Debt Consolidation Credit Counseling In Phoenix

Today's modern lifestyle is one of instant gratification, instant results and, of course, instant credit. Carrying cash is regarded as old-fashioned; everyone's wallets are stuffed full of plastic. Credit cards are ideal because you can spend now and pay back later, when the cheques come rolling in. Over three million people in the UK have five or more credit cards. The only thing that used to slow down this instant lifestyle was the length of time it took to apply for your plastic. How things have changed

With instant approval credit cards you can get another credit card, fast. Instant approval is, as its name suggests, a specification relating to the application of the card and the guidelines set by the card company, not the card type itself. Cashback cards, reward cards and other types of credit cards can all come with the benefit of instant approval, if you can find the right card provider. Once you have found the type of card that you want, simply find a company that offers instant approval. But what exactly is 'instant approval'?

Even 60 seconds can seem like a long time, so you may want to spend the time considering what happens to your application once you?ve hit the 'apply' button. Once you have filled out your online application, the bank checks what is known as your credit rating. Although it is commonly called a 'rating', which suggests a number or score, it is more like a dossier or credit history on your credit behaviour patterns. This history contains information that financial service companies will need to know in order to decide whether they will accept you as a client. This includes details such as whether you make your monthly repayments on time, how much credit you are entitled to, missed payments or bad debt and your basic details such as your name and address, gathered from the electoral roll.

A lot can happen in 60 seconds. The bank's computer checks the form and compares it with your credit report. Your credit report is held by one of the major credit referencing agencies and has details of your credit history. Your report also contains more mundane information such as your name and address. All of this information is compared to the information you have provided on your online application form.

What happens next depends on the company you are dealing with. In some cases the decision really is as almost instantaneous. However, there is still a two-day period during which time the paperwork is double checked. Once everything is in order, the card is sent out to you through the post. Other companies do more extensive checks that can take longer. Even at this point you can still be declined after the initial potential 'yes'. Banks simply aren't going to take the risk if they later find something that doesn't meet their criteria on that the automated system may have missed.

Instant approval credit cards can be applied for in moments and you can have your initial decision within seconds. In the fast moving, electronic age, these are the ideal types of cards to have alongside our other instant gratification technology. With the advent of faster Internet connections and home banking facilities, all steps in the credit card application process can be performed from a computer well away from queues and lengthy form filling. Simply look up the card you want on a price comparison site, fill out an online form and that's it, your card could be with you in days.