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Written by
Nicole Dieker
Nicole Dieker has been a full-time freelance writer since 2012—and a personal finance enthusiast since 2004, when she graduated from college and, looking for financial guidance, found a battered copy of Your Money or Your Life at the public library. In addition to writing for Bankrate, her work has appeared on CreditCards.com, Vox, Lifehacker, Popular Science, The Penny Hoarder, The Simple Dollar and NBC News. Dieker spent five years as writer and editor for The Billfold, a personal finance blog where people had honest conversations about money. Dieker also teaches writing, freelancing and publishing classes and works one-on-one with authors as a developmental editor and copyeditor.
Edited by
Greg Johnson
Greg Johnson has been writing about personal finance, travel, and credit card rewards for more than a decade.
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Many people who apply for credit cards get approved or declined as soon as they complete the application, but not all credit card applications are immediately approved. This can be frustrating, especially if you were hoping to get access to your new line of credit right away.
What should you do when you apply for a credit card online, only to receive a message from the card issuer stating that your application is pending?
Knowing what to do when you’re not immediately approved for a credit card all comes down to understanding the credit card approval process and why some applications take longer than others. A credit card issuer may need to verify certain items on your application — including your address, Social Security Number or income — before making a decision.
What are the credit card approval process steps? What should you do if your application is pending? And, while we’re on the subject, why do credit cards take so long to arrive?
Let’s take a closer look at everything you need to know about the credit card approval process.
In many cases, it takes only a few minutes to get approved for a credit card. In some cases, however, it takes a few days for a lender to evaluate and respond to your application.
Here are the credit card approval process steps that every application goes through:
If your credit card application is pending, don’t worry. The credit card issuer is likely to contact you within a few days to either update you on the status of your application or request additional information.
If you don’t get an update on your application within a week, you can always contact the bank or issuer associated with the credit card. Most pending applications resolve fairly quickly, however, so patience may be all you need.
There are several common reasons why your credit card application status might be delayed. If your credit card application is pending, it could be due to one of the following issues:
Freezing your credit reports to protect yourself from identity fraud is a smart move. However, many people forget to thaw their credit reports before applying for a new credit card. If your credit reports are frozen, identity thieves won’t be able to take out new lines of credit under your name. However, you won’t be able to take out new lines of credit either.
When banks conduct credit inquiries prior to issuing credit cards, they aren’t just looking at whether you pay your credit card bills on time. They’re also checking to see whether the personal information you included on your application matches the personal information on your credit card report. If you’ve moved recently, for example, your credit reports might not yet reflect your new address. That could potentially cause a delay in your credit card application status.
In some cases, a credit card issuer may contact you to verify the income information you included on your credit card application. Occasionally, people try to inflate their income in order to appear more financially stable or score a higher credit limit, but lying on your credit card applications is a federal offense. People who deliberately misrepresent their income could end up facing criminal charges.
Some people accidentally make a mistake while filling out their application forms. If you mistyped your address or phone number, for example, a credit issuer may notice that your personal information does not match the information on your credit report and contact you for additional verification.
If a bank pulls your credit report and sees that multiple lenders have recently conducted credit inquiries on you, the bank may hesitate before offering you a new line of credit. Applying for too much credit at once is a bad move as multiple credit inquiries can lower your credit score. Lenders also may wonder whether you are going to use that credit to take on debt that you can’t pay off.
In general, it’s a good idea to wait three to six months between credit card applications — especially if you don’t want to have to wait for lenders to decide whether you’re a credit risk.
Sometimes credit issuers receive more credit card applications than they can process. This is particularly common after banks release a new credit card or increase a credit card’s sign-up bonus, also called a welcome bonus. If you’re trying to apply for the latest and greatest credit card at the same time as everyone else, you might have to wait for the credit card issuer to get through all of the outstanding applications.
There are a few things to know before getting a credit card that will increase your chances of being approved:
Nobody likes getting an “application pending” notice after applying for a credit card online. In most cases, however, you’ll learn the results of your application within a few days.
By understanding the credit card approval process, you will know what to expect. Keep in mind that you can always contact the bank or credit card issuer to check on the status of your application.
To increase the odds that your application will be approved immediately, first make sure the card is a good match for your credit situation. It’s also important to double-check your application for any errors and ensure your credit reports are unfrozen and ready for lenders to access.
Arrow Right Contributor, Personal Finance
Nicole Dieker has been a full-time freelance writer since 2012—and a personal finance enthusiast since 2004, when she graduated from college and, looking for financial guidance, found a battered copy of Your Money or Your Life at the public library. In addition to writing for Bankrate, her work has appeared on CreditCards.com, Vox, Lifehacker, Popular Science, The Penny Hoarder, The Simple Dollar and NBC News. Dieker spent five years as writer and editor for The Billfold, a personal finance blog where people had honest conversations about money. Dieker also teaches writing, freelancing and publishing classes and works one-on-one with authors as a developmental editor and copyeditor.
Greg Johnson has been writing about personal finance, travel, and credit card rewards for more than a decade.
