Apply For Two Credit Cards At Once

Apply For Two Credit Cards At Once – Written by Poonkulali Thangavelu Poonkulali ThangaveluRight Arrow Senior Writer Credit Cards Poonkulali Thangavelu is a senior writer and columnist at CreditCards.com, covering legal and regulatory issues related to credit and credit cards. Connect with Poonkulali Thangavelu on Twitter Connect with Poonkulali Thangavelu on Twitter LinkedIn Linkedin Email Poonkulali Thangavelu Contact Poonkulali Thangavelu

Edited by Kendall Little Kendall LittleArrow Right former reporter; Credit Cards Kendall Little is a former personal finance writer who previously covered credit card news and advice. Kendall is currently a writer for NextAdvisor. Originally from metro Atlanta, he earned a bachelor’s degree in journalism and film studies from the University of Georgia. Before joining in August 2018; Kendall is an academic; He has worked in digital communications in a variety of industries, including healthcare and television. Connect with Kendall Little on Twitter Connect with Kendall Little on Twitter LinkedIn Linkedin Kendall Little

Apply For Two Credit Cards At Once

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You may come across a “buy one, get one free” deal at some point, but it’s not an offer you’ll get from your credit card issuer.

Although rare, Your bank may approve you for a new credit card and then mistakenly send you two credit cards instead of one. Because of a browser error, you submitted two applications instead of one, and the bank processed both and issued two different cards instead of the card you should have received. Account numbers may not be the same; Credit lines may vary.

What should I do with other credit cards in this situation? How does it affect your credit score?

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One of the immediate benefits of an additional credit card when it comes to credit scores is an increase in overall available credit. If you have two cards, one with a credit limit of $5,000 and the other with a credit limit of $5,300. Your total available credit is $10,300. Higher credit will lower your credit utilization ratio.

For example, If your issuer reports a $3,000 balance to the credit bureaus. If you only have one card with a $5,000 limit, your credit utilization will be 60 percent. But with both cards and a higher total limit, your credit utilization will drop by 29 percent. (Note that the FICO scoring model incorporates the available credit and credit utilization on each card.)

Your credit utilization rate makes up 30 percent of your credit score, so a second card will definitely improve your credit profile if used responsibly.

Better access to credit is a plus, but you won’t be able to keep both cards. When applying for a credit card, banks do not issue two identical credit cards and have controls in place to prevent this.

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If you activate both cards; At some point, you may hear from the bank that one of the cards has been canceled.

The Bank may, at its sole discretion, cancel a Credit Card account at any time without further notice. If the customer’s credit profile has changed or the card has not been actively used for a long time; It is possible.

The Consumer Financial Protection Bureau (CFPB) advises: “Most card issuers have limited rights and are permitted by law to close accounts at any time.”

If you find yourself in such a situation, you should think ahead about how to proceed. You don’t want to shop for a card only to find the rug pulled up at a time when credit availability counts the most. Instead, It is best to contact your card issuer in advance to resolve the situation.

Hand Is Hold Two Credit Cards. Black And Silver Color Credit Cards Isolated On White Background. 14887083 Stock Photo At Vecteezy

Call the bank Explain the situation and what you get (note that you usually lose a card in this situation). First, if you can only maintain one card, you can apply for a higher credit limit.

After applying for a card; If you receive two duplicate cards from the credit card issuer, it is most likely an error on the part of the bank. Although banks have controls in place to prevent these types of errors, They can happen sometimes. Even if you have both cards, the bank reserves the right to cancel your credit cards at any time.

Once the bank finds out about the status of your two cards, it is likely to cancel one of them and if you consider that increased credit limit. In order to maintain your available credit, you should contact your issuer and ask for a solution, such as increasing the credit limit on a card.

Poonkulali Thangavelu is a senior writer and columnist at CreditCards.com, covering legal and regulatory issues related to credit and credit cards.

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Edited by Kendall Little Kendall LittleArrow Right former reporter; Credit Cards Kendall Little is a former personal finance writer who previously covered credit card news and advice. Kendall is currently a writer for NextAdvisor. Originally from metro Atlanta, he earned a bachelor’s degree in journalism and film studies from the University of Georgia. Before joining in August 2018; Kendall has worked in digital communications across a variety of industries.

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