Introduction
In the past, instant approval credit was only available for people with an above average credit rating. This has now changed since there are very many credit companies offering credit approval. Thanks to the advancement in internet technology, it is now possible to get instant approval credit. If you are looking for instant credit, read on, you will find useful tips that will come in handy as you search for credit companies.
Step 1
What exactly does instant approval credit mean? With this type of credit, you fill an application online and submit it. Most companies will reply within a minute. The online application process is fast and saves you a lot of time. If they approve you for credit, they immediately mail you the card which can take approximately 5 to 7 days. To activate your card, you will need to call the instant approval credit card company.
Step 2
Getting an instant credit card is easy but there are certain factors you need to consider before applying for one, here are a few of the most important ones.
• Credit report: you are entitled to a yearly credit report; this is as per the credit bureau laws. It is thus important for you to check your credit rating and ensure that it reflects you current financial situation. Credit reports are subject to errors and it is essential to ensure that they are fixed before applying for instant approval credit. You credit sore has an impact on the credit card rate you will get from a lender. Low scores attract higher interest rates.
Step 3
• Bad credit approval: you will still get approved with a poor credit score, however, most issuers will insist on a secured card since they consider you a high risk holder. What this means is that you will need to make a cash deposit. The deposit amount generally ranges between $200 and $500. A larger deposit is required if the limit is high, normally, the credit limit issued will be equivalent to the amount of security deposit you give.
Step 4
• Comparison shopping: you will be surprised by how much you save through comparison shopping. It is advisable to conduct a search on instant approval credit companies online and check out their offers. You can also take time to read card review sites to help narrow down your search.
Step 5
• Security: there are many desperate shoppers you have fallen victim to scams from instant approval credit companies. Some lenders are known to take advantage of people with poor scores by offering them very high rates. There are those who engage in identity fraud, ensure that you verify the site and only apply from reputable and well known lenders.
Tips
An instant approval credit card can be used to improve one’s credit rating, check to ensure that the credit company submits information to the credit bureau. It is also important to ensure that you read the fine print on any document before getting into a legally binding agreement with a credit lending company.
Sources and Citations
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