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5 Tips When Filling out Instant Approval Credit Card Applications
You get bombarded with them on a daily basis. They come in your mail by the dozens per month. When you go shopping at your favorite department store, they offer you one so you can 10 percent off your purchase. Instant approval credit cardsdo you really need them? Are they such a great idea? Anything that seems that easy to get cant all be silver lining. There must be some dark clouds in there too.
Instant approval, though, can be a extremely convenient way to build up some credit for yourself, and credit is, as every expert will tell you, what you need to build if one day you hope to buy a car, own a house, save for your kids college education, and so on and so on until you retire happy and rich. But there are some tips you can follow when applying for instant approval credit cards to help you avoid the pitfalls of ruining your credit, or just not getting the credit card you hoped for.
1. Dont Get Too Carried Away
The first tip, and possibly the best one of the bunch, is not to go too crazy with your applications. Pick one card to start with, and see how that application process goes. When you start taking offers from every credit card company that sends you something in the mail, you run the risk of damaging your credit. Thats because other credit agencies will begin to see you as desperate, the more credit cards you apply for, and get rejected from.
2. If at First You Don Succeed
Next, if the standard credit cards dont accept your supposedly instant approved application, then try your hand at a gas credit card or department store card. These are generally easier to get for beginners in the world of credit. They also tend to make for greater “trainer” cards, meaning you can learn how to make monthly payments on time, and build your credit.
3. Get Bill Savvy
Speaking of bills, know how to pay for them. Keeping some carryover debt on a department store card is a good idea. It shows credit agencies that you can handle an outstanding balance. But dont build up debt on everyday items, such as gasoline, food, or entertainment. That doesnt look good, and neither does a balance that grows and grows every month.
4. Dont be Late on Your Payments
Want additional help with instant approval? Heres a big hintdont be late on any payments that you already have, whether they be credit cards, gas bills, cell phone service, etc. Any slip-up like that can ruin any good reputation you may have with the credit agencies in an instant.
5. Take Your Time to Find the Right Deal
And finally, take your time when taking advantage of instant approval credit. Once you try the waters on one card, wait another few months, even a year, before applying for your next. Or better yet, if you dont need it, dont apply at all.
Can Secured Credit Cards Lead You To Good Credit?
If you are suffering from bad credit history, surely you would like to find an easier way to regain your good credit standing. The good news is, it does not have to be a difficult task. There are several options that you can do to raise your credit score at the soonest time possible.
One option is to get a secured credit card. Can a secured credit card really lead you to good credit? Read on to find out.
What is a secured credit card?
As the name implies, a secured credit card requires its cardholder to submit security or cash deposit. Thus, despite having a poor credit score, the credit card company is given the guarantee that funds will be readily at hand in case of payment defaults.
Secured cards grant quick and instant approval regardless of the status of your credit history. Whether you have bad credit or no credit, you can surely open a secured credit card account in your name. This type of credit card is indeed a wonderful tool for establishing and rebuilding credit.
Will other people know that you are using a secured card? Secured cards look exactly like regular credit cards so no one has to know that you are using a secured account because you have bad credit. It can used for purchasing or paying bills anywhere where standard credit cards are accepted.
The Difference of Getting Secured Credit Card The main difference with a secured account is the submission of cash security deposit. Usually, the amount of your deposit will determine the value of your credit limit. Some secured card issuers do offer a slightly higher credit line than the amount of cash deposited.
In time, you may request your issuer to raise your limit as you prove your credit worthiness by submitting your payments on time. There are credit card companies that will automatically give an upgrade to an unsecured account after a year of consistent payments.
Before signing up, see to it that your chosen issuer provides credit reporting to the major credit bureaus so you can improve your credit history as you make your payments. After improving your credit, switching to a non-secured account will enable you to enjoy lower rates and more privileges.
Be a Wise Secured Cardholder
Yes, secured credit cards can be used to rebuild bad credit. However, that will depend on how you use your card and how you keep up with your payments. The safest way to manage your account is to keep your charges minimal and to pay off your monthly balances in full at all times.
Avoid carrying over your balance for the next billing cycle so you wont have to pay the interest rates. Be conscious about your due dates. If for a really good reason, you will not be able to make your payment on time, do not hesitate to call up your bank and explain your situation. Request for an extension of your deadline and ask your issuer not to report your late payment if you can submit on the extended date.