When is the best time to apply for a credit card?

It can take anywhere from less than a minute to a few weeks to get approved for a credit card. The amount of time depends on how you apply, how good your credit is relative to the requirements of the card, and whether the issuer can immediately verify your information. You could be ... read full answerinstantly approved if you apply online and are obviously qualified. But if you don’t get instant approval, it’ll typically take at least 7-10 business days to hear back.

Here’s what affects how long it takes to get approved for a credit card:

• The way you apply. You can apply for most credit cards by mail, by phone or online. If you apply by mail, that’s going to add an extra 1-7 days just for your application to get there. The other two methods both allow for instant approval.
• Your credit and income. No credit card guarantees instant approval. You’ll only get it if you exceed the issuer’s credit, income and other requirements. If you’re right on the border of qualifying, the issuer will probably take longer to consider your application. The typical wait time is 7-10 business days, which translates to around two weeks.
• Your personal info. You’ll need to enter details like your name, date of birth, address and Social Security number when you apply for any card. That information also is present on your credit reports, which the issuer will check during the approval process. If the information on your application doesn’t match the information on your report, or if it gets flagged as fraudulent, it will hold up the process until the issuer can verify your identity.

So the standard timeframe in which you can expect to be approved for a credit card and receive it by mail is approximately 3-4 weeks. If you’re not approved instantly, count on 7-10 business days for approval and 7-10 business days for delivery. And if you’re itching to get your card faster, don’t forget to ask the issuer about expedited delivery.

If getting the best credit card is your only concern, there’s probably no reason you should wait until you have excellent credit. Cards for good credit, such as the Capital One Venture, Citi Double Cash, Discover It, and others, tend to be just as attractive as cards for excellent credit. The possible exception would be cards that have especially long 0% offers or particularly good travel bonuses. And if you plan to apply for a mortgage, auto loan, personal loan, etc., in the next six months or so, holding off could be the right move. Applying for any card lowers your credit score temporarily. And you want your score to be in the best shape possible when you try to get a loan.... read full answer

Otherwise, there are plenty of reasons to go for a card for good credit rather than waiting until you have excellent credit.

Why you should get/not get a credit card for good credit:

• Cards for good credit are just as attractive. Cards for good credit can give you high rewards and low fees. With excellent credit, you may get a larger initial bonus, a longer introductory 0% APR and more rewards. But those cards tend to come with high annual fees.
• You’re about to take out a major loan. Applying for a credit card will generate a hard inquiry, which temporarily lowers your credit score. You want your score in the best shape possible before a loan. So you may want to wait before applying.
• Your credit rating is close to excellent. Applying for too many cards in a short time frame could cause your credit score to dip. It’s best not to apply for more than one card a year. So if you’re very close to excellent credit, it’s probably to your advantage to wait a few more months.
• Faster credit building. A new credit card account will increase your overall credit limit, thus lowering your credit utilization. This can help you build up toward excellent credit even faster.
• There’s an offer you can’t refuse. An attractive sign up bonus or rewards earning rate may be available only for a limited time. If there’s a card for good credit with a big bonus, it may be worth it to apply. Avoid overspending for the sole purpose of accumulating rewards.

It may not take long for you to graduate from good to excellent credit, if you’re close to begin with. It could happen the next time you make an on-time bill payment or if you reduce your credit utilization. You just have to decide whether waiting is worth it in your particular situation. And monitoring your free daily credit score updates on WalletHub will help you make the right choice.