How Long Should I Wait Between Credit Card Applications? Bankrate
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We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you. MoMo Productions/Getty Images Written by Personal Finance Contributor Nicole Dieker has been a full-time freelance writer since 2012—and a personal finance enthusiast since 2004, when she graduated from college and, looking for financial guidance, Feb. 4, 2022 Edited by Associate Editor Reviewed by Credit Cards Reporter Barri has written in the personal finance vertical—including credit cards—for more than 20 years. She currently identifies and reports on news and top trends in the credit Feb. 4, 2022 Share
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PREV NEXT There are a lot of really excellent credit cards out there that offer rewards on everything from travel to . Opening a new credit card can help you earn cash back on everyday purchases, transfer and pay down a balance, turn a sign-up bonus into a free flight and even boost your credit score. Of course, it's unlikely that a single card will make all your credit card dreams come true. So there's a good chance that you'll want to apply for more than one of today's best . But that doesn't mean you should apply for multiple credit cards all at once. In most cases, waiting between credit card applications is better for your credit score-and can even improve your chances of getting accepted. How often should you apply for a new credit card
While the is up to you and you can apply for new lines of credit as often as you want, it's a good idea to wait at least 90 days between new credit card applications-and it's even better if you can wait a full six months. Waiting between credit card applications helps protect your credit score from the negative effects of too many credit inquiries, and it also helps ensure that you don't run afoul of credit card application restrictions. Capital One, for example, is known for limiting applicants to one new credit card every six months, so if you apply for a new Capital One card before the six-month restriction is up, your application will likely be rejected. Why should you wait between credit card applications
There are two good reasons to wait between credit card applications. The first reason is that is based on a factor known as "new credit." When you apply for a credit card, the lender conducts a credit inquiry (often called a or hard pull) on your credit report. Your credit score generally dips after each credit check, though it should bounce back fairly quickly. If there are too many recent credit inquiries on your account, your credit score could take a more significant hit. Why? Because lenders view a lot of recent credit inquiries as a signal that you might be planning on taking on a lot of debt. The other reason to wait before applying for new credit has to do with credit card application restrictions. Some credit card issuers automatically decline credit card applications if you've already opened a certain number of credit cards within a specific time period. Chase, for example, won't accept applicants who have opened more than five credit cards in the past 24 months. If you want to give yourself a better chance of being accepted, waiting between credit card applications is a smart move. How many credit cards can you apply for in a day
Technically, you can apply for as many credit cards as you want in a single day. There is no limit on the number of credit card applications you can turn in. Applying for a lot of credit cards on the same day, however, is not a good idea. Since your credit score drops after every new credit inquiry, applying for multiple credit cards in a single day could hurt your credit score more than you realize. Plus, when you apply for more than one credit card on the same day, the credit card issuers can see that you are sending out multiple applications at once. If you have excellent credit, this might not be an issue. But if your credit is less than excellent, those lenders might be less likely to accept your applications. Instead, 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't formally announce restrictions on how often you can apply for new credit cards, that doesn't mean those restrictions don't exist. Sites like use firsthand reports about acceptances and rejections to uncover when a credit card issuer is more likely to decline your application, which provides a lot of insight into . Here's some information The Points Guy gathered about restrictions for different issuers: American Express application restrictions
American Express limits cardholders to no more than five and no more than 10 Amex . American Express also reportedly limits cardholders to no more than two card applications in a single 90-day period. Bank of America application restrictions
According to cardholder reports, Bank of America uses a 2/3/4 rule: You can only be approved for two cards within a 30-day period, three cards within a 12-month period and four cards within a 24-month period. This rule applies to only , though, not all credit cards-so, if you've taken out four cards from other credit issuers in the past year, you can still apply for a new card with Bank of America. Capital One application restrictions
Capital One reportedly limits cardholders to one new every six months. You can also have only 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 restriction. Chase application restrictions
is probably the best-known credit card application restriction. If you have taken out more than five new credit cards in the past 24 months-whether they're or cards from another issuer-Chase will not accept you for a new credit card. The 5/24 rule is in place to prevent and to ensure that Chase's are less likely to fall into the hands of people who only want to claim a valuable . Citi application restrictions
Citi only allows one new application every eight days, and you cannot apply for more than two Citi credit cards within a 65-day window. You are also limited to one Citi business credit card application every 90 days. Discover application restrictions
Cardholders are reportedly limited to one new per year, and no more than two Discover cards at any given time. Wells Fargo application restrictions
According to the terms and conditions listed on many , you may not qualify for a new Wells Fargo card if you've opened a Wells Fargo card in the past six months. Wells Fargo may also limit the total number of card accounts you can open. The bottom line
These credit card application restrictions reveal that some types of credit card rejections may be based on nothing more than bad timing. If your credit score is high enough for the cards you're hoping to open, it's smart to wait the minimum amount of time required to give you the best chance of acceptance. Although waiting three to six months between credit card applications might feel frustrating, waiting is better than applying, getting declined and losing credit score points due to the hard inquiry. If you've already got a in your wallet, try using your waiting period to see how many rewards you can earn and redeem-and if you'd rather focus on credit-building than rewards-building, use the time to see how close you can get to a . Written by Nicole Dieker Personal Finance Contributor Nicole Dieker has been a full-time freelance writer since 2012—and a personal finance enthusiast since 2004, when she graduated from college and, looking for financial guidance, found a battered copy of Your Money or Your Life at the public library. In addition to writing for Bankrate, her work has appeared on CreditCards.com, Vox, Lifehacker, Popular Science, The Penny Hoarder, The Simple Dollar and NBC News. Dieker spent five years as writer and editor for The Billfold, a personal finance blog where people had honest conversations about money. Dieker also teaches writing, freelancing and publishing classes and works one-on-one with authors as a developmental editor and copyeditor. Edited by Associate Editor Reviewed by Credit Cards Reporter up next Part of Credit Cards So, your credit card application has been denied — here’s what to do... Mar. 7, 2022 Credit Cards To process a credit card application, issuers will do a hard inquiry on you... Feb. 2, 2022 Credit Cards What’s the difference between preapproved and prequalified? Learn the... Feb. 14, 2022 Credit Cards Prequalified credit card offers help you get a sense of where you stand bef... Jun. 17, 2022 Nov. 13, 2022