Getting instantly approved for a line of credit opens expenditure possibilities for a small business. By applying and being instantly approved for a credit card as simply as you would open a free checking account, small business owners can offset the ebbs and flows of unpredictable cash flow. In this post, we will tell you the steps you need to take to get an instant approval credit card for your small business.
Check Your Credit
A personal credit score is often used in decision making for a business credit card. Even for publicly traded companies, officers are sometimes checked for credit worthiness. If your business has not yet generated much or any income, you can use your own credit history to apply. Bad credit does not stop you from being approved for a card. To change this, sign on with a family member or friend as a quick way to improve your credit score. Your credit standing will inform you of your chances to get approved. It will also indicate which cards you qualify for.
Select an instant approval credit card with great rewards. Business credit cards offer an array of perks from cash back to airline miles. When choosing a card, keep the needs of your business in mind. If you travel often for work, and do not have to worry about the Canadian debt, you may opt for a travel friendly card. However, other cards give you generous cash back at an office supply store. This is great if you make frequent visits to pickup printer ink, paper or other supplies. Selecting a card that best fits the needs of your business ensures that you can start benefiting from your card as soon as you apply.
Apply For Your Card
Once you have selected a card that you believe you will be instantly approved for, filling out the application is the next step. It is important to be honest on this application. Banks can and will check to make sure the information is accurate. They have internal corporate training that support their systems to avoid fraudulent claims. If your business has not brought in an impressive income, you will not necessarily lose your chances of approval. An instant approval based on false information will negatively impact your business and potentially your personal credit in the long run.
Receive An Instant Approval Decision
Typically, to get an instant approval credit card, business owners have applied directly online. If you are instantly approved, then you should find out within a few minutes of hitting the submit button. Sometimes, instant approval credit cards require a bit more information. When you do not receive a decision right away, then you can call the credit card company to provide the necessary requirements. They might ask you for additional income verification, current assets or explanation of existing debt. Of course, if you are truthful about all these answers, it could lead to getting you the funds needs quickly. Most importantly, it will get the approval decision quickly and immediately.
Tie Up Loose Ends
Even if you are instantly approved, the process requires a few more steps. If you need to issue additional cards for employees, you can do so upon approval. Some cards will provide you with a credit card number to use immediately, similar to merchant cash advances. Other times, instant approval cards still have to send you a physical card in the mail. When choosing a card, the delivery time could be a deciding a factor. If you need immediate cash flow, a card that provides you with your number along with your instant approval is best. These extra steps will complete your instant approval process.
If You Are Not Instantly Approved…
Often times, credit applications can be denied or delayed due to a mistake on your credit report. Or, they have a high volume of applications. If you have followed all these steps and are denied, all hope is not lost. Even if your application is pending further review, follow this productivity hack and call the bank’s reconsideration line. Make the phone call to quickly resolve any issues and get back on track to receiving your instant approval credit card.
Instant approval credit cards can be a great asset to your small business because they immediately increase cash flow. Make sure that you do not overextend yourself with credit in order to protect your personal and business credit future. Following these steps will grant you access to the credit you need to grow your business.