![]() These days, everything from renting an apartment and having the power turned on to getting a loan or applying for a credit card could require a credit check. That could lead to instant rejection instead of instant approval because the report could signal risk for lenders. On the other hand, seniors’ credit scores can be negatively impacted when debt builds up and credit reports reveal missed payments or other red flags. So even if you think you have a terrific long-term credit history, getting instant credit card approval requires current, positive credit activity. When you don’t use credit, your credit history dwindles and credit bureaus may lack information to evaluate your creditworthiness. And though you may think being debt-free would be an advantage - if you’ve paid off your home and you rarely use credit, for example - lenders may not see it that way. When it comes to applying for an instant approval credit card, a good credit history is just as important for seniors as it is for other applicants. What seniors should know about instant approval credit cards Save those purchases for when you’re at home and on a more secure WiFi network. And if you’re going to make an online purchase that requires you to enter your credit card number, try to refrain from doing so at the office, or while using a public hotspot. In addition, be sure to monitor your credit card accounts by checking them regularly once a month is a good rule of thumb - more often is even better. Similarly, you can help to protect your card number when using your credit card online by making sure you see the same safety signals - for example, the verified security badge - before checking out. Always make sure the website has “https” (as opposed to just http - the “s” is for secure) at the start of the URL. Keep in mind that it’s always a good idea to apply for the credit card directly through the credit card issuer’s website, and to look for additional safety notifications like verified security badge. Providing your personal financial information through a website can be unnerving, but credit card companies use data encryption to help keep your personal financial information safe. Are online instant approval credit card applications safe? Typically you will have to wait 5-7 days to receive your new credit card and terms. You won’t have immediate access to the card if approved: While the approval process varies by issuer, an instant approval does not mean you have immediate access to the credit card. Does instant approval mean I can use my credit card right away? To ensure you find the best credit card for you, always read the fine print and research the features and benefits of the card before you apply.ģ. Shop around: While you can get a decision quickly, it’s important to take your time to shop around and compare instant approval offers.If that’s not you - for example, if you’re a student with a limited credit history - you still have plenty of options, such as the Discover it® Secured Credit Card or the Discover it® Student Cash Back Credit Card. Generally speaking, to receive an instant approval, you need to have good to excellent credit. Credit scores usually fall into various categories - according to FICO, borrowers with poor credit typically have a credit score of 580 or below, those with good credit have scores ranging from 670-739, and those with excellent credit generally have a credit score of 800 or higher. Your credit history matters: Your credit score is a three-digit number based on the information in your credit history.If you’re considering applying for an instant approval credit card, keep these points in mind: What you need to know before applying for an instant approval credit card Keep in mind, credit is not the only factor considered when choosing to approve you your application may be sent for further review if there are outstanding questions about your application (address, SSN, etc.). ![]() ![]() Depending upon whether you meet their criteria, you’ll be approved or denied. Generally, the higher your credit score is, the more likely you are to be approved for the card.Ĭreditors typically determine your creditworthiness by examining your prior credit card usage and income, and by verifying that you meet their age and residency requirements. When you apply for an instant approval card online, the credit card company will run a preliminary credit check. Applying for a credit card with instant approval
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