{"id":266,"date":"2022-10-20T15:12:23","date_gmt":"2022-10-20T15:12:23","guid":{"rendered":"https:\/\/www.nerdwallet.com\/au\/?page_id=266"},"modified":"2024-04-05T21:57:21","modified_gmt":"2024-04-05T21:57:21","slug":"how-to-apply-for-a-credit-card","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/au\/credit-cards\/how-to-apply-for-a-credit-card","title":{"rendered":"How To Apply For A Credit Card In 5 Steps"},"content":{"rendered":"\n

Applying for a credit card<\/a> only takes a few minutes, but there\u2019s more to it than submitting your information. Present as someone capable of handling credit by preparing and improving your approval chances before you try to get a credit card<\/a>.<\/p>\n\n\n\n

\u00bb MORE: <\/strong>9 things to know before getting your first credit card<\/a><\/p>\n\n\n\n

Step-by-step guide to applying for a credit card<\/h2>\n\n\n\n

Before you start the application process, it\u2019s crucial to have a clear understanding of the type of credit card<\/a> you want. You\u2019ll also want to consider your credit health and active card promotions. <\/p>\n\n\n\n

Follow the below steps to apply for a credit card. <\/p>\n\n\n\n

1. Check your credit score<\/h3>\n\n\n\n

Your credit score<\/a> is a big factor in determining whether or not you can qualify for certain cards. The higher your score, the more trustworthy you appear to lenders, like the credit card companies<\/a> that issue cards. Knowing your credit score before applying gives you a better idea of the cards you may get approved to use.<\/p>\n\n\n\n

For example, if you have a bad credit score<\/a>, you may not qualify for a traditional, unsecured card with lots of perks. Applying for these cards might lead to multiple hard credit inquiries<\/a> and rejections, hurting your score. Instead, you may want to apply for a secured card, which doesn\u2019t base eligibility on credit scores. <\/p>\n\n\n\n

You can access a free credit report<\/a> every three months from any or all of Australia\u2019s three major credit reporting agencies: Equifax, Experian, and Illion. While it\u2019s a sound financial practice to do this once or twice a year, it\u2019s even more crucial if you\u2019re applying for credit<\/a> or focusing on increasing your score. <\/p>\n\n\n\n

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\ud83e\udd13 Nerdy Tip<\/strong><\/p>\n\n\n\n

To improve your credit score,<\/a> make payments to any and all lines of credit on time, keep balances low on existing credit cards and avoid taking on new debt. <\/p>\n<\/div>\n\n\n\n

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2. Check eligibility requirements <\/h3>\n\n\n\n

Look at any age, residency or income requirements before you apply. For example, some cards may require you to earn at least $100,000 annually.  <\/p>\n\n\n\n

Most banks and card issuers will require applicants to be: <\/p>\n\n\n\n