Instant credit cards, also referred to as instant approval credit cards, are cards that you can apply for online and get approved in a matter of minutes. We live in a fast-paced world and have no time to fill in paper forms, submit these and wait for a credit card company to mail us our status. Everything’s online now, and so are credit card applications. However, though you may get instant approval, the physical card takes several days to arrive.
Instant credit cards are available for people with different credit scores. People with excellent credit, fair credit, or bad credit – anyone can apply online for a credit card and get instant approval (or, disapproval). Though people with excellent or fair credit will not face any issues getting instant credit cards, folks with bad credit must be careful before applying. So, what should these folks with bad credit do to ensure that they are approved? Here’s a guide that can help:
1. The first thing to do is to choose a credit card that is available for people with a bad credit score and then reconcile the credit card with your card usage habits. For example, if you want to use the credit card to buy groceries or gas, then choose from rebate cards that are available for folks with a bad credit score, and so on. Credit card sites provide you with a variety of credit cards and all you have to do is filter through to the ones that are applicable, compare these, and choose a card that works best for you.
2. Do not apply for multiple credit cards over a short period of time. That will lower your credit score, thereby ruining whatever approval chances you just had.
3. Choose carefully and apply for a credit card that you are likely to get. If your application is denied, your credit score goes down.
4. Know your credit score before applying for instant credit cards. The credit score is a reflection of your creditworthiness. Obtain your credit history from all the 3 major credit bureaus – Equifax, Experian and TransUnion. Check these and get errors rectified, if any. Remember, the credit card company will pull your account history from any of these bureaus, so it’s better that all errors are eliminated from all the 3 reports.
5. Next, use an online calculator to double-check your credit score before applying. Online credit score calculators can also help you manage your credit card repayments by conducting a what-if analysis.
6. Finally, know that if you have bad credit, you may be offered credit cards that have a high APR (Annual Percentage Rate) and high fees. There’s no escaping this.
Follow the steps outline above to apply for instant credit cards. You can get approval within 60 seconds if you do things right. And, once you get your credit card, remember to pay all your dues on time and never ever exceed your credit limit.