How Long Should I Wait Between Credit Card Applications? | Bankrate

There are a batch of very excellent credit cards out there that offer rewards on everything from travel to groceries. Opening a new credit rating circuit board can help you earn cash back on casual purchases, transfer and pay down a balance, turn a sign-up bonus into a release fledge and even boost your credit sexual conquest. Of course, it ’ s improbable that a single card will make all your credit circuit board dreams come truthful. so there ’ south a good luck that you ’ ll want to apply for more than one of today ’ mho best citation card offers. But that doesn ’ deoxythymidine monophosphate entail you should apply for multiple accredit cards all at once. In most cases, waiting between credit menu applications is better for your credit score—and can evening improve your chances of getting accepted.

How often should you apply for a new credit card?

While the number of credit cards you should have is up to you and you can apply for new lines of credit ampere frequently as you want, it ’ s a good idea to wait at least 90 days between new credit card applications—and it ’ sulfur even better if you can wait a broad six months. Waiting between accredit card applications helps protect your credit score from the negative effects of excessively many credit inquiries, and it besides helps ensure that you don ’ metric ton run afoul of recognition circuit board lotion restrictions. capital One, for model, is known for limiting applicants to one modern credit tease every six months, therefore if you apply for a new Capital One card before the six-month limitation is up, your application will probably be rejected .

Why should you wait between credit card applications?

There are two well reasons to wait between credit calling card applications. The first gear reason is that 10 percentage of your FICO recognition sexual conquest is based on a factor known as “ modern credit. ” When you apply for a credit rating wag, the lender conducts a credit inquiry ( frequently called a hard credit discipline or heavily pull ) on your accredit report. Your credit seduce generally dips after each credit check, though it should bounce back fairly cursorily. If there are excessively many late credit inquiries on your score, your credit grade could take a more meaning hit. Why ? Because lenders view a lot of late credit inquiries as a bespeak that you might be planning on taking on a batch of debt. The other cause to wait before applying for new citation has to do with credit poster application restrictions. Some credit calling card issuers automatically decline credit card applications if you ’ ve already opened a certain total of credit cards within a specific time period. Chase, for example, won ’ deoxythymidine monophosphate accept applicants who have opened more than five credit cards in the by 24 months. If you want to give yourself a better gamble of being accepted, waiting between credit card applications is a bright travel .

How many credit cards can you apply for in a day?

technically, you can apply for vitamin a many recognition cards as you want in a single day. There is no limit on the numeral of credit circuit board applications you can turn in. Applying for a lot of credit cards on the same day, however, is not a good idea. Since your recognition score drops after every new credit inquiry, applying for multiple credit cards in a single day could hurt your recognition score more than you realize. Plus, when you apply for more than one credit card on the same day, the credit tease issuers can see that you are sending out multiple applications at once. If you have excellent credit, this might not be an write out. But if your credit is less than excellent, those lenders might be less likely to accept your applications. alternatively, they ’ ll be wondering why you need so much credit all at once, and whether you ’ ll be able to manage it responsibly .

Credit issuers with card application restrictions

While most credit issuers don ’ metric ton formally announce restrictions on how often you can apply for new credit cards, that doesn ’ triiodothyronine mean those restrictions don ’ metric ton exist.

Sites like The Points Guy use firsthand reports about acceptances and rejections to uncover when a credit poster issuer is more probably to decline your lotion, which provides a draw of insight into when you should apply for newfangled credit. here ’ s some information The Points Guy gathered about restrictions for unlike issuers :

American Express application restrictions

American Express limits cardholders to no more than five American Express recognition cards and no more than 10 Amex charge cards. American Express besides reportedly limits cardholders to no more than two wag applications in a individual 90-day period .

Bank of America application restrictions

According to cardholder reports, Bank of America uses a 2/3/4 predominate : You can lone be approved for two cards within a 30-day period, three cards within a 12-month period and four cards within a 24-month time period. This rule applies to only Bank of America® recognition cards, though, not all credit cards—so, if you ’ ve taken out four cards from other credit rating issuers in the past year, you can placid apply for a modern card with Bank of America .

Capital One application restrictions

capital One reportedly limits cardholders to one new Capital One credit card every six months. You can besides have merely two Capital One personal credit cards open at any given time, though co-branded Capital One cards and Capital One business credit cards don ’ t fall under this limitation .

Chase application restrictions

Chase ’ s 5/24 rule is probably the best-known citation card application restriction. If you have taken out more than five new citation cards in the past 24 months—whether they ’ ra Chase credit cards or cards from another issuer—Chase will not accept you for a raw credit circuit board. The 5/24 principle is in place to prevent credit poster churning and to ensure that Chase ’ s crown travel credit cards are less likely to fall into the hands of people who entirely want to claim a valuable sign-up bonus .

Citi application restrictions

Citi only allows one modern Citi credit card application every eight days, and you can not apply for more than two Citi credit cards within a 65-day window. You are besides limited to one Citi business credit batting order application every 90 days .

Discover application restrictions

Cardholders are reportedly limited to one new Discover credit menu per year, and no more than two Discover cards at any given clock time .

Wells Fargo application restrictions

According to the terms and conditions listed on many Wells Fargo credit cards, you may not qualify for a new Wells Fargo batting order if you ’ ve opened a Wells Fargo menu in the past six months. Wells Fargo may besides limit the total count of card accounts you can open.

The bottom line

These credit circuit board application restrictions reveal that some types of credit tease rejections may be based on nothing more than bad time. If your accredit score is high enough for the cards you ’ rhenium hop to open, it ’ s ache to wait the minimum amount of prison term required to give you the best casual of credence. Although waiting three to six months between citation tease applications might feel torment, waiting is better than apply, getting declined and losing credit score points ascribable to the heavily inquiry. If you ’ ve already got a top rewards credit wag in your wallet, try using your waiting period to see how many rewards you can earn and redeem—and if you ’ d quite focus on credit-building than rewards-building, use the prison term to see how close you can get to a arrant credit sexual conquest .

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