Many people who apply for credit cards are approved or rejected as soon as they complete the application, but not all credit card applications are approved immediately. This can be frustrating, especially if you want to access a new credit line right away.
Knowing what to do when it’s not approved immediately for your credit card depends on understanding the credit card approval process and why some applications take longer than others. Credit card issuers may need to review certain items on the application, such as their address, Social Security number, and income before making a decision.
Let’s take a closer look at everything you need to know about the credit card approval process. This includes when an application is pending or why it takes a lot of time for the card to arrive.
How long does it take to get credit card approval?
In many cases, it only takes a few minutes to get credit card approval. However, in some cases, it may take several days for lenders to evaluate and respond to the application.
Here are the steps for the credit card approval process that all applications go through:
- Submit the application. Knowing how to apply for a credit card will help your application go as quickly and smoothly as possible. Most credit card applications are very easy to fill out and should be able to complete the application within a short period of time as long as your personal information is approaching (including your address, income and social security number).
- The lender will check your credit. Issuers usually do hard pulls on credit reports, checking their credit history and determining their credit abilities. This type of inquiry can temporarily lower your credit score, so don’t be surprised if your score drops after applying for a credit card.
- You may need to check the information. If there is a discrepancy between the application and the credit report, the issuer may contact you to see monthly home payments or any other information contained in the application.
- The publisher will let you know if your application is approved. In many cases, this process takes just a few minutes to complete. However, in some cases it may take several days to evaluate and validate your application. It may take even longer if you send it to the application.
- If approved, you will receive your credit card via email. If you approve a new credit card, your bank or lender may issue a virtual credit card number immediately. These instant credit card numbers are useful for online purchases and digital wallets, but be aware of physical credit cards (which should arrive in the mail within 7-10 business days). In many cases, you can request a quick shipping fee.
What if the application is pending?
Don’t worry if your credit card application is pending. The credit card issuer may contact you within a few days and renew either Application Status Or request additional information.
If you do not get an application update within a week, you can contact the bank or issuer associated with your credit card at any time. However, most pending applications resolve fairly quickly, so patience may be required.
Why application status is delayed?
There are several common reasons why your credit card application status may be delayed. If your credit card application is pending, it could be due to one of the following issues:
Your credit report may be frozen
Freezing your credit report to protect yourself from identity fraud is a wise move. However, many people forget to unzip their credit reports before applying for a new credit card. If your credit report is frozen, the identity thief will not be able to retrieve a new credit line in your name. However, you cannot even extract a new credit line.
You may need to verify your personal information
When a bank carries out a credit inquiry before issuing a credit card, they don’t just consider whether you pay your credit card bill on time. We also check whether the personal information included in the application matches the personal information in the credit card report.
For example, if you have moved recently, your credit report may not reflect your new address yet. This may result in delayed credit card application status.
You may need to verify your income
In some cases, the credit card issuer may contact you to confirm the income information you have included in the credit card application. Sometimes people seem more economically stable or try to inflate their income to achieve a higher credit limit, Lie on a credit card application It’s a federal crime. People who intentionally misrepresent their income can face criminal charges.
There may be some mistake in the application
Some people make mistakes by mistake while filling out their applications. For example, if you incorrectly make an incorrect address or phone number, the credit issuer may notice that your personal information does not match the information in your credit report and should contact you for additional verification.
There may be too many recent credit checks
If your bank draws your credit report and confirms that multiple lenders have recently conducted a credit inquiry to you, the bank may hesitate before offering you a new credit line. Applying too many credits at once is a bad move Multiple credit inquiries can lower your credit score. Lenders may also wonder whether you will use that credit to undertake debts that are unable to repay.
Generally, that’s a good idea Wait 3-6 months between credit card applications – Especially if you don’t have to wait for the lender to decide whether it’s a credit risk or not.
Credit issuers may be experiencing application overflow
Credit issuers may receive more credit card applications than they can process. This is especially common after banks release new credit cards or increase credit cards Sign Up BonusIt is also known as a welcome bonus. If you are trying to apply for the latest and best credit card at the same time as everyone else, you may need to wait for the credit card issuer to pass through all the unpaid applications.
Improves the likelihood of credit card approval
Before you get a credit card, there are a few things you can increase your chances of being approved.
- Please check your credit score before applying. This will help you decide which credit cards will offer. Bankrate has a credit card guide for people with bad credit, fair credit, excellent credit and excellent credit.
- Take your time to improve your credits. If your credit score is not where it should be, there are actions you can take to improve your credit score quickly. This improves the chances of future credit card approval.
- Find the ideal card match. Use Bankrate’s CardMatch™ tool to find qualifying credit card offers in advance without affecting your credit score.
Conclusion
No one likes to get a “planned application” notification after applying for a credit card online. However, most of the time, you will learn the results of your application within a few days. Understanding the credit card approval process will help you know what to expect. Please note that you can always contact your bank or credit card issuer to check the status of your application.
To increase the likelihood that your application will be approved immediately, first make sure your card is suitable for your credit situation. Double check the application for the error and make sure the credit report is accessible to lenders.
