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Get a No Credit Check Credit Card


Compared to someone with a good credit history, getting a credit card in Australia must have been a struggle for individuals with poor credit rating. If you’ve ever found yourself in a situation wherein you’d need to apply for a credit card but you’re worried to be rejected because of your bad credit history, Loanbubble might be able to lend you a helping hand. Read this article to find out more on how you can get a no credit check credit cards in Australia

But before that, let’s get on the basics first. It is good that you know things about credit card applications prior to your application. Why is this so? It’s because by law, lending institutions have to follow a certain set of criteria and if you applied without checking their eligibility requirements and you failed, such rejection will automatically be written down permanently on your credit record. Keep in mind that rejected applications on your credit history report will give bad impression to future lending institutions you may hope to apply for the next time.

How to check your credit score?


You can check your credit report for free about once a year from the three major credit reporting bodies (Equifax, Experian, or illion) in Australia, additional charges may apply however for any additional checks. If you find any mistakes or error from your credit report, you should get it fixed right away as the errors can further worsen your credit rating.

To understand which credit score range you fall within, you can look at the example below to see how Equifax, a credit score provider, categorizes their consumers based on their credit rating:

Creditworthiness Excellent Very Good Good Average Below Average
Credit Score 841 – 1,200 756 – 840 666 – 755 506 – 665 0 – 505

 

Although each lending institutions, bank, or credit provider, may have a different criteria on what really constitutes as a ‘poor’ credit rating for an individual, landing yourself in one of the lower score tiers of your creditworthiness will likely result in lenders declining your application or at least give you a more difficult time to apply compared to those individuals with great credit rating.

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No Credit Check Credit Cards

Factors that can damage your credit Rating


After learning how to check your credit score, knowing the factors that could result to damages on your credit rating should follow. Here are some factors that you should consider monitoring:

  •       Not paying household or utility bills on time;
  •       Late and missed repayments on your existing personal loans and debts;
  •       Not checking your credit report for errors;
  •       Applying on credit that could be riskier, such as payday loans.

Should I get a credit card despite my poor credit rating?


It may be confusing to decide whether you should get a new credit card or not when you have a poor credit rating on top of your already existing financial commitments. This is why it’s worth considering to list exactly how much are your income, expenses, and your other existing debts. By doing this, you can assess whether it would still be a good idea to get yourself a new credit card. Creating an organized monthly budget could help you manage your finances better. Practice reducing your costs first before you apply for a new credit.

However, if you’re still confused and unsure on what approach you should take based on your current financial situation, you may consider seeking help from a trusted and licensed finance counsellor. You can also check out your local area for free financial counselling services that can offer you guidance on how to better manage your finances.

Check for other financial products before applying for a Credit Card with your poor credit rating


It may be confusing to decide whether you should get a new credit card or not when you have a poor credit rating on top of your already existing financial commitments. This is why it’s worth considering to list exactly how much are your income, expenses, and your other existing debts. By doing this, you can assess whether it would still be a good idea to get yourself a new credit card. Creating an organized monthly budget could help you manage your finances better. Practice reducing your costs first before you apply for a new credit.

However, if you’re still confused and unsure on what approach you should take based on your current financial situation, you may consider seeking help from a trusted and licensed finance counsellor. You can also check out your local area for free financial counselling services that can offer you guidance on how to better manage your finances.

If you find applying for a credit card to be a difficult ordeal, you can check out first other financial products out there before you apply for a credit card with your poor credit rating. Here are some products you can consider:

Prepaid cards – this product usually don’t charge you any interest and allows you to pre-load funds into it.

Debit cards – only spend the money you already have by limiting yourself with a debit card to avoid future debts.

Bad Credit Contract Phones – And if you need a new phone there are providers that can give you a bad credit phone

Tips to Consider when Applying for a Credit Card if you have a Bad Credit Score


If you’ve finally decided to go ahead and apply for your new credit card despite your poor credit rating, here are some tips that you should consider to do prior to your credit card application.

Make steps to improve your credit score – even though it’s obvious, teaching yourself to do things to help improve your credit score would show lenders that you are putting in the effort to clear yourself slowly from debt and that what may have happened in the past should not represent you current relationship with money. Also, check your credit report often and report any errors to the credit bureau for investigation so it could be fixed immediately.

Begin paying off existing loans or credit – repaying your loans on time over the recent months or years can help you demonstrate to lenders that you’ve been doing well on your repayments with a consistent history of meeting your required loan term repayments.

Show lenders you have a steady income – demonstrating to your lenders that you’re in a financial position that could consistently meet monthly repayment terms is important since they need to check these in the first place before they approve your application, under the responsible lending regulations. If you’re on contractual employment, it would be helpful if you have contracts with your employer for more than 12 months, instead of having multiple employers in a short amount of time.

Start saving money – even at little amounts, it would be great to show lenders that you have been starting to save some money and that you’re able to repay your credit card in the future if they decide to give it to you.