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It's difficult to get a credit card in Australia when you have bad credit. And there are no banks or lenders that don't conduct a credit check. Card issuers use your credit score and the information on your credit report, as well as your income, employment situation and other factors, to decide if you're a reliable borrower. If your credit profile indicates you have trouble making repayments, you may not be approved for a new credit card.
While a bad credit score can have a negative impact on your chances of getting a credit card in the short term, working to improve your credit rating will help increase your chances of getting approved for a credit card in the future.
If you have a poor credit rating and think you'll have difficulty being approved for a new credit card, talking to your current bank is a good first step. As they already have a sense of your financial position and repayment ability, they may be more willing to issue you credit than a lender with whom you have no history. This is especially relevant when your credit score was damaged due to extenuating circumstances and not just multiple missed payments.
Your credit score is a numerical representation of the information on your credit report and helps determine your success when it comes to applying for credit. Currently, there is not a standardised way of calculating credit scores, so the credit rating bodies use their own rating systems. Get your free credit report and credit scoreHere's a breakdown of credit scores and credit score grades from two credit reporting bodies, Equifax and Experian. Note that if you order your credit score and report from finder.com.au (which you can do by following the link above), your information will be delivered by Experian.
| Credit band | Experian | Equifax |
|---|---|---|
| Excellent | 800 - 1,000 | 833 - 1,200 |
| Very good | 700 - 799 | 726 - 832 |
| Good | 625 - 699 | 622 - 725 |
| Fair / Average | 550 - 624 | 510 - 621 |
| Weak / Below average | 0 - 549 | 0 - 509 |
While you may be looking for a credit card, it is difficult to get approved when you already have bad credit. As bad credit rating credit cards and no credit check credit cards aren’t available in Australia, you might need to consider some of the following options:
Ultimately, a bad credit rating can have a big impact on your financial options, making it difficult to get a credit card, car loan, home loan or other forms of credit. But instead of looking for bad credit credit cards or no credit check options, you can improve your chances of approval by rebuilding your credit rating and managing money responsibly.
Start by requesting a free copy of your credit report and identifying the negative listings on your file. You can also check out our DIY credit repair guide for more help.
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