However, the time it takes to approve a credit card can often depend on the provider’s online system and your credit score, as sometimes you can get a response instantly or within an hour. In most cases, it takes time for the credit card provider to manually assess your request, and it may take a week or even two weeks.
How to apply for a credit card
The moment you get your credit card in the mail, you should be able to start using it right away. In some cases, you may need to call the provider first or register online to activate the card and set up a PIN.
However, the time it takes for the credit card to arrive at your home can be a week or two from the time you received notification that you have been approved.
The process for applying for a credit card usually looks like this:
Apply for a credit card online (around 5 minutes)
Wait for the response to see if your request has been approved or rejected (this may take a minute or two weeks)
If you’ve been approved, wait for your credit card to arrive in the mail (usually takes 5-10 business days)
You may need to register the card online or call the provider to activate it before you can use it (a few minutes)
Credit card applications
Applying for a credit card is a necessary part of the process and helps the provider assess whether you should be approved or rejected for their credit card.
Most of the apps are pretty straightforward and will ask for your name, address, and contact details. They’ll also ask you some financial questions, such as your income, occupation, and how long you’ve lived at your current address.
Some providers may ask additional questions depending on what their service provides, such as whether you want to take out a cash advance or plan to transfer a balance immediately.
What do I have to do?
Credit cards are generally among the simplest financial applications you can make, in terms of the information you will need to provide.
The questions you should expect to find on a credit card application typically include the following:
Date of Birth
Address and how long you’ve lived there
Residential status (tenant, owner, living with parents, etc.)
Your annual income
You need to make sure your information is correct when you apply, but most people can usually answer questions quite easily.
On a balance transfer or money transfer credit card application, you will need the details of the other accounts you are transferring to your new credit card.
However, there are potentially other areas that you will need to take care of before you even apply for a credit card to reduce your chances of being rejected.
What will affect a credit card application?
All credit cards will state in their eligibility criteria that each applicant must be:
A permanent resident of the United Kingdom
18 years or older
In some cases, the required age is 21.
Getting on the voters list will increase your chances of being approved for a credit card. This means that you are registered to vote at the address where you live.
If you are not, you could be rejected for a credit card as this can greatly increase your threat of fraud in the eyes of the provider. Indeed, the electoral register guarantees that you are indeed who you claim to be and that you live at the address you have indicated.
Other useful requirements include having a UK bank account or checking account with a UK building company. Having county court judgments (CCJs) or being declared bankrupt can negatively impact your chances of being accepted for credit.
Your credit score, income, occupation, and residency status will generally have an impact on your credit card application. The amount of your income can decide whether or not you are approved, and if you are, it can decide what your credit limit will be.
Credit card providers generally prefer applicants with permanent full-time employment and high income, and those with a good credit rating.
Using an eligibility checker can help you understand the likelihood of it being accepted before you apply for a credit card, without affecting your credit rating.
When your request is submitted, the credit card provider will check your credit report. They will look at your credit score and recent financial records, such as debts you’ve paid off and other credit requests you’ve made.
And in some cases, this credit check is done instantly using a computer, which can determine based on the score to approve or reject, or flag it for manual verification before a decision is made. taken.
What does instant credit card approval mean?
Some credit card providers offer instant approval, which means that a computer can very quickly check your credit score and the information you provided after you submit an application.
Based on this information, they might be able to give you an instant decision. Sure, it might seem unfair, but they usually only make an instant decision when it’s black and white.
For example, if you have a high income, a high credit score, and you check all the boxes that match what the provider is looking for in applicants, you will likely receive approval instantly.
On the other hand, if you have a really bad credit score and you clearly don’t meet the criteria, you will receive an instant rejection.
However, if you are somewhere in between, or if there are question marks about some aspect of your application, you probably won’t receive a decision instantly. In these cases, your request will be reviewed manually as usual.
What if my credit card application is refused?
If your credit card application is denied, you should avoid trying to apply for another one anytime soon, as every request you make shows up on your credit report.
You can also benefit from checking your credit report and seeing if there is any clue as to why your application was denied.