Card it or cash it? Nowadays, most people find it more convenient to use their credit cards rather than carrying large amounts of cash. Owning a credit card allows a cardholder to pay for almost anything at anytime. One does not need to worry about ATM breakdowns or availability, or banks being closed at certain days when a card is at hand. Also, necessary purchases do not have to be delayed until the next paycheck arrives when a card is readily available for such purchases. One can get anything instantly with just a swipe of the card. The word “instant” does sound good, doesn’t it?
It would be good to know if credit card applications get approved instantly. Applying for a credit card can be tedious if it is done manually. This means that you have to get in touch with your choice of Credit Card Company, fill out necessary documents, submit them for scrutiny and then wait for weeks while it is being evaluated. If it does get approved, you have to wait a few more days for the credit card to arrive. If there are questions in your application or credit, you have to add a few more weeks or so for the company to look into the “questionable” information.
Nowadays, you do not have to worry that much about how tedious the application can be, because you can now apply on-line or through the phone. This way, you can get an instant approval from the company. However, you must not understand “instant approval” interchangeably with “instant decision.” You may be given instant decision but this does not mean that your application is approved. On the contrary, “instant decision” may cause the delay in your actual ability to use your credit line. At any rate, you should avoid getting an “instant decision.”
Simply put, an “instant decision” means that you are granted a “conditional approval.” This may sound good but you have to consider the implications of being awarded a “conditional approval.” There are certain conditions that prompt a company to grant this status to an applicant. It may be that there is “questionable” information in your credit report and the company has to make a thorough check with a number of various credit bureaus before you will receive a full approval status. There are two things that may result from this and both are disadvantageous for you: first, you may have to wait for a long period of time before you can use your credit line and second, the credit check may cause potential damage to your report.
However, “instant decision” does not always equate to a bad thing. It may even help you get approval easier. If your credit rating is good and you are able to meet the demanding standards of the company, you should have no trouble at all getting your credit line approved. The thing is, studies show that only about 4% of the American population is able to meet these standards. If you do not belong to the 4%, you should avoid companies that promise “instant decision” and look for companies that offer “instant approval.”
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