Online Credit Card Approval - Is It Getting Too Easy To Spend?

So you are over 18 years old, have somewhere to stay and now would like to be able to spend $50,000 a year. Well, if you have access to the internet, this is not a real problem. The question is that with online credit card approval, should we be worried?

Take a Typical Teen

Randy has just turned 18. Like most guys his age he is looking to get a new car, a new wardrobe and maybe a vacation or two down the line. The problem is that Randy has next to no income and is living with his parents and he has next to no collateral for a loan. Randy, however, does have a PC and web access - and this is all he needs.

First Steps

Out of curiosity, we timed the test. It just takes a quick Google search for online credit card approval and a host of companies are listed. We pick a Mid West bank and are soon filling in the online credit card approval form. We enter Randy's name, date of birth, address and all the usual details. We enter his annual income from the local store where he works fifteen hours a week (about $7000). We then confirm that Randy has had no problems getting credit in the past. Online credit card approval seems like child's play as our first online credit card approval attempt has taken all of twelve minutes. We complete a few more online credit card approval forms from other companies and then wait.

A Quick Response

Just three days later we get a big mail delivery. We go through the various envelopes and packages and sure enough, our Mid West bank has had no problem with our application. A shiny new credit card is attached to a letter entitled 'Yes, you have received online credit card approval'. The available credit is $1,000 and there is more. We open a few more envelopes with similar messages that we have received online credit card approval without any problem.

The Danger

After organizing all the letters and their terms and conditions, we calculate that our online credit card approval has given us a spending limit of $12,000 right now. It takes some work from holding Randy back from a major shopping spree.

With so many companies offering almost instant online credit card approval, I think we should be worried as there are a lot of Randy's out there.

"I tell you Doris , he was making $150,000 a year and had been working at the same place for a decade and they wouldn't approve his loan! They told him straight up that no credit history means no loan - all because he didn't have a credit card ."

LONDONDERRY -- Police hope someone can identify two men and a woman who are suspected of using several stolen credit cards around the region. ...

So you're at the gas station filling up your vehicle, and without warning the gas pump shuts off.

A woman's car is broken into, her wallet is stolen and the crooks rack up $1,000 on her credit cards in just two hours. Their crime is all caught on tape.

ESCANABA — People who own property in Delta County will soon be able to use credit cards to pay their property taxes. The service is available, without fees charged to the county, through Government Payment Service Inc. (GPS), said Delta County Treasurer Sandy Buckland.

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