Applying for a credit card can be a big financial step for some people. This can be a good opportunity to learn how to be more responsible with your money. The process of getting a credit card, however, may hold up your plans. You may have to wait a few weeks until you receive it. This process involves checks on your income, credit, and, sometimes, your employment.
However, in an emergency or unexpected event, a credit card may be your only means of immediate funds. In a case like this, waiting weeks for approval may be out of the question. If you would prefer to know immediately whether you qualify for a credit card, you should apply for an instant credit card online. Though you will not have the opportunity to use the card immediately (the term “instant” is somewhat deceiving), you will speed up the process of approval and receive your card in less time.
When you apply for an instant credit card, the credit card companies get only a snapshot of your credit report. They are able to do this by using the information you provide on your application to access your credit report from one of the major credit bureaus. More companies are using this service in order to shorten the wait time customers must endure before receiving their card. They also have the opportunity to reach more potential customers over the Internet. The use of the Internet as opposed to mailing out applications can save these companies money on paper supplies. You also get to avoid the longer mailing time of conventional snail mail.
However, getting an instant credit card may not be a good idea for everyone. For one thing, do not get an instant card if you are just trying to get a hold of a credit card for the fun of it. You should not attempt to get a credit card until you are financially mature enough and financially capable of handling the bills. Because of the limited review of your credit report, you may be turned down even if you would have qualified with a paper application. Some of the instant company sites do not even finish their check of your credit until later. This means that even though you were approved, you may have to wait longer until they can completely check your records.
Another problem with an instant credit card is its availability. You are able to instantly submit your application and see if you qualify or not. If you are rejected, you might be tempted to try to apply at another website or for another card on that same website. This is not a good idea at all. Each time you apply for a credit card, it is noted on your credit report. Therefore, if you try to get a credit card even though your credit report shows you have bad credit, each report request will be recorded. Too many requests for your credit report will make your credit report even worse. Imagine if a credit card company saw that you tried to apply for five other cards but you still have bad credit. They would consider your actions irresponsible and would promptly reject you. If you are rejected for an Internet credit card, take the time to review your credit report and resolve any debts on it before you try to apply again.
By Tamara C. Jude