Credit Card Application

In this section, we show you how to fill out a winning credit card application. If you have done your research and are ready to apply for a credit card, take a moment to consider these important points to ensure you are approved for the card and amount of credit you desire. If you have been declined for a credit card previously, looking at these criteria may help you to understand the reasons for the decision.

Be Honest

Firstly, it's important not to lie in your credit card application. While many people would not consider providing false information, it's important that individuals who are tempted to do this understand that their credit file (a permanent record kept on every individuals financial activity) will probably uncover any discrepancies. If you are found out, it could contribute to a bad credit rating.

Understand The Criteria

Each credit card may have specific requirements that you must fulfil before being able to submit an application. This often includes being over the age of 18, being an Australian citizen or permanent resident and further lending criteria such as minimum income requirements. However, there are also additional elements to a credit card application.

Banks prefer to keep some of their lending criteria secret, and if you have been declined for a credit card previously, you may not have been given a reason. However, we can confirm some general elements that many institutions consider during the application process.

Income - Yearly income will play a large part in determining whether you are approved for a credit card and the amount of credit you can access. Credit card providers will use this information to try to determine your ability to pay off any debts.
Employment - The stability of your employment will also be a primary consideration. If you have just started a new job and are still in the probationary period, you may be refused a credit card, and changing jobs a lot may represent a threat from a credit card provider's perspective.
Credit History - As mentioned, your financial history is contained in your credit file and credit card providers will look at this information. You can access this file for free from mycreditfile.com.au. This data may include previous loan and credit card applications, current credit cards, overdue accounts (defaults) and current/previous employers.
Residential Situation - Your living arrangements may also be taken into consideration. For example, credit card providers may view moving around a lot or the lack of a solid address as a liability.

Be Patient

If all the above elements are in order, you should have a good chance of getting the credit card you want. Remember, you are a customer and credit card providers want your business, so work with the relevant institution and not against them. If you are declined for a credit card, do not become too concerned. There are many ways to build up a good credit rating, and you will no doubt have another opportunity in the near future.

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