Do you have a good credit score? See how an instant decision credit card can help you get started with credit today.
Whatever your situation, it can be a good idea to check your eligibility for a card before making an application. This way, you can find out if you can get a credit product before a hard search goes on your credit report. This is important, as making too many applications can damage your chance of getting credit, with lenders potentially being put off by a credit report with lots of applications.
What is an instant decision credit card?
With an instant decision credit card, the lender can give you an instant decision about whether your application for the card is likely to be successful.
This initial decision usually comes after the lender has carried out a ‘soft’ check on your credit file. Soft credit checks are noted on your credit file but aren’t considered by a future lender when making a decision and do not affect your credit score.
However, even when a lender gives you an instant decision, it isn’t guaranteed. The lender will typically require you to meet certain conditions, so this instant decision is more of a guide.
If you continue with your application, more checks will be made on your credit history. These checks might include a full, or ‘hard’, credit check, which will be recorded on your credit file and might impact your credit score.
Instant decision and guaranteed decision — what's the difference?
Although they sound the same, these terms have very different meanings.
Instant decision is typically a quick response from a lender to somebody with good credit, telling them they are eligible for the credit card they’ve applied for but are still subject to a hard search credit check.
Guaranteed approval is when a lender offers a credit card to customers after checking their financial situation with pre-approval checks, or via knowledge gleamed from previous interactions with the customer. However, you might find that interest rates on these kinds of credit cards are much higher and credit limits are much lower than on the cards offered to those with good credit history.
Despite being labelled “instant” or “guaranteed” approval, it doesn’t necessarily mean they are, and the application may be subject to additional checks if it’s later discovered that a credit recipient isn’t eligible.
Being ‘pre-approved’ for a Vanquis Credit Card
What check will I need?
Your eligibility check will tell you if you can apply for a credit card. However, a lender will still need to carry out some checks on you to help decide whether their cards or products are right for you. These checks will include a full credit check along with some fraud and affordability checks.
How quickly will I receive my credit card?
When you take our 60 second eligibility check, we can give you a quick initial response. This will indicate whether your full application is likely to be accepted. If you go ahead and apply for a Vanquis Credit Card, we’ll contact you to let you know our decision within 28 days of your application.
Once you’ve got guaranteed acceptance, you’ll usually receive your new card within 7 to 10 working days of the acceptance date. This could take a bit longer if we need to contact you for more information.
For extra security and peace of mind, we’ll also send your unique PIN (Personal Identification Number) in the post, separately from your card. Once you’ve received your card, you can also view your PIN in the Vanquis mobile app.
Can I have a credit card if I have bad credit?
Our cards are designed for people with low credit scores, so you could still be eligible for one even if you have a bad credit score.
Your credit score might be low for several reasons, like previous missed payments on cards or loans, because you’ve never had a credit card before, or because you’ve moved to the UK recently.
Whatever your situation, a credit card for bad credit could help you build or rebuild your credit file with responsible use (paying on time and not going over your credit limit).
Is there anything I can do to speed up the process?
Our process is designed to protect your security and we only give cards to people who will really benefit from them.
To speed the process up, please make sure you give us accurate information at the application stage. Also, please try to respond quickly and accurately if we ask you for any further information.
How to apply for an instant decision credit card
Our online application form is the quickest and simplest way to apply for a Vanquis Credit Card.
Before you apply, use our 60-second online eligibility checker to get an instant initial decision without impacting your credit file. No matter your situation, we’re happy to receive applications, even if you’ve been turned down for credit elsewhere.
We offer a responsible and reliable financial service and a sensible way to stay in control of your money. To find out if you could join the over 5 million people we’ve already accepted for our credit cards. Check your eligibility
Representative 30.9% APR (variable)
What to do if your credit card application is declined
If your credit card application is denied, it doesn’t necessarily mean the end of your credit journey.
Lenders may refer you to a card that’s better suited to your financial situation. For example, if you have bad credit, lenders may recommend you a credit builder credit card at a higher interest rate and possibly lower credit limit.
There are also things you can do to build your own credit score, for example meeting your minimum repayments, paying off your credit on time and not going over your credit limit. These steps could help you be approved more often and even access lower interest rates.
As a starting point, consider the Snoop app to help you take control of your finances. It provides an overview of your bills, and you can even add other bank accounts to the app, so you can review everything in one place.
The Vanquis Credit Builder Credit Card could help you improve your credit score and become more likely to be approved for other forms of credit and lower interest rates in the future, if managed responsibly.
In addition, you could sign up to a free credit-checking service like Experian, Equifax or Transunion, or take an eligibility check with your lender before you apply.
FAQs
Does my credit history matter?
Your credit score often plays a major role in whether you’ll be accepted for a credit card.
You’re likely to need a good credit score for the chance to be accepted. If you have average or poor credit, a lender may insist you undergo further checks to verify if you’re eligible for a credit card and can handle the repayments.
Can I get a credit card the same day?
Yes, you can be approved for a credit card the very same day.
However, your physical card may take 7 to 10 working days to arrive in the post before you can fully get started on your credit journey.
Why has my credit card application been rejected?
There are many reasons why you can be rejected for a credit card application.
The most common reasons are:
- Mistakes on the application form: Errors, like putting the wrong name, address or financial details, can make it impossible to perform a credit check. Mistakes in an application will be flagged quickly, allowing you to correct the information and try again.
- Your credit score is too low: Lenders may have reviewed your application and deemed you too high risk or unable to make the repayments based on your credit score. In some cases, creditors may refer you to a more suitable card that gives you a higher chance of being accepted.
- You have a poor payment history: If you have a history of missed payments, defaulting on credit accounts and bankruptcy, lenders may reject your application or refer you to a more suitable card with higher interest rates to see if you’re eligible there. It’s possible they can reject these applications because they’re seen as high risk and have deemed the potential customer unable to meet the repayments based on the evidence provided.
- You’re currently using too much credit: If you’re currently accessing too much of your credit, or already have multiple credit cards with outstanding payments, lenders may reject your application.
- Legal issues: If a lender has undertaken a credit check on your finances, but suspects illegal activity like identity theft or fraud, they will likely reject your application or ask for additional proof-of-identity and finances.
