About Instant Credit Card Approval
Instant approval credit cards are the most convenient and safest way to get access to relatively inexpensive loans as fast as possible. Although as long as you have relatively good credit it's easy to get instant approvals, it often takes a week or two for the application to process properly and for the card to arrive in the mail.
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Significance
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Most people get access to instant approval credit cards through solicitations from lending institutions themselves. Even for people with little credit history, many companies send out pre-approved credit card codes to people who meet certain criteria. These merely require you to contact the lender in question to get the cards. Very little waiting is required, as the company will have already screened your credit file and determined that you're eligible for the card.
Function
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The second major way to get an instant approval credit card is to go through either such a company's website or calling them. To qualify for instant approval, you generally need good credit without any major credit history problems on your record such as a delinquency or bankruptcy. Even if such an event is long in your past, most companies will require that a human being look over your application.
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Warning
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It can be very easy to damage your credit score rapidly by applying for many instant approvals in a short period of time. Any credit request shows up on your report. Even if you are approved for the cards, it will have a temporary negative effect on your credit score. While the hits to the score won't be severe, if you're trying to build up or maintain your credit score, it helps to monitor it regularly to see what impact applying for many instant approval cards has on its health.
Considerations
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You may be surprised at how easy it is to be approved instantly for a credit card--so long as you match the cards appropriate to your credit history. Apply for lower quality credit cards if you have poor credit, and you're actually quite likely to be approved within 30 seconds. The speed at which the process moves might make you want to glaze over the terms and conditions--but you should read them. Poor quality credit cards often come with hefty fees compared to better ones along with unusually low lines of credit.
Benefits
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For people who need access to credit in a hurry, instant approval credit cards can be useful. You can get approved for them even on the weekends and on holidays, and it doesn't require waiting on hold. If you get turned down for instant approval on the web, you may find more success contacting credit card companies over the phone. Go through each company systematically. If you make enough calls, someone is likely to make you an offer. Don't be discouraged by rejections--the instant approval process saves time for your credit card search.
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Resources
- Photo Credit lumachrome, Flickr
