You get bombarded with them on a daily basis. They come in your mail by the dozens per month. When you go shopping at your favorite department store, they offer you one so you can 10 percent off your purchase. Instant approval credit cards—do you really need them? Are they such a great idea? Anything that seems that easy to get can't all be silver lining. There must be some dark clouds in there too.
Instant approval, though, can be a extremely convenient way to build up some credit for yourself, and credit is, as every expert will tell you, what you need to build if one day you hope to buy a car, own a house, save for your kid's college education, and so on and so on until you retire happy and rich. But there are some tips you can follow when applying for instant approval credit cards to help you avoid the pitfalls of ruining your credit, or just not getting the credit card you hoped for.
1. Don't Get Too Carried Away
The first tip, and possibly the best one of the bunch, is not to go too crazy with your applications. Pick one card to start with, and see how that application process goes. When you start taking offers from every credit card company that sends you something in the mail, you run the risk of damaging your credit. That's because other credit agencies will begin to see you as desperate, the more credit cards you apply for, and get rejected from.
2. If at First You Don' Succeed…
Next, if the standard credit cards don't accept your supposedly instant approved application, then try your hand at a gas credit card or department store card. These are generally easier to get for beginners in the world of credit. They also tend to make for greater "trainer" cards, meaning you can learn how to make monthly payments on time, and build your credit.
3. Get Bill Savvy
Speaking of bills, know how to pay for them. Keeping some carryover debt on a department store card is a good idea. It shows credit agencies that you can handle an outstanding balance. But don't build up debt on everyday items, such as gasoline, food, or entertainment. That doesn't look good, and neither does a balance that grows and grows every month.
4. Don't be Late on Your Payments
Want additional help with instant approval? Here's a big hint—don't be late on any payments that you already have, whether they be credit cards, gas bills, cell phone service, etc. Any slip-up like that can ruin any good reputation you may have with the credit agencies in an instant.
5. Take Your Time to Find the Right Deal
And finally, take your time when taking advantage of instant approval credit. Once you try the waters on one card, wait another few months, even a year, before applying for your next. Or better yet, if you don't need it, don't apply at all.
Joshua Shapiro recommends Find Credit Cards to find
instant approval credit card applications.
