An instant approval card may be the fastest way of getting a credit card, but it doesn’t mean that it’s the easiest. There is still no guarantee that the credit card application is going to be approved. Here are some pointers to remember to ensure instant credit card approval. Following these tips will greatly increase the probability of approval.
The basis of a bank’s decision regarding a credit card application’s approval is usually the applicant’s credit rating. In most cases, it is important for the applicant to have good credit rating so pay attention to your rating as well. Also, it may seem that applying for many credit cards is a good idea because it increases the odds of getting more applications approved. However, this is just a popular misconception. Simultaneous credit card applications actually decrease a person’s credit rating and ultimately reduces the chances of instant credit card approval. You should then apply to just a few banks, limiting the number to a maximum of two or three.
The bank itself does not conduct research about a person to gather information; it relies on other companies to come up with a profile. As an application, you should then take it upon yourself to supply all the relevant information. The information should be complete and up-to-date so that the companies would be able to create an accurate profile.
Aside from the name and contact details, the bank also requires the applicant’s social security number. This information is matched with all the other personal information available about the applicant, to confirm that he or she is indeed a legitimate citizen.
The applicant’s employment details are also necessary. The job title, working status, information about the employer, and how to contact him or her are some of the pertinent information needed.
Of course, the bank needs to be aware of the person’s financial standing for it to be able to make a decision regarding credit limit. The applicant needs to include bank account information and details regarding salary as well.
Finally, the bank not only asks for the applicant’s address, it also ask for information regarding his or her accommodations – whether the applicant owns a home or rents one and other such details. They also need to know how long the applicant has lived in the address given. If this duration is less than a specified time, usually three years, the bank requires the previous address to be given. The postal code is also very important – not only for the bank but also for the applicant – mainly because the credit card will be sent through mail after the application has been approved.