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[12:24:56 AM Thursday, October 04, 2007]
Instant Approval Credit Card Applications - Are They Real?There are times in life when you need credit urgently. For such situations credit companies offer you instant online approval credit card deals which are gaining more and more popularity among business people. Such customers can't afford losing time and instant approval is generally highly appreciated by them. But, as it often happens in the credit card industry, some confusion does have its place to be. Some frustrated applicants who expected to be approved straight away are really concerned as to what requirements they should meet and what features the category of the instantly approved should have. Unfortunately, there isn't a definite answer and, if you want to sort the issue out, you need to learn some customers' experience. We drew credit card holders of different social and financial backgrounds together to know their stories of making credit card applications online. The general question is "What credit cards do usually offer instant approval decision and what credit rating is required to be approved?" Mark has used credit cards since college. When he was offered to make a deal, the young man took it as a great chance to build strong credit history to apply for mortgage after graduation. You know the companies always say a student credit card makes the best beginning in the wise hands. Not so, when one is addicted to cash and overspending, just like Mark. Now, at the age of thirty and still with not so good credit, he has already tried online applications for Capital One and Citibank credit cards but instant approval wasn't his case. Most probably, the fact that he was approved via mail was due to checking his creditworthiness by the creditors. Mind it that Citibank does normally allow instant approval for the right applicants. Jessica, regardless of her favorable credit rating and high credit score, had different results. Capital One gave her instant approval, while Chase sent a credit analyst questionare and only then approval. American Express Blue suggested no instant approval at all but sent her the decision next day. Jessica, a beginning lawyer, then wondered if one's credit rating played the key role in issuing instant approval. And really, there seems to be no particular system of making the decisions or credit companies keep the secret to themselves. Daniel says sometimes he is approved instantly and sometimes - not. He insists that most of the times the decision cannot be predicted as the procedure is complicated and based on the policy of the creditor. Some customers looking for credit card deals online do not even know about their status until they contact directly the bank. Joe, a college tutor, applied for a Citibank card but had to call the bank a week later to check up his status. It appeared he was approved but that was not all. He was offered another Citibank product in addition which he accepted without hesitation. Other applicants complain that they never receive instant approval at all, despite their good credit history. So, the strategy of making the decision is still undisclosed but, according to the survey, instant approval credit cards are many and real - you only need to have a bit more luck to get them. |
