Credit card companies may make it easy for consumers to complete the application process, but being accepted is a different story altogether. Generally, credit unions and non-profit financial organizations that offer credit cards are the easiest to be approved for. Credit cards that have fewer credit requirements, such as those designed for credit rebuilding purposes, are also fairly for consumers to get a favorable decision.
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Suze Orman reports that credit union issued credit cards have the best terms and some of the highest application approval rates. These credit union backed credit cards should not be confused with credit cards that are actually issued by large credit card companies. Credit Union issued credit cards only make up a small percentage of all available credit cards, but if you look hard enough you will find some attractive offers.
How to Know if You Should Apply for Instant Approval Credit Cards
From the way many credit card offers are written, consumers may be under the impression that instant approval credit cards offer guaranteed acceptance. Credit card companies such as American Express and Capital One have online credit card applications that are instantly processed, but many consumers end up being denied.
You should only apply for an instant approval credit card if you have specific details on the criteria and believe that you will be accepted. In order to do this, visit the Federal Trade Commission website and follow the links to receive your free credit reports.
Request a hard copy of your three credit reports so that you can be certain that all of the information is accurate and up to date.
Instant approval credit cards are also offered in person at banks and credit unions. Since any financial institution that you have a relationship with has the ability to authorize what is known as a soft pull on your credit report, you will likely be able to be approved for a new credit card and have a card issued on the same day.
If Your Application is Denied for a Secured Credit Card
In addition to instant approval credit cards and credit cards from credit unions, secured credit cards are available to almost all consumers. Although secured credit card issuers have fewer risks than traditional credit card companies do, they can also be very selective about whom they accept. For instance, some secured credit card companies will not approve applications for consumers that have recently gone through a bankruptcy. If you have an outstanding debt with a secured credit card company, your approval will probably be denied.
Any consumer can get in contact with credit card companies to learn what their requirements are before filling in an application. This process may take a lot of time, but it will prevent you from being denied for credit cards repeatedly.
How Many Credit Cards You Should Apply for at One Time
Consumers with good credit scores can often be approved for several credit cards within just a few days. However, applying for dozens of credit cards within a short period of time is not advised. Before a new credit card application can be approved, the issuer will submit an inquiry on your credit report. A complete list of all creditors that have requested a review of your credit report will take on your record for two years.
Although it is unfortunate, there are some consumers that take out many lines of credit soon before they file for bankruptcy, with no intention of ever paying back their debts. To combat this, credit card companies carefully scrutinize credit reports while specifically looking to see how many new lines of credit you have applied for. As a rule, try not to apply for more than one or two credit cards within a six-month period.
There will be circumstances in which you need to apply for more than one credit card, but make sure this is the exception and not the rule.
Start by applying for credit cards that you have the most information for and seem like the best fit for you. If you can’t be approved for an unsecured credit card from a credit union, try an issuer that targets consumers with bad credit. It will be much easier for you to be approved for additional credit cards after just one company has said yes to your credit card application.
Go to the FREE credit card chaser website to learn about instant approval credit cards!
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