You’ve been researching the perfect credit card to fit your lifestyle and financial goals, and several of them look good. Now you’re ready to apply -- but should you fill out applications for all of them at once?
The simple answer is no. Though you may have found multiple good options, such as one for travel, one for grocery shopping and one for gas, it’s best to only apply for one at a time.
Applying for multiple cards around the same time can negatively impact your credit score. And if you’re trying to get a mortgage for a house or acquire any important loan, lenders may see multiple credit card dings on your credit report as a red flag.
Below, we’ll tell you how long you should wait between credit card applications. For more, check out the best rewards credit cards for 2023. Also, here are some credit card mistakes you should avoid making.
What’s the ideal timeline for waiting between credit card applications?
Experts recommend waiting six months between applying for credit cards. If you’ve applied for a credit card recently and you found another one you want to get as soon as possible, you should wait at least 90 days before applying.
Why you shouldn’t apply for multiple credit cards at the same time
Applying for several credit cards at once can harm your credit score, whether you have good or bad credit. Each application shows up as a derogatory mark on your credit report, which influences your major credit scores.
You should particularly wait to apply for another credit card if you’ve had an application recently denied, as it could indicate your credit score may not be up to par. Instead, work on boosting your credit by making monthly payments, reducing your credit ratio, or using Experian Boost to factor on-time bill payments into your credit score.
Even if your credit is good, you should still avoid applying for too many credit cards in a short time frame. The number of hard inquiries on your credit report accounts for 10% of your FICO score. Even with a good score, multiple inquiries can make you look like a risky candidate when applying for credit.
Another reason to not apply for multiple credit cards at once is because those new accounts will play a role in shortening the life of your average credit age. Your average age of credit plays a role in determining your credit score -- lowering this average could cause your score to drop.
For more credit card tips, here’s how length of credit affects your credit score and the secret ratio that could be hurting your credit score.
Editors’ note: An earlier version of this article was assisted by an AI engine. This version has been substantially updated by a staff writer.
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