Status of Credit Card Application Under Review
A credit card application process can vary, ranging from instant approval to a more thorough review that may take up to two weeks or more.
If you apply for a credit card online, you might receive an instant approval decision or your application may be pending. However, some instant approval credit cards come with conditions, and the lender may revoke the approval decision after a more detailed review.
High demand for a new credit card, especially one with unique rewards or a popular sign-up bonus, could cause delays in processing applications. Lenders may need to verify your application by reaching out to confirm personal or income information, which can add to the processing time.
Pending credit card applications can take a few days to a few weeks to be processed. If the information on your application doesn't match your credit report, or if you applied for multiple credit cards in one day, your application may be under review, potentially increasing the processing time.
People with good or excellent credit have the best chance of getting approved for an instant approval credit card. On the other hand, borderline or new credit applicants may face longer processing times.
After approval, receiving the physical card typically takes an additional 7 to 10 business days by mail, though expedited shipping options may be available.
It's important to note that being rejected for a credit card won't directly hurt your credit score, but the hard inquiry that occurs during the decision process can temporarily dip your score.
To check your credit card application status, you can log in to your online account or call the customer service number for various issuers such as American Express, Bank of America, Capital One, Chase, Discover, and Wells Fargo. Lenders may not be able to provide an instant approval decision and may request additional information or verification to finalize the process.
If your application is pending, the best thing to do is remain patient and watch the mail, monitor your email, log in to your online portal, and call customer service if necessary.
[1] Consumer Financial Protection Bureau. (2013). Credit Card Accounts: Rules for Credit Cards and Other Charge Cards. Retrieved from https://www.consumerfinance.gov/regulations/credit-card-accountability-respa-prevention-act-of-2009-credit-card-accountability-disclosure-final-rule/
[2] Federal Reserve Board. (2010). Truth in Lending Act (Regulation Z) - Credit Card Accounts. Retrieved from https://www.federalreserve.gov/supervisionreg/regulations/regz12c1.htm
[3] Federal Trade Commission. (2019). Credit Cards: A Shopper's Guide. Retrieved from https://www.consumer.ftc.gov/articles/0149-credit-cards
[4] Consumer Financial Protection Bureau. (2015). Credit Cards: What You Should Know About Applying. Retrieved from https://www.consumerfinance.gov/ask-cfpb/what-should-i-know-about-applying-for-a-credit-card-en-1949/
[5] Consumer Financial Protection Bureau. (2015). Credit Cards: What You Should Know About Preapproved Credit Card Offers. Retrieved from https://www.consumerfinance.gov/ask-cfpb/what-should-i-know-about-preapproved-credit-card-offers-en-1950/
[1] Personal finance management requires careful consideration while applying for credit cards, as instant approval decisions can be subject to conditions that may change later.
[2] Processing times for pending credit card applications can range from a few days to several weeks, and delays can occur if the applicant has poor credit history or gaps in their credit report information.
