Fast cards for a fast lifestyle
Today's modern lifestyle is one of instant gratification, instant results and, of course, instant credit. Carrying cash is regarded as old-fashioned; everyone's wallets are stuffed full of plastic. Credit cards are ideal because you can spend now and pay back later, when the cheques come rolling in. Over three million people in the UK have five or more credit cards. The only thing that used to slow down this instant lifestyle was the length of time it took to apply for your plastic. How things have changed
With instant approval credit cards you can get another credit card, fast. Instant approval is, as its name suggests, a specification relating to the application of the card and the guidelines set by the card company, not the card type itself. Cashback cards, reward cards and other types of credit cards can all come with the benefit of instant approval, if you can find the right card provider. Once you have found the type of card that you want, simply find a company that offers instant approval. But what exactly is 'instant approval'?
Even 60 seconds can seem like a long time, so you may want to spend the time considering what happens to your application once you?ve hit the 'apply' button. Once you have filled out your online application, the bank checks what is known as your credit rating. Although it is commonly called a 'rating', which suggests a number or score, it is more like a dossier or credit history on your credit behaviour patterns. This history contains information that financial service companies will need to know in order to decide whether they will accept you as a client. This includes details such as whether you make your monthly repayments on time, how much credit you are entitled to, missed payments or bad debt and your basic details such as your name and address, gathered from the electoral roll.
So how does this work? Surely the companies have to do a credit check to make sure you're not a high risk customer? The card provider's computer system contacts one of the three main credit-referencing agencies, and checks your credit rating against the information you have provided. Your credit rating is basically a report detailing your repayment habits, your credit limits, and your personal details. It is a snapshot of your financial character. If you have a good credit rating and the information on your online form correlates then you have a very high chance of being accepted. Because the whole system is automated, it is a lot faster than the old fashioned way of banks having to read through forms manually and then apply for your credit details. The bank's computer system links directly with that of the credit referencing agency they have chosen to use.
If all goes well, and your credit rating is good, you should then receive your card in a matter of days. However, other companies may have further checks on some or all applications, depending on how strict their criteria are for acceptance. With the current economic climate, companies are becoming more cautious, even on instant decision cards. Some companies take a couple of days checking through applications and make more queries with the credit referencing agencies. Other companies may even spend another couple of weeks before giving you a final, definite decision.
You will now be hoping that another card will be added to the 145 million cards currently in use in this country and this may well be the case. The whole process is surprisingly simple and can be very quick. You simply find the card of your choice online, through a price comparison site, apply for the card and, if you have a strong credit rating and all goes well, you are accepted. The card will then be sent to you and here you will have to wait, no matter what the decision. Luckily, with instant approval credit cards, you may find you new card arrives in a matter of days, rather than weeks.
With instant approval credit cards you can get another credit card, fast. Instant approval is, as its name suggests, a specification relating to the application of the card and the guidelines set by the card company, not the card type itself. Cashback cards, reward cards and other types of credit cards can all come with the benefit of instant approval, if you can find the right card provider. Once you have found the type of card that you want, simply find a company that offers instant approval. But what exactly is 'instant approval'?
Even 60 seconds can seem like a long time, so you may want to spend the time considering what happens to your application once you?ve hit the 'apply' button. Once you have filled out your online application, the bank checks what is known as your credit rating. Although it is commonly called a 'rating', which suggests a number or score, it is more like a dossier or credit history on your credit behaviour patterns. This history contains information that financial service companies will need to know in order to decide whether they will accept you as a client. This includes details such as whether you make your monthly repayments on time, how much credit you are entitled to, missed payments or bad debt and your basic details such as your name and address, gathered from the electoral roll.
So how does this work? Surely the companies have to do a credit check to make sure you're not a high risk customer? The card provider's computer system contacts one of the three main credit-referencing agencies, and checks your credit rating against the information you have provided. Your credit rating is basically a report detailing your repayment habits, your credit limits, and your personal details. It is a snapshot of your financial character. If you have a good credit rating and the information on your online form correlates then you have a very high chance of being accepted. Because the whole system is automated, it is a lot faster than the old fashioned way of banks having to read through forms manually and then apply for your credit details. The bank's computer system links directly with that of the credit referencing agency they have chosen to use.
If all goes well, and your credit rating is good, you should then receive your card in a matter of days. However, other companies may have further checks on some or all applications, depending on how strict their criteria are for acceptance. With the current economic climate, companies are becoming more cautious, even on instant decision cards. Some companies take a couple of days checking through applications and make more queries with the credit referencing agencies. Other companies may even spend another couple of weeks before giving you a final, definite decision.
You will now be hoping that another card will be added to the 145 million cards currently in use in this country and this may well be the case. The whole process is surprisingly simple and can be very quick. You simply find the card of your choice online, through a price comparison site, apply for the card and, if you have a strong credit rating and all goes well, you are accepted. The card will then be sent to you and here you will have to wait, no matter what the decision. Luckily, with instant approval credit cards, you may find you new card arrives in a matter of days, rather than weeks.
About the Author:
Rebecca Gold writes financial based articles for financially related websites. Read more about the Instant approval credit card and the Credit card application here.
posted by Credit Counseling at
1:39 AM
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