Applying for a credit card is easy due to online procedures. In addition, you can easily learn about the status of your credit application. However, the status might say, ‘Your credit card application is under review or pending’. What does it mean?
You are more likely to notice this status if the credit card issuing company takes time to evaluate your credit applications. After all, approving your credit card application might take place only sometimes. However, how long will it take for lenders to approve your application?
Let’s check out why you can see such a ‘pending’ or ‘under review’ status on your credit card application and how you can solve it.
Time Taken by Lenders to Review a Credit Card Application
What does it indicate when your credit card application is under review? It implies that your lenders are taking time to review your credit applications. How long do you have to wait, by the way?
Sadly, most credit card issuers or lenders have not specified any timeline regarding credit card approval. However, if everything goes right, you can expect your credit card to arrive within 7 to 10 days. Otherwise, the evaluation process of credit card applications depends on the corresponding lender.
On the other hand, you can keep checking your credit card application status online. Sometimes, lenders allow you to make purchases when your new credit card number is ready. However, the physical credit card might have yet to reach you.
Credit card issuers may take extra time to check the credit card application and decide whether to approve the request. You can see a ‘pending’ or ‘under review’ status in that scenario. Well, most pending applications are expected to be resolved within a day or two.
Whereas a few lenders may take a week or more days to review your credit card application.
Reasons Why Your Credit Card Application is Under Review
Why is my credit card application under review? Your credit score can determine whether the lender will accept your application and approve you for a credit card.
On the other hand, getting a new credit card can be hard if you have no loan history. Some common reasons can push your credit card application to an ‘under review’ or ‘pending’ status.
Wrong or Mismatched Information
Filling out the credit card application in the right way is very crucial. However, mistakes in filling in your credit card application form are common. For example, you may need to correct your phone number.
Or, you might have changed your address in your credit report recently and mentioned another address in the application form. Whatever the circumstances are, your provided information on the application form should match details from your credit report. Otherwise, your credit card application will stay under review or be rejected.
Applications for New Credits Lately
Have you applied for a handful of credits recently? If yes, it can be difficult to get a new credit card. Usually, lenders carry out a comprehensive credit check and discover all your recent credit inquiries.
Getting a new credit card or approval for that can be challenging if you have a lot of debts to clear. Your lenders might examine your application longer than it typically takes for the ultimate decision.
Too Many Applications to Review
How long does a lender take to review a credit card application? You can expect it to be done within 10 days. However, your lender or credit card issuer is already overwhelmed with too many credit card applications.
Especially, this generally happens if the credit card offers exclusive benefits, rewards, and sign-up bonuses. The lender may receive more applications and they can’t review them at the same time. Therefore, the credit card issuer might take longer to go through them. Eventually, they will get your application and review it whenever possible.
Identity Fraud Chances
Lenders might spot your application as identity theft if they find differences between your credit card application form and credit report. On the other hand, they can think the same if you have applied for multiple credit cards on a single day or consecutive days.
After all, it’s common to consider such activities as identity theft, as someone else can try to take out credit from your name.
Frozen Credit Reports
Have you recently requested to freeze your credit reports? Well, you may have done to protect yourself from identity fraud. However, it can backfire if you have applied for a new credit card.
Once your lender finds your credit reports frozen, they might keep your application under review or pending for an extended period. Ensure to unfreeze your credit reports a week or so before applying for a credit card.
Keep these points in mind for a quick credit card approval. Moreover, you should avoid such mistakes to save your credit application from being marked as ‘pending’ or ‘under review’.
How to Overcome a Pending or Under Review Status of Your Credit Card Application?
Your credit card is still under review, and for obvious reasons, it bothers you. Fortunately, you can proceed with some proven solutions to clear your credit card application status and get the approval. However, your lender will let you know if they turn down your credit card application.
So, check out your mailbox because most credit card issuers inform their customers via mail if they accept or reject the application. Ensure you receive all emails or letters from the credit card issuing company. Apart from that, you can follow the steps below to resolve the outstanding problem:
Examine Your Email Address
Your new credit cards should arrive via mail. You must check out your email address if you haven’t received the card or heard from the company through a letter. Perhaps, the lender has sent you a letter about your application being rejected or anything else.
Hence, you must inspect your emails thoroughly. Don’t forget to sneak into Spam and Promotions folders. Typically, emails from credit card issuers can be stored under these 2 folders. Search for emails from the lender to be sure of this.
Sign in to the Online Portal
Do you already have an online account with the lender or bank? If yes, then you can try this trick. You should log into your account using the dedicated online portal. Then, provide all the necessary information to view the current status of your credit card application.
Most lenders let you know when your credit card application is under review if you log into the right portal.
Contact Customer Support Team
Chances are that you haven’t heard from your lenders regarding the ‘under review’ status of your crest card application. You can call the lender or bank’s customer service department if it’s been over a couple of weeks.
They might guide you through the actual reason and the right procedure to overcome the problem.
Final Words…
Why is my credit card application under review? You can increase your chances for credit card approval soon by improving your credit score. So, pay your debt regularly and only apply for a few credits simultaneously.
In addition, you should provide the right information as mentioned in your credit reports. Furthermore, you should apply for a credit card that suits your financial situation. Otherwise, your application can stay pending forever.
