One of the advantages of applying for credit cards online is the ability to know whether your application has been approved or declined within minutes. However, in some cases, you will find that your credit card application is “under review” or “pending”.
Sometimes lenders need more time to evaluate credit applications. Here’s how long you may have to wait if your application is pending and what you can do while waiting for a response from the credit card company.
How long does it take to review a credit card application?
It depends. When you apply for a credit card online, you can get approval instantly, but sometimes, it can take a few days to process.
Many pending credit card applications are resolved within a few days, but some lenders can take two weeks or more to complete the review process. If your application has been accepted, you can often make online purchases with your new credit card number right away, although it will usually take seven to ten days for the physical credit card to arrive in the mail.
Common reasons your application may be under review
Here are some of the most common reasons why your application may still be under review:
- The information you included on your application may not match the information on your credit report. For example, you may have accidentally misspelled your phone number or you recently moved and your credit report has not yet been updated to reflect your new address.
- You have recently applied for several new credit accounts. Lenders may want to investigate your recent credit inquiries to determine if you are planning to take on more debt than you can afford.
- The lender may suspect identity fraud. If there are discrepancies between your application and your credit report, or if you applied for multiple credit cards on the same day, a lender may wonder if someone else is trying to obtain credit in your name.
- The lender must verify your application. In some cases, lenders will contact you to verify the personal information or income information you included on your application.
- The lender may be overwhelmed with applications. When a bank or credit card issuer launches a new credit card (especially if the credit card offers exclusive rewards or a popular sign-up bonus), it may receive more applications than it can process at one time.
What to do if your application is pending
If the status of your credit card application is pending, the best thing to do is to be patient. While many banks and credit card issuers resolve pending credit card applications within a day or two, some lenders may take weeks to issue their final decisions.
- Watch the mail: Almost all lenders send information about their application decisions in the mail, either to congratulate you on your approval or to explain why your credit card application was rejected.
- Monitor your email: The decision on your credit card application will generally come to you by mail and email. In most cases, you will receive the email first. Keep an eye on your inbox and don’t forget to check your spam folder.
- Log in to their online portal: If you already have an online account with the bank or lender in question, you may be able to log in to their online portal to check the status of your new credit application. Many credit card issuers also offer application status portals, which allow you to check your pending application.
- Call customer service: If a couple of weeks have passed and you’re still waiting for a response on the status of your application, you can always contact the card issuer’s customer service. Some credit card issuers have dedicated application status phone lines, but if you can’t find one, call the main customer service phone number.
What is instant approval and how does it work?
Instant approval credit cards are exactly what they sound like. When you apply for an instant approval credit card, you will receive an approval decision as soon as you complete your application. A bank or lender will quickly review your credit score and credit history before deciding whether to grant you an instant approval credit card.
Some instant approval credit cards are conditional, in that a lender may reverse the approval decision after conducting a more thorough review of your credit. While a credit card rejection will not directly affect your credit score, the thorough investigation that takes place while the issuer reaches a conclusion will, although it should only cause a temporary drop.
In some cases, lenders may not be able to provide an instant approval decision and may request additional information or verification. Individuals with good or excellent credit are more likely to be approved for an instant approval credit card.
