Yes, absolutely, a “quasi instant approval”, sometimes within 1-2 minutes. If you’re still uncertain, suggest you check your online account (if you have one) or call any of the recon or application status lines, automated or otherwise. Example of (probably) identical situation: my post #338, 2 posts above: “Ink Cash application this morning, “in review”, both recon line and email approvals 10-15 minutes later, …”
Yes, that’s a commonly accepted theory. The unknown part is exactly what to lower the limit to. I’m not an advocate of that theory, I prefer the other theory, maintain and consolidate credit limits (which almost guarantees a recon call), so I cannot offer a suggestion as to how low. I do recall a great quote from a previous discussion (on this subject), “it’s not rocket science” with the recommendation to lower to $2000 or $3000 after meeting minimum spend.