It’s hard to believe that in 2010 many credit cards still take a couple of weeks to obtain by the time the card has been applied for, received and activated. If you need a credit card now there are ways to obtain a credit card in a much shorter period of time. Some credit card providers offer instant approval credit cards where a decision on whether to grant the card is given in minutes. This is usually by applying through the credit card lender’s website and going through a ten minute online process. Effectively these cards can be granted without detailed checking by using the online verification processes that are now available. Sometimes these cards charge higher rates than other credit cards so despite the appeal of the instant card it is still worth undertaking a detailed credit card comparison to ensure the card is comparable to others on offer.
A secured credit card will also give a quick decision. These cards are backed either by a house, or more commonly by a financial deposit that is kept in the same bank. These credit cards allow for a credit card user to rebuild their credit rating and to use the credit card for tasks such as ordering on line or using telephone ordering, if this seems like an option for your circumstances you may also consider one of the many debit cards that are now available through most banks, building societies and credit unions.
One other way to get a credit card quickly is by applying for a store card. These cards are often activated at the time of application. The credit checking process is instant and less stringent than with financial institutions. This means the applicant can obtain a credit card far more quickly than with a bank. It should be noted however that credit cards provided by stores often have very high interest rates compared to other cards and may have other fees and charges that are not typical of traditional lenders.
It may seem like a good idea to apply for several cards at once in the hope that one will be approved and cut down the waiting time. Applying for a multiple credit cards at once is never advised as it can harm the credit rating of the applicant. Each application for credit is recorded on the applicant’s credit report regardless of the outcome and credit card lenders who see multiple attempts to secure credit in a short period of time may be concerned that the applicant’s circumstances either have or are about to change.
Applying for multiple lines of credit at once or in quick succession is likely to raise alarm bells with credit providers and that is never a desirable outcome for an applicant.
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