Credit Creators » Guaranteed Approval

What are Credit Cards with Instant Approval

Allison May — Thu, 24 Mar 2011 01:34:38 +0000

Do you think that credit cards instant approval offers are too good to be true? You might have been used to the traditional process of acquiring a credit card that instant approval would sound suspicious. But is this true?

Gone are the days when you have to dress up and drive to your local bank, fill-out a form, and personally submit your credit card application. Today, most credit card applications are done online. And compared to the old way, it offers people a much quicker, more convenient way of getting a credit card.

What are instant approval credit cards?

So what does instant approval really mean? Instant approval pertains to the quick processing of the application. You simply need to get online, fill out the online application form, click submit, and wait for a few minutes to know whether your application has been approved or declined. If you meet the credit card issuer’s requirements and you get an approval, you can expect to receive your card via post mail in 5 to 7 banking days.

What happens next? After receiving your credit card from the mail, you will be asked to call your issuer’s activation number. This is done to verify the identity of the credit cardholder. You will be asked verification questions in order to have your account activate. Once it’s done, your instant approval credit card is ready for use.

What are guaranteed approval bad credit credit cards?

What about guaranteed approval bad credit credit cards? These are different from instant approval cards. In this case, guaranteed approval is offered regardless of the applicant’s credit rating. Whether you have bad credit or no credit history, you can surely get an approval.

You can even choose between a secured credit card and an unsecured credit card for bad credit. Both of them offers guaranteed approval. The difference between these two types of credit cards for bad credit is that the other requires a security cash deposit while the latter does not.

Read the Fine Print

Now you know that instant approval credit card offers are for real. However, you should still be careful when submitting application online. First, make sure that you are using a secured web page before filling out the online form. The URL of a secured page must begin with https:// instead of the usual http:// for unsecured sites. You can also check if there is locked icon on the bottom right corner of your browser.

It’s also advisable that you check the reputation of the credit card issuer. Make sure that you are dealing with a legitimate bank or credit card company. Last but not least, read the fine print. Just because the ad says “instant approval” does not mean you should not bother reading the complete Terms and Conditions.

Remember that if you send your application to the wrong issuer and you get declined, it would be damaging your credit score. Understand the credit card issuer’s requirements. Even if the ad clearly says “instant approval”, it still pays to double check.

Should You Obtain a Copy of Your Credit Report?

Allison May — Mon, 08 Dec 2008 03:30:56 +0000

Should you obtain a copy of your credit report? The answer of course, is yes. In this article, let’s discuss the importance of checking your personal credit report.

What is in your credit report?

What kind of information is contained in your credit report? Consumer credit reports contain information about an individual’s accounts and finances.

It also contains your employment history, salary history and other personal details such as your complete name, Social Security Number, date of birth, driver’s license number, your past and current home address, telephone number, etc.

All your dealings with past and present creditors, the types of accounts you have opened and your payment history are all reflected on your report. It also includes your transactions with insurance companies, banks, and other financial institution. Legal information such as records of bankruptcy, tax liens, foreclosure, alimony, etc are reported as well.

Who Checks On Your Credit Report?

Landlord, potential employers, insurance companies, government agencies, lending companies, credit card companies – all these organizations check consumer credit reports to examine their background and reputation.

Clearly, your credit report says a lot about you. A single false information on your credit report can damage your credit worthiness or reputation. Potential employers may refuse to hire you just because your credit report is unimpressive. Creditors may turn down your application if you have poor credit history. Therefore, it is your responsibility to make sure that your credit report is accurate and free from errors.

Check Your Credit Report

All consumers have the right to check the information contained in their personal credit reports. The Federal Fair Credit Reporting Act gives everyone the right to dispute incorrect or fraudulent information in their reports. In fact, if a credit reporting agency or a credit bureau refuses to take action, you may file a complaint to The Federal Trade Commission.

Obtain a copy of your report at least twice a year and carefully examine if there is any error or disputable records in it. Here are the contact details of the three major credit bureaus.

Equifax
P.O. Box 740123
Atlanta, GA 30374-0123
www.equifax.com

Experian
Consumer Opt Out
P.O. Box 919
Allen, TX 75013
www.experian.com

Trans Union
Name Removal Option
P.O. Box 97328
Jackson, MS 39288-7328
www.transunion.com

For a more in-depth discussion on credit report and your rights as a consumer, you may visit the FTC’s website at www.ftc.gov.

Allison May is a credit consultant and a writer for Credit Creators. The resource provides consumers with valuable advice and information on credit cards for bad credit,credit cards for good credit and other credit-related issues. Its main objective is to help people build good credit. Copyright © 2008

How a Secured Credit Card Can Get You Off Bad Credit

Allison May — Mon, 08 Sep 2008 05:07:01 +0000

When stuck with bad credit, one way to improve your credit history is to get a secured credit card. While standard credit cards often require good to excellent credit, a secured credit card doesn’t. Regardless of your credit rating, you can be sure that your application would be approved.

How can a secured credit card help raise your credit score?
What’s great about a secured credit card is that it looks and functions exactly like a regular credit card. No one would have to know that you’re using a secured card or that you have bad credit. This information is strictly between you and your credit card company.

As soon you’re approved, you have the chance to rebuild your credit history. It’s important to look for a secured credit card that reports regularly to the major credit bureaus. This way, your credit report would be updated immediately as long as you pay your bills on time.

What Are Guaranteed Approval Credit Cards?

Allison May — Wed, 29 Aug 2007 14:22:50 +0000

Applying for a credit card can be a challenging task for those without a credit history or with bad credit. However, credit card companies have come up with guaranteed approval credit that are especially designed to help those with bad credit or no credit at all.

What are guaranteed approval credit cards?

In the past, those without credit or with bad credit can avail of secured credit cards where they are required to submit a deposit or open a savings account as a form of security for their debts. Guaranteed approval credit cards do not require security. As the name suggests, this type of credit cards grant approval more leniently than traditional credit cards.

How do credit cards with guaranteed approval work?

They do function much like regular credit cards. However, it can be expected that these credit cards do come with higher rates and interest than their regular counter parts. Since borrowers who apply for these credit cards are seen as high risk, creditors make up for their risk by charging higher fees.

A credit card with guaranteed approval also has its limitations. For one, the credit limit is lower. The card holder cannot expect to get a high credit limit unless he proves to be a good payer. A higher remaining balance may also be required for the card members along with other fees and penalty charges.

Is it for you?

Obviously, guaranteed approval credit cards present a big difference from a regular credit card. So is this the credit card for you? For those who have no credit, these credit cards can be a stepping stone to be able to establish a credit history. As long as the card holder stays within his credit limit and keeps up with his credit card payments regularly, one can build good credit.

The important thing to bear in mind is that guaranteed approval cards come with high interest. Therefore, one can’t afford to miss or even delay a single payment on his credit card. Aside from avoiding additional fees and interest, a person who wants to build a good credit history should keep with the credit card’s payment schedule. After some time, the credit card company may offer to grant the card holder with a regular credit if he proves to be a good payer.

If you have a history of poor credit, you can also use guaranteed approval credit cards as a tool to improve your credit. All the same, improving your credit depends on how well you keep up with your credit card payments. Thus, the importance of paying credit card balances on time cannot be overemphasized.

The advantage of guaranteed approval credit cards is that they do offer quick approval. Nevertheless, take your time in finding the right company. Many credit card companies offer guaranteed approval cards but be sure to analyze each credit card carefully before signing up for one. Check the credit card features, its rates, and all its terms and conditions. as a consumer, whether you have bad credit or no credit, you should never settle for a credit card that doesn’t protect your rights.