Things to Remember when Applying Instant Approval Credit Cards
Planning to apply for an instant approval credit card? If you are then, the following reminders will surely help you have realistic expectations with regards to the card program you wish to take out:
Don’t be misled by the term “instant approval”. Some people think that the terms guaranteed or instant approval is enough to ensure the immediate processing and approval of their requests for credit card accounts. Truth is some expect that applications for these card programs get approved within 24 to 48 hours upon the submission of their sign-up forms. However, in truth, these lines of credit require pre-approval – meaning, card issuers pull out the credit history of their prospective applicants before they can offer instant approval cards to them. And since this procedure helps them validate the credit reputation of their future applicants; they only need to take a few steps to finalize the processing and issuance of credit cards to their target clientele.
Some guaranteed approval credit cards ask for security deposit. This means that before you can receive the line of credit you need, you must first submit an initial deposit to your target card issuer. This cash-out serves two vital purposes. First, it helps guarantee the repayment of your credit card charges. Should you decide to default on your future bills; your card issuer can tap on the security deposit you have initially provided and use it to cover your unpaid balance. Second, it helps determine the spending limit or cap that will be imposed on your account. Hence, if you wish to enjoy a higher credit limit then, you should try submitting a huge deposit to your chosen instant approval store credit cards.
It is possible to get these lines of credit online. Banks and traditional credit agencies are no longer the sole sources of instant approval store credit cards. In fact, by simply going the online route; you can soon get your hands on the credit card you wish to use and manage. Just don’t forget to check the accreditation status of the online card issuer you wish to strike credit card deals with. By doing so, you will most likely end up working with a credible and legitimate online firm.
Make sure that the card issuer offers credit reporting services especially if you wish to use your new credit card for jump-starting or rebuilding your credit history. That way, you can be sure that the time, money and effort you will invest in establishing or regaining your credit reputation will not be in vain. To succeed in this matter, we suggest you visit the websites of consumer organizations which offer reviews, not just about card programs, but also in terms of the track records of your target card issuers. That way, you can verify if the firms have close working relationships with the three major credit bureaus and whether or not they closely monitor the credit and payment activities of their cardholders.
If you think that the firm can help you attain your goal of jump-starting or rebuilding your credit profile then, you might as well apply for the line of credit, right away. However, should you discover that the card issuer rarely submits reports of consumer transactions to the credit reporting agencies; it would be best to continue looking for companies that can help you out in your quest to gain/recover your creditworthiness.