instant pudding, breakfast, and now instant credit cards, really?

1st, I KNOW the instant approval credit cards are not a new thing.

However, how realistic is it that you can get instant approval for a credit card?  Well, even just a few months ago, it was very realistic.  Not now & here is why…

We are in an economic slump and despite what the papers & politicians say, it was caused by 2 simple factors:

1) gas prices (when your fuel budget triples, but not your income, what do you think would happen to the ecomony?). 

2) Credit, particularly in the form of mortgages, was handed out much too freely.  Thus BILLIONS of $$ was loaned to people who couldn’t & I would submit, had not intention, of ever paying it back.   Credit card companies did the same thing.  

for an example….

I was in the need of a huge amount of credit for our business @ 1 year ago.  I decided to try the credit card company before going to my bank.  I had over $30K approved in @ 20 minutes & deposited in my bank account 3 days later.  I couldn’t believe how easy it was.

Not so anymore.  Credit card companies are tightening the belts when it comes to issuing credit.

This needs to be on your mind when applying for an instant approval credit card.  One credit card company changed the wording to “instant decision” and I applaud them for that.

Even the “decision in 60 seconds” is a not always true.  It is true if you have perfect….and I mean over 800 for a FICO score, credit.  Otherwise, you might get a message like….“Thank you but we need to do additional processing on your application.” or “We’ll get back to you in 30 days…”

I am not saying you wont get that credit card decision within 60 seconds, but NO where is it stated that it is guaranteed.

SO, you cannot EXPECT an approval, however it IS a legitimate offer.  If you are weary about applying online, rest assured, most sites are secure, however, I can vouche for the following website as being fully secure & encrypted.  The site is www.all-credit-cards-online.com

If you are unsure what your specific credit score is, you can get an idea of how you rate by reading my post about how the FICO weighs the different attributes that affect your credit score.

Until next time

cb

instant approval credit cards