Applying For Several Credit Cards At Once – Still one of our priorities, consumer credit and financial education. This post may contain links and references to one or more of our partners, but we provide an unbiased view to help you make the best decision. See our editorial policy for more information.

Nothing prevents you from applying for two or more credit cards at short notice or at the same time. But multiple credit card inquiries can affect your credit score and raise a red flag for future borrowers.

Applying For Several Credit Cards At Once

Applying For Several Credit Cards At Once

If you’re thinking about getting multiple credit cards, here’s what you need to know about how it affects your credit.

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Whether you’re trying to build your credit faster or take advantage of other benefits or welcome offers, it can be tempting to apply for more than one credit card in a short period of time. However, depending on your situation, there may be negative consequences for your credit rating.

When you’re looking for a home loan, car loan or private student loan, it’s common to get quotes from several lenders to make sure you’re getting the best terms. And if you do this for a short period of time — usually 14 to 45 days — depending on the credit score model — any hard questions that appear on your credit report are considered just a score when calculating the score.

However, you don’t get the same benefits with a credit card. In most cases, each card account you apply for will result in a separate inquiry and each card account will be credited to your credit score.

For example, an additional inquiry will often lower your credit score by more than five points. However, many proposals in the short term can have an overall impact.

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Additionally, the data shows that people who have more inquiries on their credit report in the short term are more likely to overextend themselves and pay off their debts. As a result, even if your credit score doesn’t drop much, future lenders may offer you a higher interest rate or reject your application altogether due to the added risk.

There is no magic number for how long you should wait before applying for an additional credit card. In fact, the right amount can vary depending on your credit history and circumstances:

If you’re just starting to build credit, a second credit card can improve your credit utilization ratio — the amount of existing credit you’re using — and provide another opportunity to build a positive payment history. These benefits may outweigh the potential negative effects of a second difficult investigation. If you want to be safe, consider waiting 3 to 6 months between applications.

Applying For Several Credit Cards At Once

Make sure you apply for the first credit card designed for people in your credit situation. Otherwise, you could be rejected and still have a hard inquiry on your credit report.

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If your credit is in bad shape and you want to use a credit card to refinance, all efforts count. In this case, it is best to wait several months between card applications. Also, adding a new credit card account won’t help much if you’re behind on payments on other credit accounts. Instead, look for other ways to improve your credit, such as debt repayment, to help lower your utilization rate. When you have a chance to make a positive impact on your credit, you may want to consider applying for a new card.

Hard inquiries happen during the application process so they make your credit score whether you’re approved for the card or not. If you’ve just been rejected, take a step back before submitting another application. Look at your credit status to determine if you need to make any changes before applying again.

Also, make sure you apply for a card that recognizes your credit score. CreditMatch ™ helps you get personalized offers based on your credit score with a few simple questions that won’t affect your credit. While there’s no guarantee you’ll be approved, it can help you focus on the card with the highest odds of approval.

If you have been using credit for a long time and have a good track record, the impact of two or three credit inquiries in a short period of time will not be severe.

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And if you have no problem maintaining your existing credit card — you only pay what you can afford to buy and pay your bills in full each month — the benefits of getting another credit card may outweigh the costs.

If you’re considering getting more than one credit card in the near future, check your FICO® score to see where you stand. When considering your situation, consider the pros and cons of having multiple inquiries on your credit report in the short term.

Apply for a credit card securely with a personalized offer based on your credit profile. Start with your FICO.

Applying For Several Credit Cards At Once

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Applying For Several Credit Cards At Once

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People usually apply for a credit card one at a time with plenty of time between applications. If you have some of your favorite cards, and especially if they have a limited-time bonus offer, consider applying for multiple credit cards at once. There are pros and cons to doing that. Read on to decide if you should try it.

All of these can be good reasons, especially since it’s easy to apply for a credit card online. Learn more about each to find out which one makes sense for you.

The sign-up bonus is the first credit card bonus offer available to new cardholders. For example, some cards are a

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John Pablo

📅 Born: May 15, 1985 📍 Location: New York City 🖋️ Writer | Financial Enthusiast Welcome to my corner of the web! I'm John Pablo—a finance enthusiast and writer passionate about making money matters simple and accessible.

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