Can you get a credit card if you don’t have a clear score?
If you have a bad credit history or don’t have a clear score, you may be wondering if you can still be approved for a credit card. According to Finder, about 40 per cent of Australians fear a bad credit score, and that their credit score could keep them from being approved for a credit card or loan. But how can you achieve a clear score and be sure you’ll get the green light?
Getting approved for a card with a low credit score
The good news is that credit card companies are often willing to approve your application when you are trying to get a credit card with bad credit. Although you may not have the best track record with credit cards, a credit score is calculated using many different financial factors, not just credit card debt. It’s possible to achieve a clear score with some effort.
There are several ways to find offers, such as using our own Credit Simple website to view your credit score and current credit card offers for you.
What are my low score credit card options?
Store credits cards can be a good option if you have a low credit score. These cards are linked to a business, and there can be a lot of benefits that come with these cards, like store discounts. These are fairly easy to be approved for, and often there are no annual fees.
There are several other low credit score credit cards that will give easy approval, such as ANZ Low Rate or ANZ First Visa Credit Card.
What are the risks with low score credit cards?
There are risks to keep in mind when applying for more credit when you have a bad credit score. If you apply for too many credit cards, this can lower your credit score even more. Keep this in mind and try to limit the number of credit card applications you’re submitting.
Also be sure that you can actually repay what you’re borrowing. It can be detrimental to your overall financial situation to get a new credit card that you won’t be able to stay on top of. Always borrow what you can actually pay off in the very near future.
And watch out for hidden fees. Many cards have an annual fee, and your interest-free period will eventually expire. It’s usually more expensive for you to use a credit card than a debit card, unless there is no interest and no annual fee, so keep that in mind. Make sure that you’re always reading all of the terms and disclosures before applying.
So, can you get a credit card with bad credit? Most likely. If you’re still not sure where to start, Credit Simple has tons of resources to help you get a clear score and keep it clean. Click here to check your credit score and credit report, and learn about current credit card offers for your credit score level.