Monday, 11 May 2020

How To Get Instant Approval For Credit Cards

I have been spending time researching online trying to find some of the best instants approval credit cards and there is a lot of bad information on the market. I think this is an article that we have to make to address, to make sure that you don't make the wrong decision. 

In this article we are going to cover three things; 

Common Misconception

A common misconception that you should be aware of when we are talking about getting approved for any card or some of the instant approval credit cards myths that are out there

Thing You Should Never Do / Cards You Should Never Get

We are also going to talk about things you should never do and things you should look out for within other credit card issuers in the market. Because let me tell you, there are some credit issuers that do not care about you and they are in it for themselves and you don't know who they are and what you should look out for.

Cards You Should Consider

We are going to be talking about the cards you should apply for it is not going to be all bad, I am going to give you some actionable things and by the end of the article, you will know exactly what you should do, which cards you should apply for and the strategic long-term strategy you should have in terms of getting your credit right and getting approved for some of these cards.

Let"s Get Started

1. Common Misconception

Applying For A New Card Will Several Hurt Your Credit Score.

There are a lot of common misconceptions that we should cover I think one of the biggest ones is that when you do apply for a credit card that it is always going to affect your credit report. One of the things I hear constantly on a consistent basis people assumes that if they apply for a new credit card it is just going to lower their credit score and it is never going to go up. That is not the case. If you get a hard pull on your account, I do not believe it is a bad thing. Your score will go back up and I know when you check your credit card account that little hard inquiry section is always going to be red but that is okay.

It is not a huge deal. The most important things when it comes to your credit score is going to be your utilization, how often you pay off your cards and how obedient you are in terms of being disciplined and paying off your cards on time

You Can Get Accepted For Every Entry Level Card

Another common misconception that a lot of people assume is that you get accepted for every single credit card out there regardless of what lender it comes from. Even if it is one of the most subprime crappy lenders or if it is a store card, people assume that you will 100% get approved all the time because that score recommendation graph can go from 300 to 600 and you fall within it. That is not the case.

There are so many different reasons why a credit card issuer can deny you. We are not going to go into the specifics of that, but I am going to share with you later on in this article what you should be looking out for and how you can adjust yourself so you can get accepted for more of these cards.

2. Things You Should Never Do / Cards You Should Never Get

Do Not Carry Credit Card Debt

There are definitely some things you should never do when it comes to credit cards. I think this goes without saying but you should never try to at least carry a balance on your credit card. It defeats the whole purpose of using credit cards, using the point and miles to travel for free. If you are accumulating debt you are paying 15% to 20% even 30% of interest on your credit card that you have, it defeats the purpose. You are losing out on money and the main priority you should have right now is focusing on paying off that debt by budgeting, by cutting out your expenses, trying to increase that income, and paying off that amount. You do not want to carry debt, do not get a credit card if you are plan on carrying debt with it. It is not the way you want to go about it and that is not what I teach on this blog.

Be Selective About Who You Give Your Infomation Too

You want to be very careful about who you give your sensitive information to when you apply for a new credit card. There are a lot of lenders out there and surprisingly some of these lenders are not in it for your best interest, they are a company they are a business and some of them don't give a crap about the people that sign up with them. There is one company that you may be able to guess here is it below

It may be a company that you may not want to go for and I may be extra careful right now about stating that because they have this love of sending out these cease and desist letters to other influencers and blogs that, "do not talk good about them" that should be another reason why you should consider. 

How Do I Know Which Credit Issuer To Go With?  

How do I know if this is a good credit card issuer to go with, how do I know if I can trust them with having my information and they are not going to do any shady stuff with me? I always recommend you do this, regardless of credit card issuers even if you are shopping for a company or if you decide to work with a freelancing company or a new marketing agency for whatever business you may have. I always recommend using the website either consumer affairs or

These are businesses or websites that allow you to check the reviews on that certain company or corporation. So for me I know if I google this one specific company, I am expecting to see a lot of bad reviews, and when I do see those bad reviews and I see other people who have gotten ripped off or have been treated awfully by some of these companies. I know this is not someone I want to go with

3. Cards You Should Consider

Let's talk about exactly how you can get approved for more of these cards. If you are someone who's just getting into the credit card game, you don't really know what type of history you have. You are in a good situation because a lot of these lenders are prepared for you. You would be considered top of the traffic, cold target people that a lot of these issuers want, they want to bring you in that is why you will see some of these credit card issuers and companies and banks going to different colleges because they know if they are with you in the beginning chances are you are going to sign up for the other products that they have during the remainder of your lifetime.

What these businesses focus on is the lifetime value of a customer also known as an LTV. So if I sign up with Chase in the very beginning chances are I might bank with them too, I might get my auto loan from them, I might get my mortgage from them, and that gives them more money in the long run. Banks and issuers are more open to new applicants but there are some people that you want to be considered about. Chase is the one application that doesn't want new applicant for whatever reason what they have. But, if we talk about other issuers like Citi, Discover even American Express, they do welcome new issuers, you just want to make sure you start out with their starter cards and not one of their more advanced luxury premium tier cards.

If I came out with my own list of issuers depending on the leniency and the high accepting rates they have for new applicants, here is how I would start.

1. Citi Card

I would rank Citi as the number one just because I have rarely heard about people getting denied from Citi and they are known to have a very very good acceptance rate especially with people who have thin credit. 

2. Discover Card

Because they are very very open to new applicants. They don't have their own line of premium luxury tiers cards, discover is one of those issuers that a lot of people go to as their first basic starter card and their first college student credit card and it is the card that I personally recommend and if you can get accepted with discover as your first, it is what I recommend. 

3. Capital One

They do accept a lot of applicants

4. American Express

5. Chase

Chase doesn't like new applicants they do prefer their users to have at least two credit cards with some type of history on those credit cards before you apply for it. I have seen where people do have an incredible credit score of like 750, 780 and they still denied for chase. 

  • The biggest take away from that is to understand that each issuer has their own algorithm in terms of accepting or denying new applicants. 

Start With An Unsecured Credit Card Or Secured Credit Card

For me, I always recommend starting out with an unsecured credit card. This is just a typical regular credit card, unsecured is a regular credit card that you see people are using. The secured credit cards are like a beginner or basic version of that.

What Is A Secured Credit Card

A secure credit card is basically a credit card where you put down your own deposit let's say I sign up for Discover student card, they deny me. I will then apply for the Discover secured card and with that card, I will put down a deposit of $500. This tells the lenders like, look, I have the money for it if I run away with the $500 it is my own money. 

  • It allows you to build your credit report and do it by putting your own money down where the credit issuers don't have to risk anything or lose anything at all. 

That is the reason why they deny a lot of people, they don't want people running off with their own money, they don't want to be losing money, they don't want to go through the hassle of going to collections, chasing after people, setting up debt repayment and although interest is good for those companies. It is not worth it in most of these times and this is why they do deny people if they have to go through all these loops and hoops for them to their money back. 

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