{"id":358906,"date":"2020-10-15T10:35:34","date_gmt":"2020-10-15T16:35:34","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=358906"},"modified":"2020-10-15T10:35:36","modified_gmt":"2020-10-15T16:35:36","slug":"when-can-i-apply-for-another-credit-card","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/credit-101\/when-can-i-apply-for-another-credit-card\/","title":{"rendered":"When Can I Apply for Another Credit Card?"},"content":{"rendered":"\n
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Disclosure regarding our editorial content standards.<\/a><\/p>\n\n\n\n

Did you know that applying for a bunch of different credit cards in a short time can be bad for your credit? That\u2019s because each time you apply, your credit report gets hit with a hard inquiry, and that can bring your score down a bit. Plus, a lot of inquiries can make you look desperate for credit, which doesn\u2019t sit well with lenders. <\/p>\n\n\n\n

So if you\u2019re worried, keep reading to find out how long you should wait before completing your next credit card application.<\/p>\n\n\n\n

How Long Should I Wait Between Credit Card Applications?<\/h2>\n\n\n\n

Usually, it\u2019s a good idea to wait at least 90 days between credit card applications. Ideally, you might wait six or more months to give time for your credit to improve or for better offers to come along.<\/p>\n\n\n\n

However, if your credit is good or excellent, you can probably afford a few more applications in a short period of time. The hard inquiries that are placed on your credit because of these applications typically only bring your score down a small amount. <\/p>\n\n\n\n

If you have a high score and plenty of credit history, that small of a change doesn\u2019t usually bump you into a lower credit score range or hurt your chances when applying for future loans.<\/p>\n\n\n\n

Why Does It Matter How Long I Wait Between Applications?<\/h2>\n\n\n\n

When a lender pulls your credit report for the purposes of evaluating you for a loan or account, a hard inquiry<\/a> is placed on your file. That hard inquiry is considered a negative item because, for the first year, it does drop your score slightly.<\/p>\n\n\n\n

If you\u2019re constantly applying for credit cards, you could be dinging your credit score with small hits. Add up enough of those hits and your score could drop by a large enough amount to drag you from good credit to only fair credit, making it harder for you to get loans or accounts with favorable rates.<\/p>\n\n\n\n

Some creditors also look at how many inquiries you\u2019ve made recently because it helps them evaluate your risk level as a borrower. If you\u2019ve been applying for every loan or credit card available, it looks like you really<\/em> need the funds. And, unfortunately, if you\u2019re that desperate for credit, many lenders will consider you a higher-risk borrower.<\/p>\n\n\n\n

When Is It a Good Idea to Consider Applying for a New Credit Card?<\/h2>\n\n\n\n

Applying for a credit card is a serious financial consideration. It\u2019s not something you should do on a whim or simply because you\u2019re curious about whether you might qualify. Make sure that when you apply for a new credit card, you\u2019re doing so with a good financial reason. Here are a few reasons you might apply for a new credit card.<\/p>\n\n\n\n

When Your Credit Score Has Increased<\/h3>\n\n\n\n

Maybe your score has increased, and you believe you\u2019ll be able to get approved for a card<\/a> with a better interest rate or better perks. This is a good option because it helps you lower the overall cost of debt and credit in the future.<\/p>\n\n\n\n

When You Want to Improve Your Credit Utilization Ratio<\/h3>\n\n\n\n

If you have one credit card with a credit limit of $5,000 and a balance of $2,500, that\u2019s a credit utilization ratio of 50 percent. That can hurt your overall credit score.<\/p>\n\n\n\n

But if you can get approved for another credit card with a limit of $5,000 and you don\u2019t carry a balance on it, you now have a $10,000 total credit limit and a balance of $2,500. You cut your credit utilization ratio in half, which can be a big benefit to your credit score.<\/p>\n\n\n\n

When You Want to Take Advantage of Promotions or Benefits<\/h3>\n\n\n\n

In some cases, you might get an offer that\u2019s simply too good to pass up. For example, you might get a cashback credit card offer with a sign-up bonus of $300 cash back. If you know you can easily get approved for the offer and make the sign-up requirements without carrying over large balances on the card, it could be beneficial to apply.<\/p>\n\n\n\n

Other promotions or benefits that might make applying for a new credit card worth it include balance transfer offers that can save you a lot on interest or travel rewards that you can use for trips you\u2019re already planning to take.<\/p>\n\n\n\n

When Is It a Good Idea to Consider Waiting to Apply for a New Credit Card?<\/h2>\n\n\n\n

In some cases, it\u2019s often the best idea to wait to apply for a new credit card. It\u2019s a personal decision, but you might want to hold off on applying in the situations described below.<\/p>\n\n\n\n

When You Need to Apply for a Loan<\/h3>\n\n\n\n

If you know you need to apply for a loan, it\u2019s best to avoid applying for a credit card in the weeks or months just prior to that. This is especially true when applying for a mortgage. <\/p>\n\n\n\n

If you apply for or open new credit accounts between the time you\u2019re preapproved and closing on a home, for example, underwriting requirements may change and you may not get approved for the mortgage after all.<\/p>\n\n\n\n

When You\u2019ve Recently Been Rejected<\/h3>\n\n\n\n

If you\u2019ve been recently rejected on a credit card application, it\u2019s usually best to give it some time and work on improving your credit before you apply for another. The exception to this might be if you find out your credit is lackluster, so you change tactics to apply for a credit-building or secured credit card to help improve it.<\/p>\n\n\n\n

When You\u2019re Struggling to Keep Up With Your Existing Credit Bills<\/h3>\n\n\n\n

If you\u2019re already struggling with credit card payments, adding another piece of plastic to the fold is typically not a great idea. And if you\u2019re having a hard time paying your credit cards and you\u2019ve been late with any payments, your credit might not be good enough anyway. <\/p>\n\n\n\n

One exception to this is if you can qualify for a balance transfer card that lets you consolidate your credit card debt at zero-percent interest for a short period of time so you can pay it off faster.<\/p>\n\n\n\n

What Should I Do If My Credit Card Application Is Rejected?<\/h2>\n\n\n\n

If you\u2019re rejected for a credit card, don\u2019t keep applying until someone says yes\u2014you\u2019d run the risk of hurting your credit even more. Instead, ask the credit card issuer for a detailed explanation of why you were rejected so you have an idea of what to improve.<\/p>\n\n\n\n

Check your credit report<\/a> to see where you stand and if there are any negative items dragging your score<\/a> down that shouldn\u2019t be on your report. If you find inaccurate or unfair information, consider working with CreditRepair.com to dispute it and have it removed to help positively impact your score. <\/p>\n\n\n\n

Then, make responsible decisions for at least six months, paying all your bills on time and keeping your credit utilization as low as possible. Don\u2019t close accounts so you can benefit from the age of your credit, and keep an eye on your credit reports to ensure all information is accurate. <\/p>\n\n\n\n

When you see your credit score start to rise, carefully consider your options before applying for an appropriate credit card again.<\/p>\n","protected":false},"excerpt":{"rendered":"

Looking to get a new credit card? Find out how long you should wait to apply for another credit card after getting approved or denied.<\/p>\n","protected":false},"author":53,"featured_media":358908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[516],"tags":[],"yoast_head":"\nWhen Can I Apply for Another Credit Card? - CreditRepair.com<\/title>\n<meta name=\"description\" content=\"Looking to get a new credit card? 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