What credit score do I need for guaranteed approval?

Ask Miles: What credit score do I need for guaranteed approval?

What credit score do I need for guaranteed approval?


Guaranteed credit card approval is a myth. This means a credit score that guarantees approval doesn't exist. 

Before you panic, don't worry, there's no need to. We'll breakdown a few reasons why this is and what it means for your next credit card application.

Why does an excellent credit score not guarantee approval?

Firstly, well done. The fact you're considering credit scores means you probably know what yours is. If not, get yours now for free. It's safe, secure and powered by Experian. Remember, every lender in Australia will check your credit score before you apply for any type of financial product so it's very important to know where you stand before applying.

Now, let's dive into the nitty-gritty. 

An excellent credit score is great, but it won't give you access to anything and everything. Yes, that's right. A lender will check your credit score to determine your credit-worthiness. In short: they want to give finance to individuals who are likely to pay their bills and not overdraw their accounts. 

However, you could earn a vast sum of money, have an excellent credit score and hold a secure job yet still be declined. This is because of a few things:

You might be utilising too much credit. The more credit you acquire, the more you have to pay back. Let's say you earn $100,000 but have a home loan to pay, monthly minimum credit card bills and your car repayments – that's a lot of bills. This doesn't even take into consideration other bills (eg. internet, health insurance etc) as well as how much cash you'll need for day-to-day life (eg. groceries, fuel etc). In short: a lender won't give you more credit because you've already secured too much. 

You might not earn enough money. Many lenders require applicants to earn a minimum amount of money per year. While you may have an excellent credit score, it won't waive this requirement. Should you find yourself in this position, start checking out other cards with a low-income requirement – that way you'll be more likely to be approved.

You might be a temporary resident. Unfortunately, even if you have an excellent credit score it doesn't mean you can apply for any card. Lots of lenders require applicants to be a permanent resident or a citizen, which rules out lots of options for temporary residents. You can find a list of cards for temporary applicants here.

You might apply for a joint credit card with someone who has a bad credit score. It pays to be careful with this one. If your significant other has a bad credit score, it can harm your chances of being approved for a joint credit card with higher requirements. In this case, it's worth considering applying alone then getting an additional card for your partner.

How can I increase my chances of being approved?

The first step is knowing your credit score. If you don't already have it, get yours for free today. Don't worry, just checking your credit score cannot and will never impact your credit score. 

Once you've done this, take a close look at the basic requirements of the credit cards you're interested in applying for. It looks like this:

Credit Card Requirements

Once this is complete, you'll be on your way to successfully figure out if you could be approved for a card. Before you click the button, have a skim of our complete guide to things you should know before you apply for a credit card.

Remember, as long as you carefully consider your credit card application (including all of the information above) you should be on your way to successfully obtaining a card that suits your needs.

Credit score tool

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The products, banks and companies mentioned in this Ask Miles question and answer section was correct at the time of publishing. The information published is general advice only and should not be taken as specific personal finance advice.