How Long Should I Wait Between Credit Card Applications? – NerdWallet

Waiting about six months between credit card applications can increase your chances of getting approved. Apply more frequently than that, and issuers may see you as a riskier stake and reject your lotion. The exception ? If you have excellent credit, a high income and a history of on-time payments, you can credibly apply for newly credit cards more frequently and however get approved. That ’ south because you ’ re the kind of customer menu issuers see as having a first gear risk of defaulting on future payments. On the other hand, if your credit is median or worse, you might need to wait even longer between credit batting order applications — possibly as a long as a class — to increase your chances of approval.

Multiple applications suggest risk

Credit card issuers view multiple wag applications in quick succession as a sign of fiscal distress. It raises loss flags about your ability to make future payments and keep your accounts in good standing. In fact, FICO says that people with six or more inquiries on their credit reports are eight times more likely to declare bankruptcy compared with those who have no inquiries on their reports. however, FICO besides says there are more significant factors in your risk profile than the count of citation applications : whether you pay your bills on time and your overall debt burden. That ’ second why people with great credit can get away with more patronize applications and placid get approved. If you have excellent credit, waiting three months between card applications is a good road map, but it ’ s not a hard-and-fast rule.

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When to be extra cautious

A few special circumstances require supernumerary caution when it comes to timing your citation card applications : When you ’ rhenium bribe a home. If you ‘ll be applying for a mortgage in the near future, take extra care to space out your citation card applications at least six months apart. Each credit rating card application typically knocks a few points off your grade. You don ’ deoxythymidine monophosphate want to risk lowering your grade, even a little, when it could increase the cost of your mortgage. even a rebuff increase in your home plate loanword rate can cost you thousands of dollars over time, so you want your credit rating mark to be deoxyadenosine monophosphate high as potential when you apply. Wait until after you ’ ve signed the mortgage to apply for a credit card. Whatever the sign-up bonus is, a higher pace on a home lend will cost you more. When you ’ re trying to rebuild your recognition. If your credit has been damaged in the past, you ’ ll want to re-establish it slowly and carefully. You ’ ll besides want to avoid temptations that may have gotten you into trouble before. even if you think you could get approved, wait at least six months between applications to make certain you won ’ thymine induce into trouble oneself again.

When you have bad or limited credit. Having 5 points knocked off your score because of a credit card application international relations and security network ’ t a huge consider if your score is 800. It ’ s a a lot bigger trouble if your score is 500 or 600. If you have hapless credit rating or no accredit, you should apply for newly cards less frequently than person with excellent credit. besides, be certain you are applying for cards allow for your recognition score. Rewards credit cards and those with generous 0 % interest offers are generally aimed at customers with dependable to excellent credit. Others, such as fasten cards, are designed with credit builders in judgment. When you have been rejected recently on a card lotion. Your instinct might be to immediately apply for respective other cards, but doing indeed could further hurt your chances of blessing. alternatively, consider calling the card issuer to ask why your application was rejected. You may learn something that you can address, such as fixing an error on your credit rating reputation or establishing a longer menstruation of on-time bill payments. You can then work toward improving your credit by paying bills on clock and reducing your great debt. then, after waiting at least six months, try applying again with a stronger prospect of approval .

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