student credit card application response?
by Author on Thursday, August 12th, 2010 | 8 Comments
im a college student, i dont have any credit history, i just applied a citi mtvu credit card which is designed for collge student, but when i submit the application, it says application received, and ask me to wait for 7 days for the decision, this is my first time applying credit card, is it normal?
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I wouldn’t sweat it yet. But do check the terms on the credit card for all those hidden surprises. I just got some offer for a card with a $70 application fee and a $70 annual fee with 20% interest rate. It’s a $30 fine if I’m late on a payment.
Please be careful getting into debt right now. College students are prime target for bait and switch interest rates. They get you in at 5% then bump you up over 27% if you are a day late on a payment. I fell down the rabbit hole and now I will never let myself get more credit I can afford.
The reason it takes so long is because they are marketing to college kids so they have some room full of temps(prob college kids) typing in the info from 100,000 applications. Once they type it in, you will be approved in about 30 seconds.
im not really sure
Yes, they have to review your application. You seldom get immediate approval for credit cards.
Yes, I’ve never had to not wait for a credit card.
Yes, it is normal.
They need time to examine your application and make a decision. There’s also a long list of people who are still awaiting approval before you, hence the 7 days.
Good luck. Be sure to use your credit wisely and DO NOT let your chraged amount get higher than half your credit limit. IE, if you get $500 credit , only spend $250 and pay it off ASAP.
Yup, I have multiple credit cards and they all said "pending approval".
They did that to me there’s no problems there you’ll either receive a phone call, email or letter to say your application has been approved and your credit limit, then within 14 days you’ll receive you credit card and pin
7 days is a little long. On Monday, call up Citi bank and ask them about your application status. They will most likely have an answer for you.