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Having a new credit card can be both exciting and rewarding. When you’re filling out a new credit card application, you can’t help but have a little anticipation about it.
The application process is just the beginning and you probably have a lot of questions. Will I get approved?
If so, how much credit will they give me? What happens if I don’t get approved?
There’s a few different scenarios that can take place when you fill out your credit card application and press submit. Let’s go over them now.
If you have good credit, it’s possible that you’ll get approved right away once you submit your credit application.
It doesn’t matter if you fill out your application online, on the phone or in person, most people will find out if they’re approved or not approved in a matter of seconds.
If you’re filling out a credit application on paper and plan on mailing it, it can take up to 30 days or more to get an official decision on your application. We always recommend doing it electronically because it’s a lot faster than using the mail.
You Don’t Get Approved
Just as quickly as you can get approved, you can also get disapproved.
When you’re filling out your credit card application, make sure your answer everything accurately as possible.
You May Not Get Approved Or Disapproved
Some of you will submit your information to the credit card issuer and you won’t get an immediate decision.
Now, it’s always possible you may be disapproved but you could also get approved.
In some cases, the credit card issuer may try to reach out to you to verify your information.
On the other hand, you may receive a notice in the mail that you’ve been disapproved.
How Long Does It Take To Get A Credit Card If Approved?
If you do get approved for a credit card, you can receive your credit card in 7-10 business days.
For example, if you get approved for a retail store, many of them will allow you to begin shopping at their store immediately without an actual card in hand.
For those of you that don’t get approved immediately and find out later that you are approved via the mail, it can take 21-28 days to receive your credit card.
Why Are Credit Decisions Delayed?
In most cases, if your credit decision is delayed, it’s likely you’ve not been approved.
In some cases, this means your application needs additional information.
If you haven’t received any word back after a few weeks of submitting your application, be sure to call the credit card issuer and ask if a decision has been made.
Improve Your Chance Of Getting Approved
For those of you that have bad credit, it can be frustrating being disapproved for credit time and time again.
Another reason you may get declined is because you have no credit at all.
Secured Credit Card
Be warned though, you really have to trust someone to do this.
If you’re a parent for example, this is a good way to get your child’s credit started.
Use Your Credit Wisely