What Does It Take to Get Credit Card Approval?

When someone applies for a credit card, the person likely wishes to know if the application received approval. No one wants to wait forever and to wait a week or more to discover the financial institution denied the application can be aggravating. So, if you have been wondering how credit card get approved fast, you don’t have to worry as most applicants might find out about approvals relatively quickly.

Ways to Move Forward with a Credit Card Application

Completing a credit card application involves providing detailed personal, identifying, and financial information that makes it possible for the financial institution to run a credit check. Calling the institution and applying on the phone or doing so online could move things forward faster than mailing a traditional paper application. That’s not to suggest financial institutions slow walk the applications. These companies want to approve qualified borrowers since they make money on the interest. However, processing a paper application might be cumbersome, adding to the delays. Remember, the form must arrive in the mail, undergo sorting, and arrive at the appropriate department. Submitting an application via the phone or online moves faster.

Receiving the Card in the Mail

Although a bank, credit union, or another institution may approve the credit card immediately, the newly authorized account holder must wait for the card to arrive in the mail before using it. Once the person receives the card, it becomes necessary to activate it over the phone. Without the activation, the card and the account remain locked.

The Possible Retail Store Exclusion

A notable exception could involve opening a charge account with a retail store. A store’s representative might add charges to the account without the card and on the day of approval. Such would not likely be the case with a standard credit card for general use.

Avoiding Mistakes on the Application

The approval process often requires the applicants to perform their part correctly. People sometimes make mistakes on credit card applications. That is why double-checking an online or written application is essential. Submitting the application with errors, such as mixed-up digits on a social security number, could cause delays.

The Borderline Applicant

Delays may result when the applicant’s consideration for approval is on the proverbial bubble. Financial institutions have criteria requirements for acceptance, and some applicants may be right on the edge of the approval or denial threshold. As experts at SoFi point out, “if your requirements are on the border, the creditor may have someone review your application by hand, which can take a week or so.” As much as someone might want immediate approval, that may not be possible.

Pre-Planning for Approvals

No steps ensure a credit card company approves their application. However, some steps may increase the chances of a positive outcome. Taking action to improve a credit score might help. Of course, boosting a credit rating takes time, and an applicant may want a credit card now. Perhaps looking at credit card companies willing to approve someone with fair or bad credit seems advisable for those with few options.

Phone and online credit card applications may receive immediate approvals, although it could take time for a credit card to arrive. Those concerned about getting approved might take steps to, hopefully, increase their chances.

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