I have a pending credit card application. What does that mean and what can I do?
Don’t panic, a pending credit card application status can happen to anyone and can happen at any time. We covered the three things that could happen when you apply for a new credit card, so you should know that a pending credit card application status is one of the 3 things. There is no reason to worry about a pending status. We will cover the most common reasons why your credit card application is pending and what you can do.
Common reasons why you have a pending credit card application status:
- Security/Fraud Prevention: If you’ve applied for several cards recently or maybe multiple cards in the same day, banks may place a “hold” on your application for security reasons.
- Verification: Maybe you accidentally missed a digit in your social security number. You could have misspelled your street name. Maybe you put improper dates in for employment. All of these things throw up “flags” that could cause your application status to go to pending.
- Credit Report Concerns: Your credit report could prompt flags with the issuer. There may be something on your credit report that doesn’t make sense to the issuer, or worse, that doesn’t make sense to you. That’s why it’s important to check your credit score routinely through a free service like Credit Karma and once a year for a full report through annualcreditreport.com.
- Busy: The issuer could simply be overwhelmed and they put a hold on all applications. This is typical when a new card is announced and released with a lot of press.
What to do when application is pending?
A pending notification states that the bank needs more time to review your application (typically 7-10 days). Should you wait it out? Should you call the issuer? Generally, calling the issuer’s reconsideration line is the best way to go. As covered above, most of the time your credit card application is pending is due to verification purposes – they need more information from you. If you call them, they can let you know why you have a pending credit card application. If they need to verify anything, you can give them the information over the phone. You’ll usually be met with a “congratulations!” and then will receive the card in the mail in a few days. If they verify and you are denied, odds are you were going to get denied anyways, so at least you have closure and a reason why you were denied.
As you can see, a pending credit card application status is not necessarily a bad thing. It just means that something on your application prompted further review. Don’t panic. Stay calm. If you have any specific questions, let us know at firstname.lastname@example.org.