An online only credit application is a double edged sword. These types of applications can be quick and convenient, but often times the websites don’t post their actual criteria. For example, online approval processes generally base their decisions on the applicant’s ending balance in their checking account during the last three months. This doesn’t take into perspective the rest of the year? Or previous years.
What happens if you have your funds in a savings account? Or a brokerage account? Or an alternative investment like bitcoin?
You are attracted by the enticing and promising tag lines on these types of sites only to find yourself frustrated when they explain that you don’t qualify because their analysis isn’t comprehensive enough. If you don’t have a minimum balance of $15,000 in your account balance each month consider steering clear of these sites as they will only lower your credit score.