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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: Maskot/Getty Images February 08, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter." Cathleen's stories on design, travel and business have appeared in dozens of publications including the Washington Post, Town & Country, Wall Street Journal, Marie Claire, Fodor’s Travel, Departures and The Writer. Bankrate logo The Bankrate promise
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Sometimes, you may need to transfer an existing balance from a higher-interest credit card to one that offers a lower interest rate. If done properly, this move could help you save money on interest charges. If you’re carrying high-interest debt, now is the perfect time to apply for a new credit card offering for 12 or more months. Ideally, you’ll pay down your balance to avoid paying interest charges. It’s a good idea to use a to make a plan for paying down your balance during your intro APR period. You re planning a big purchase
If you’ve got a big purchase planned, a new credit card can be useful for two reasons. You can get a promotional APR to avoid interest on your purchase, and you can earn rewards from a . For example, some card issuers will offer sign-up or welcome bonuses in the form of cash back, a credit statement or a certain number of rewards points if you meet spending requirements on the card within a specified time period. If you know you have a , you can time your application so a purchase you were going to make anyway can help you meet spending requirements for a sign-up bonus. The most common time frame to meet those spending requirements is three months after opening your account. If you don’t normally spend $3,000 to $5,000 (common spending requirements) in such a short time, a large purchase could help you meet the requirements so you don’t miss out on your sign-up bonus. If you don’t anticipate any single large purchase, you can plan your new credit card application around times when you’ll be shopping the most. For many people, the holiday season is a time for lots of spending. You ve got good or excellent credit
If your credit score is in the range of to (670-850), your chances of being approved for a new credit card are much better than if you had a or credit rating (350-669.) If you are it could be a good time to apply for a new credit card. As long as you don’t have a pressing need for a credit card right away, it could be beneficial to spend a few months . Depending on your starting point, boosting your credit score could take you from fair to good credit or from good to excellent credit, making you you might not otherwise have been approved for and helping you get a . You d like to build your credit profile
If you want to build your credit, applying for a new credit card could help in terms of credit mix and establishing a history of on-time payments. Your payment history accounts for 35 percent of your FICO score, while your credit mix accounts for 10 percent. Both categories play an important role not only in but also in how lenders perceive you in terms of credit risk. People with little to no credit history can start their credit-building journey with a or a “.” These entry-level cards, when used properly, could help you qualify for better credit card offers down the road. You ve been preapproved
A means you’ve met a card issuer’s initial criteria for a certain credit card before you actually apply. It’s not guaranteed that you’ll be approved for the card in question, but it’s a way to gauge your odds of approval without getting a on your credit report. Applying for a prequalified offer triggers a “soft credit” inquiry and will not affect your credit score. By applying for these offers, your chance of getting approved is much better since you’ve already been screened for the offer. You ve been referred
Some card issuers provide existing card users with a referral link they can give to friends and family. These referral links may not necessarily improve your chances of being approved for a new card, but if you are approved, you (and your referrer) could be eligible for in the form of cash, rewards points or both. When you shouldn t apply for a new card
There are definitely times when you shouldn’t be applying for new credit cards. If you apply for a card at the wrong time, you risk being rejected, taking a hit on your credit score or getting turned down for other types of credit you’ll need later on. Here are some examples of times you should avoid applying for a new credit card. You re about to get a mortgage or other loan
If you’re , personal loan or , it’s best to avoid applying for a new credit card. Whether you are approved or not, the increased number of hard inquiries on your credit report could drop your credit score. A lower credit score coupled with multiple recent hard inquiries signals to lenders you are in need of credit, potentially making you more of a credit risk. In this case, your application for a mortgage or could be denied. If it is approved, you may not get the best terms if your credit score has dropped. You ve got recent hard inquiries
Each credit card application involves a hard credit inquiry, which will lower your credit score. Too many recent inquiries can cause you to be denied new credit cards—especially if the inquiries did not result in approval. Instead of continuing to add more hard inquiries to your credit, it might be a good time to press the pause button on your credit card applications. We recommend between new card applications. If you already have multiple hard inquiries on your credit report, the good news is they’ll only stay on your report for 24 months—and they stop affecting your credit score after 12 months. A good practice is to for the number of hard inquiries before applying for new credit cards. Ideally, you’d time your new credit card application once excessive hard inquiries have dropped off. Your finances aren t in good shape
A credit card should add to your financial standing, not compromise it. If you already have a lot of debt, are or have a , a new line of credit may not be a good idea right now. It may make sense to step back, assess how you’re managing your money and work to improve your finances as a whole. Once you get in a better place financially, a new credit card can enhance and support your financial goals, instead of hindering them. Plus, you’re more likely to be approved for a new credit card with a better credit score. The bottom line
The best time to apply for a new credit card is when you’re financially ready to take it on. We’ve all got financial aspirations and personal goals that can benefit from the perks that the offer. Assessing your specific needs will be the key to finding a card at the right time that works perfectly for you. SHARE: Aja McClanahan is an author, blogger and speaker on personal finance and entrepreneurship. Aja is the author of "How a Mother Should Talk About Money with Her Daughter." Cathleen's stories on design, travel and business have appeared in dozens of publications including the Washington Post, Town & Country, Wall Street Journal, Marie Claire, Fodor’s Travel, Departures and The Writer.