How long Does Credit Card Processing Take?
A Credit Article Contributed by Kris Griebe
What Exactly is Credit Card Processing?
Credit card processing can be a multitude of things. Sometime it refers to the process that takes place between the merchant and the credit card company whenever you use your credit card. We'll confine this discussion to the process when you apply for a credit card. Credit card processing is everything from when you start your credit card application till you receive your credit card, or are denied. You could consider it to be the time between you hitting the submit button (to submit your application) and receiving a "denied" or "accepted" message.
If you fill out a paper application, of course, the processing includes the offline time as well. From the time a credit card company receives your application in the mail until they send out a letter saying you have been accepted or denied, the processing takes place. Of course this will take at best a few days and most often will be a few weeks.
What Goes on during Credit Card Processing?
When you click that submit button, or when the credit card company receives your application in the mail, a number of vital tasks take place. First, the credit card company will record all your personal information. Next, they obtain a copy of your credit report. Then they have to take the time to look at your credit score, and if it is borderline, possibly do a more in-depth analysis of your credit history.
After this process is over, a decision must be made, whether they will accept your application, or deny you credit. Once this decision is made, they will notify you, and the first stage of the processing is completed!
If you are applying for a credit card online, all this can take place in a matter of moments. Shortly after hitting that submit button, the big red flashing "DENIED" will show on the screen, or the pleasant green pulsating "APPROVED" appear. Either way, those few moments can be anxious indeed!
If you submitted by mail, you could end up pacing your house for weeks before you receive an answer. There is all the transit time in the mail, and the handling and processing. But do not worry, you will eventually get your answer.
How Can I Increase My Chances of Processing Successfully with a Credit Card Company?
There is really only one way you can improve your chances, and that is to improve your credit score. If you have a poor credit score, you are less likely to be approved for your credit card. If you submitted via mail, this can mean that you wasted valuable weeks of your time waiting for an answer. The solution is to know your credit score beforehand. Do you know you have bad credit? Then perhaps you should seek a credit card specifically tailored for people with bad credit.
Keeping this in mind will greatly reduce the time you spend processing and submitting credit card applications, and make your life less stressful as well!
