Welcome back to the Credit Rent Boost blog, your home for credit repair tips, tricks, and guidance. Last month we did a lot of talking about what credit is and some steps to take to rebuild it. We are going to keep going along in that theme and answer some other questions we see regularly. In the interest of giving everyone a robust foundation for financial knowledge there are no stupid questions! So, let’s get right into it, how long does it take to get a credit card?
How Long Does It Take to Get a Credit Card
How Long Does It Take to Get a Credit Card?
Answer: 7 – 10 Business Days
If you’re here you’ve likely seen bundles of credit card offers in your mailbox. But maybe you’re one of the lucky few not bombarded by these offers that seem too good to true. In which case, you may have read that getting a credit card (that you qualify for) is a great way to start building your credit in the first place! If you apply and are approved for a credit card you should receive it in 7 to 10 business days.
But before you do apply, consider these points.
If Under 21, You’ll Have a Hard Time
While 18 is considered adulthood, the credit companies and the 2009 Credit CARD Act requires anyone seeking a credit card under 21 to either prove they have full time employment or have a cosigner to approve the option. While this seem like an unnecessary hurdle, it really is a protective measure for the company to ensure they’re ‘investment’ (your credit line) is good. It can also help you assess whether or not you truly are capable of taking on that line of credit.
Secured is Still an Option
If you’re under 21 and you can’t, or don’t want to, get a cosigner there is another path you can take. Getting a secured card, a card that’s backed by a deposit you put down first, can get you a credit line while under 21. You’ll start building credit, have access to a limited credit line, and you’ll have that safety net should anything go wrong. Not a bad trade off!
Be Careful with “Bad Credit” Offers
While we’re on the subject of credit card offers, be careful what offers you act on! Many times, while rebuilding your credit, you will start to get flooded with card offers that are targeted to those with bad credit. Some of these are truly helpful. Unfortunately, many have tight restrictions and almost predatory rates that could see you fighting an uphill battle for credit security.
If you are able to get over those hurdles, getting a credit card can be a good way to start building, or repairing your existing credit score. Another excellent way is to work with Credit Rent Boost! Through us we can get another history of credit added to your report, utilizing your already existing monthly rental payments! This means no extra fees, no cards balance to manage. You just keep paying your rent, we report it to the major bureaus, and your credit score will start to rise!
Ready to see just how Credit Rent Boost can help you? Give us a call, enroll now, and once processed your credit score can start rising almost overnight!