credit card will arrive in the mail in 7–10 business days. To activate your credit card, simply call the number on the front of your card or create an online account, and you're ready to start making transactions. Some credit card accounts allow you to use your credit card right away. If you're approved for a retail store credit card, for example, you'll usually be able to use the account the same day you're approved in the store and any sibling stores. Some major credit card issuers provide you with a temporary credit card or access to your new credit card account through the bank's mobile app immediately.Why Might a Credit Decision Be Deferred
An application decision can be made promptly and online if you meet the credit card's requirements and the credit card issuer can check your information electronically. However, you will not always receive a prompt response to your application. This can indicate that your application has been rejected, although this isn't always the case. If your application requires more scrutiny or you provide erroneous or insufficient information, the credit card issuer may not be able to make an instant acceptance decision. On your credit card application, make sure to give a street address rather than a post office box number. If your application isn't approved right away, give it a few days (7–10 days is common) and you'll get an email, letter, or phone call from the credit card company. The credit card company will either contact you for additional information or advise you that your application has been denied. The credit card provider is required to send you a letter explaining why your application was declined. Applications that are mailed may take longer to process. You may not know whether you've been approved for two to three weeks after mailing your credit card application. You must wait for the card issuer to receive and process your application, after which you will receive an answer in the mail. If you haven't heard anything about your credit card application after several days, contact the credit card issuer to inquire about the status of your application. The best contact number for the card issuer can be found on their website.Increase Your Chances of Being Accepted
When you apply for a credit card for which you are eligible, you are more likely to be approved. If you don't have much credit or have low credit, for example, you're unlikely to be approved for a premium rewards credit card. On the websites of several credit card companies, you may find out which credit cards are best for good, moderate, or terrible credit. To increase your chances of approval, stick to credit cards that best fit your credit profile.Frequently Asked Questions (FAQs)
When will I be able to use my credit card after it has been approved?
Following acceptance, you may be able to use your credit card right away. You can begin using the card online after it has been authorized and the account has been activated. You'll have to wait for the card to arrive in the mail before you can use it in person, which takes approximately a week or two after approval.What is a pre-approval, and how does it work?
Some credit card companies have pre-set criteria for who they will approve. If you meet these requirements, such as having a minimum credit score, you are pre-approved, and you can rest assured that you will be able to obtain the card.What credit score do you need to be authorized for a credit card
Although there is no minimum credit score required to be approved for a credit card, if your score is below 600, you may not be offered attractive terms. Low-credit-score individuals pay higher interest rates and have fewer credit lines. You may need a secured credit card if your credit score is especially low, but there is no specific credit score that defines whether or not you will need one.