In today’s world of instant results today’s consumers have come to expect an immediate result from their actions. This is particularly true with actions taken online. Applying for a credit card online is no exception. To meet this expectation credit card companies have begun to design their approval process to provide instant approval when a potential card holder applies for a credit card. Enter the instant approval credit card.
An instant approval credit card is basically a credit card with a streamlined approval process. In other words, the credit card company has put in place a system where after an online application is received, the consumer’s credit rating is checked via one or more of the credit reporting agencies, Equifax, TransUnion, or Experian. If the consumer meets a certain credit criteria established by the credit card company, the consumer may get instant approval for the credit card he or she may have applied.
Sometimes credit card companies will pre-screen potential applicants. They do this by checking a consumer’s credit rating, then mailing that consumer a pre qualified application notice. Chances are you have received at least one if not dozens of these pre qualified or pre approved offers from various credit card companies over the years. In the pre qualification letter the consumer will be prompted to visit a website or call a telephone number where the consumer can complete and submit an application.
If an applicant is pre-approved for an offer, it is likely the credit card company will already have that applicant on file, thus drastically cutting the approval process time when the application is submitted. Recent technologically advances have also helped the process.
There are some cases when you may not receive instant approval. Once such case may be when there is a newly entered issue with your credit or a discrepancy with the information a consumer has provided. For example, suppose you received a pre-approved offer for a credit card. Suppose after your initial credit report review by the credit card company you had an issue with your credit (i.e. late payment, etc). That new issue may now appear on your credit report and cause a credit card company pause when your application is review again. You may still qualify for the particular credit card you are apply for, however, the new credit issue may cause the credit card company to further review your application in which case they would not be able to approve it instantly.
Some credit card companies tend to lead in the area of instant approval credit cards. A few of the stand-outs seem to be Discover card, Orchard Bank, and American Express. It is very likely that if you apply for any of the aforementioned companies’ credit products you may receive instant approval in under 60 seconds. With competition being as fierce as it is in the credit card industry it is also likely that this will soon become the standard where all credit card companies will provide instant approval for their products.
Written by adrie789
tags: approval, Cards, Credit, instant