What Happens After Applying for a Credit Card?

iQuanti: Getting approved for a credit card can be an exciting feeling. And if an applicant has just filled out a credit card application and is waiting for approval, they may be wondering what happens next. What do credit card companies do when deciding whether to approve applicants, and how long can the process take? Here’s how applying for a credit card works and what steps credit card companies typically take during the decision process. 
Applying for a Credit Card
Credit card applicants can apply for a credit card online, by post, by phone, or in person at a bank or building society. When filling out the application, applicants will have to provide information like:
Filling out a credit card application may only take a few minutes. Once an applicant fills out all necessary personal information, they can submit the application and wait for approval.
After Submitting a Credit Card Application
Here’s what will happen after an applicant applies for a credit card:
Credit Check
The credit card provider will check the applicant’s credit to make sure they are eligible to be a cardmember. When doing a credit check, providers may look at the applicant’s credit history, ability to repay debt, and overall financial responsibility. 
After the credit card provider checks the applicant’s credit, they will then either approve or refuse their application. If approved, the provider will ask the applicant to sign a credit agreement on how much money they can borrow, the interest rate and charges, the repayment terms, and any other conditions.
If the credit card provider refuses the application, this could be due to the applicant’s credit score, current debts, or another reason. Applicants who get refused can check their credit file by asking the provider what credit reference agency they used. 
How Long Does the Credit Card Approval Process Take?
While some credit card applicants will receive an instant decision from the credit card provider, others may have to wait a few days. This can depend on how the applicant submitted their application. Applying online or in person can allow applicants to get an instant or very quick decision. For those that apply over the phone or by post, the process can take a bit longer. Applications also may take longer to process if the issuer needs additional time to review it, or if the applicant provided incomplete or incorrect information.
The Bottom Line
Whether the credit card provider gives an instant decision or takes a few days, applicants won’t have to wait long to find out whether they get approved for a credit card. Once the provider does a credit check to see the applicant’s ability to repay debt, credit history, and other factors, they’ll decide whether to accept or refuse the application. For applicants that don’t get accepted, not to worry – there are many other credit card options that may be available. 
Source: iQuanti, Inc.