At the time you are ready to put forth a credit card application the biggest deciding factor as to whether or not you will be approved has nothing to do with your application and is essentially out of your hands. This factor is the state of your credit rating.  Your credit rating is based on the credit history shown in your credit report. You have a right to access the information in your credit report and most financial advisors would either advise you to access it annually or, pay for a service to notify you of changes. This way you can check the details are in fact correct and if not take the neccessary steps to have the details corrected. You can get a copy of your credit report for free at My Credit File.

A “clean” credit report shows a potential lender that you are an applicant  likely to be low risk as it will be assumed that you have paid all your bills and debts in the past. If you have a blemish on your credit report it remains on your report, viewable to all who access your credit file, for five years following the default or late payment.

If you have a blemish on your credit report, consider approaching your current bank and discuss your options before you apply for a credit card as they may be able to provide suitable alternative options like a secured card to help you repair your credit rating.

Now lets focus on what you can do to have your credit card application approved.

1. Compare credit cards and choose the one that suits your needs and spending habits.
2. Make sure you meet the credit card requirements. Just as credit cards vary from lender to lender and rates, terms and conditions vary from card to card so do the credit card minimum application requirements. The Suncorp Platinum application requirements vary from the St George Vertigo application requirements.
3. Read and understant the terms and conditions. Everytime.
   
4. Apply for 1 card only. Especially if you are not sure you will be approved. While it may seem logical that by applying for several cards at once will increase the possibility of approval it will not. A request for credit whether approved or denied is visible to all potential lenders, and multiple applications for credit, via credit card application or otherwise, particularly in quick succession may raise alarm bells with lenders.
5. Provide all the details before you submit your application. If applying online, you may be forced to fill in the required fields before proceeding, but if you are submitting a hard copy application double check you have provided all you need to. Making life easy for the person who decides whether or not your application is approved makes sense.
   
6. Ensure the details of your applicaton are accurate. Honesty is always the best policy.

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