How Long Do I Have to Wait Until I Can Get a Credit Card Again
Updated on March 16, 2022
Most credit card companies take partnerships with travel companies and grocery stores to provide cashback on different transactions you make. Of grade, information technology'southward not possible to merits too many of these rewards with just a single credit card. So y'all might be thinking about applying for some other credit card to increase your chances of getting that free meal or discounted flight.
Nonetheless, you might wonder whether you tin apply for multiple credit cards without affecting your credit score. Let'due south explore this in more detail so you lot know exactly what to do before you apply for another credit card.
How Often Should You Use for a New Credit Card?
Credit menu companies usually practice non place limits on the number of credit cards you tin apply for. Still, applying for a credit card too often might affect your credit score, and you might even run into bug with credit companies. This is why it is advisable to wait at to the lowest degree 90 days to employ for a 2d credit card. If possible, letting a vi-month period go by between credit cards would be ideal.
Some credit card companies too identify restrictions on the waiting period. For case, Capital I requires applicants to wait at least 6 months before applying for a second credit card.
Credit Menu Application Process Length
Even if you take to wait before yous tin brainstorm the application process for a second credit card, the adept news is that the application process itself only takes a few minutes to be completed. You volition too know whether your application has been rejected or approved in a matter of minutes.
If your credit carte du jour application has been canonical, then it should take about 10 days for your credit card to arrive in the mail. If yous have applied for an Uber Visa card, an Apple Card, or any other instant utilize credit card, then you will be able to utilize these credit cards as before long as you become the blessing.
If the lender has rejected your application, then the lender is required to submit an explanation for the rejection. This caption, commonly known equally "agin activeness detect," volition take about x days to arrive in your mail. Yous can use the adverse activeness notice to understand why your application was denied and build up your credit score earlier applying again.
Why Yous Should Consider Waiting
Waiting between credit carte du jour applications is always a smart move. Why? Well, there are two primary reasons why you lot should consider waiting before your next credit card awarding.
Go along Your Credit Score in Bank check
Every time you apply for a new credit card, your credit card lender will conduct a credit inquiry into your report. And each time a credit inquiry is performed, your credit score is going to take a hit.
However, if you await betwixt credit card applications, you will allow enough time to pass by for your credit score to bounce back again. But if you keep to apply for credit cards within a short menses, then your credit score is definitely going to be affected. Lenders will have this equally a sign that you might be planning on taking on a lot of debt, and as a result, your credit card application might be rejected.
Credit card issuers may also limit the number of credit cards you tin open inside a short period. If you have already opened multiple credit cards inside a certain period, then your credit card lender might automatically turn down your application.
Credit Carte Companies With Awarding Restrictions
As we take already mentioned, Capital One is ane visitor that requires cardholders to wait at least six months before putting in an application for a 2d credit card. But Capital One is no exception for credit carte companies and their restrictions on multiple credit card applications. Allow'southward have a expect at another credit card companies that accept restrictions on applications.
Chase
One of the most well-known restrictions on credit card applications is Hunt's five/24 rule. This rule restricts you to just v new credit cards inside 24 months.
Citi
You need to wait at least viii days before you can apply for a 2nd credit carte at Citi, and you cannot utilise for more than two credit cards inside 65 days. You are also required to wait at to the lowest degree 90 days for a second business credit card.
Discover
Discover cardholders can only apply for one credit menu every twelvemonth. Y'all also cannot apply for more than than 2 credit cards at a given fourth dimension.
American Express
Cardholders cannot apply for more two credit cards within a 90-day window at American Express. They also cannot take more than four credit cards and ten Amex charge cards.
Wells Fargo
Wells Fargo also requires cardholders to wait at to the lowest degree six months before applying for a second ane.
Banking company of America
Bank of America enforces a 2/3/four rule on credit cards. What does this mean? Well, these numbers refer to the number of credit cards y'all can use for within periods of 30 days, 12 months, and 24 months. Specifically, you can apply for ii credit cards within 30 days, iii credit cards within 12 months, and four credit cards inside 24 months, respectively.
Considerations When Thinking About Another Credit Carte
While obtaining multiple credit cards might increase your chances of getting cashback and rewards, they might also increase your chances of getting into problem with credit menu companies.
Too Many Applications Suggest Risk
Credit carte du jour companies usually flag multiple applications in a short period as a signal for fiscal distress. If you utilize for too many credit cards within a short menstruum, most credit carte du jour companies presume you lot are either buried in debt or will before long declare bankruptcy.
Why You lot Should Be Overly Cautious
In that location are a few times when yous need to exist actress cautious when it comes to the timing of your credit card applications. For example, if yous're thinking of taking out a dwelling house loan, you should ideally wait at least six months between credit carte du jour applications so your credit score is optimal.
It is likewise a good idea to wait at to the lowest degree half-dozen months betwixt multiple credit carte applications, especially if you accept bad credit or limited credit on your report. The aforementioned goes for situations where you are trying to rebuild your credit score afterwards a spot of trouble.
Conclusion
Now that you know all of the restrictions and limitations placed on applying for multiple credit cards within a short period, you will hopefully exist able to make a more than informed conclusion before you ship in that second or 3rd credit card awarding. Good luck!
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