I was able to figure out the problem. I am going ot have this better worded on our "thank you page" but in the mean time I also have it #1 on our FAQ page.
I just joined your affiliate program, why can't I log in?
Please give us just a bit to review your account. We'll send you an email and let you know when your affiliate account is approved.
I do however greatly appreciate you guys bringing this to my attention and I will make sure right away that the "thank you for joining page" is much more clear on this issue.