A system and method for applying for a credit card, preferably at a point
of sale, is disclosed. The system employs an automated interactive voice
response system preferably sponsored by a credit card issuer. The user
calls into the system using a standard telephone, and enters credit
assessment information about the customer using the key pad of the
telephone in response to verbal questions posed by the system. In one
embodiment, only numeric information concerning the customer is entered,
such as the customer's social security number. This credit assessment
information is used to retrieve a credit report or score from a credit
bureau database, which is used by the system to electronically decide
whether to issue credit and to what extent and to establish a customer
account. The system verbally provides information to the user regarding
the credit assessment so that the customer's credit purchase can be
quickly consummated.