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How to Get Approved Instantly for Store Credit
When you apply at a store for credit, you can be approved instantly. Once you provide the store employee with your personal information, they will be able to let you know the status immediately. This type of process is quick and keeps customers from having to wait if they are looking for credit. A number of retail outlets have an in-house credit processing department.
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Fill out the credit application. Give the customer service representative your personal information including name, address, date of birth, Social Security number, and place of employment. You will also be required to provide your income and a couple of personal references. Include your home and work phone numbers on the application.
Read the income disclosure on the application. Credit applications have an disclosure similar to the following: “Sources of income from alimony, child support or separate maintenance need not be revealed if you do not wish to have them considered as a source of repayment.” Therefore you do not need to include income from those sources on your application. Sign the credit application at the bottom. The store representative will call your information in to their in-house credit processing department.
Wait for a decision. If you are approved, the store employee will let you know that you have been approved. The store will establish a credit limit for you. You will be able to make a purchase the same day. Any purchases made will go against the credit limit, which reduces your available credit. A credit card will mailed within seven to 10 days.
Review any discounts, bonuses or rewards. When you are approved immediately in the store, you usually receive some type of discount, such as 10 percent off when you make a purchase. Your discount will take effect if you make a purchase that day.
Wait for your credit statement. The retail store will send you a monthly statement in approximately 30 days. You can pay the entire balance or the required minimum payment. Paying the entire balance will ensure that you don’t incur any finance charges. If you choose to pay the minimum balance, you will incur finance charges on your next statement. Any payments made will increase your available credit.
Apply online. You can also apply online with many credit card companies and other stores. You key in your personal information the same way you would fill out the application and hit the submit key, and then a decision will be rendered instantly. If your credit is not good, you may not get approved. If the store needs additional information, there is a good chance you will not get an instant approval.
Pay on time. Making payments on time will help your credit report and increase your credit score. Eventually the retail store will increase your credit limit when your payments have been received on time for approximately one year. This policy can vary from store to store.
Get approved for additional credit in the future. If you wish to make other purchases in the future, you will not need to fill out another credit application, provided your account is in good standing and it has not been closed. You can make new purchases up to your credit limit.