Question for Mr Credit card

[gsilverm]

Hi.....I posted a thread yesterday ("I'm Baffled") about having excellent credit, yet I have not gotten an answer either way on a new credit card application after a weeks time. I have never had an issue before. I have never been late on any type of payment in my life. I am a very low credit risk. I even have a car loan thru the same bank. Can you shed some light on why I was not given instant approval and why it is taking so long to process? Thanx!!

[Creditnet.com]

Hi gsilverm,

The times are changing! In the not-so-distant past, all you had to say was "I have excellent credit" and doors were opened for you! Now, lenders are more stingy about lending their money because they are so weighed down with defaulted debt. They may want to validate your income, see copies of W2s, see bank statements, etc. Credit card companies can take up to 30 days to get back to you about your approval, so I'd recommend you contact the credit card company directly to inquire about the status of your application.

Creditnet

[MrCreditCard]

Really depends on which card you applied for

For example, some banks like Pulaski Bank or Iberia Bank take up to 1 month to approve. I've seen credit card approvals here take up to 2 months (though most will know within a few days to a couple of weeks).