Do Credit Card Companies Let You Know by Mail if You Get a Card
What does it mean when your credit card application is awaiting?
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One of the benefits of applying for credit cards online is the power to know whether you've been canonical or rejected within minutes—just in some cases, all you'll learn is that your credit bill of fare awarding is "under review" or "awaiting."
Lenders occasionally need extra time to evaluate credit applications, but how long will you have to wait until they make their determination? Allow's take a close look at what happens when your credit card application is pending—and what you can exercise while you wait to hear back from the credit bill of fare company.
How long does it have to review a credit card application?
How long does it take to get canonical for a credit card application? It depends. In many cases, when yous apply for a credit card online you learn the status of your credit menu application within minutes—and if your application has been accepted, you lot're often able to make online purchases with your new credit menu number right away. (It'll still unremarkably take 7 to 10 days for the physical credit bill of fare to get in in the post.)
Yet, credit carte issuers sometimes need additional time to review a credit carte du jour application and make a last decision. This means that y'all may receive the message that your application is "pending" or "under review." Many pending credit carte applications are resolved within a few days, though it can take ii weeks or more for some lenders to complete the review process.
Common reasons your application may be under review
Lenders occasionally need actress time to take or decline a credit card awarding. Here are some of the most mutual reasons why your application might still be under review:
- The information y'all included on your application might not match the information on your credit report. Peradventure you accidentally mistyped your phone number, for instance, or possibly you recently moved and your credit report hasn't yet updated to reflect your new address.
- You recently practical for a lot of new credit. Lenders may want to investigate your contempo credit inquiries to determine whether yous might be planning to take on more debt than you tin pay off.
- The lender might suspect identity fraud. If there are discrepancies between your application and your credit report, or if you practical for multiple credit cards inside a single mean solar day, a lender might wonder if someone else is trying to take out credit in your name.
- The lender needs to verify your awarding. In some cases, lenders volition contact you to verify the personal information or income information you included on your awarding.
- The lender might be overwhelmed with applications. When a depository financial institution or credit card issuer releases a new credit card—especially if the credit card offers unique rewards or a pop sign-upwards bonus—they might receive more than applications than they can process at once.
What to practice if your application is pending
If your credit bill of fare application status is pending, the best affair you can do is exist patient. Many banks and credit card issuers resolve pending credit menu applications inside a few days, though it can take a few weeks before some lenders are able to issue their final decisions. Here's what you can do while y'all wait:
Watch the mail
Nearly all lenders send information nigh their application decisions through the mail, whether to congratulate you on your approval or explain why your credit carte application was declined. Cheque your mailbox regularly to make sure y'all haven't missed any letters.
Monitor your email
Your credit card application decision will often arrive by both postal mail and email—and in most cases, you'll receive the email starting time. Keep an heart on your inbox, and don't forget to check your spam binder.
Log into your online portal
If yous already have an online account with the banking concern or lender in question, you might be able to log into your online portal to cheque on the condition of your new credit application. Many credit card issuers too offer application condition portals that allow yous to check on your pending application.
Phone call client service
If yous're still waiting to hear back on your application status, you tin e'er contact customer service. Some credit menu issuers have dedicated application status telephone lines; otherwise, you can simply telephone call the main customer service phone number.
How to check your credit card application status
Different credit card reviewers have dissimilar application processes, and different ways of allowing you to check your credit card awarding condition. If you're waiting on a credit card awarding decision, here's how to check your status with some of the major credit carte issuers:
| Issuer | How to bank check awarding status |
|---|---|
| American Express | Online 1-877-239-3491 |
| Banking company of America | Online 1- 866-422-8089 |
| Capital I | 1-800-903-9177 |
| Chase | Log-in to your existing Chase account 1-888-338-2586 |
| Find | Online ane-800-347-3085 |
| Wells Fargo | Online 1-800-967-9521 |
What is instant approving and how does it piece of work?
Instant approval credit cards are exactly what they sound like—when you apply for an instant approval card, you'll get your approval determination equally presently as your application is completed. A bank or lender volition accept a quick look at your credit score and credit history before deciding whether to issue you an instant approval credit card.
Some instant blessing credit cards are conditional, in the sense that a lender may revoke the blessing decision later conducting a more thorough review of your credit. (This is a proficient fourth dimension to remind you that beingness rejected for a credit carte won't injure your credit score, although the contempo inquiry will cause a small dip.) In some cases, lenders may not be able to provide an instant approving decision and may request additional information or verification. People with skilful or splendid credit have the all-time chance of getting approved for an instant approving credit card.
The bottom line
Most credit menu applications are likely to get processed inside a couple of minutes, whether you apply online or on the phone. And then it can be frustrating and disruptive to see a "pending" status on a credit card application because an issuer needs more time to process your information. The best manner to avoid a awaiting status is to provide complete and accurate information on your application. Even so, sometimes issuer investigations happen for reasons across your command. Any the reason, you should become a consequence within a few days, and you can always telephone call or check online to follow up on the status of any pending applications.
Source: https://www.bankrate.com/finance/credit-cards/when-your-credit-application-is-pending/
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