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You should wait six months to one year between credit card applications. Applying for a credit card triggers hard inquiries which can lead to a slight dip in your credit score, especially when you apply repeatedly within a short period of time. And that’s a bad thing from a lender’s perspective. More importantly, applying in bulk tells lenders that you are desperate to borrow, which doesn’t bode well for your ability to pay.
There is an exception though: if you have excellent credit, a high income and a record of on-time payments, you have a good chance of getting approved even if you apply more often. That’s because lenders see a low risk of you defaulting on future payments.
And if you wait a year and then still can't get approved, consider getting a secured credit card. You will need to make a refundable security deposit that will then determine your credit limit. The best ones to get are Capital One Platinum Secured Credit Card, Citi® Secured Mastercard® and Discover it® Secured Credit Card.
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How long should I wait to apply for another credit card after being denied?
You should wait six months to one year between credit card applications in most cases, regardless of whether your last application was approved or denied. Most people’s credit scores will bounce back from a credit card application in about six months. The same rule applies if you’re trying to reapply for the same credit card you were denied for (though you should make sure you’ve addressed the reasons stated in your rejection letter before you...
read full answerIs there a rule against applying for multiple credit cards in one day?
No, there is no rule against applying for multiple credit cards in one day. However, doing so may hurt your credit standing as well as your chances of approval for a new credit card account. Each time you apply for a credit card, it will result in a hard inquiry on your credit reports. And even though one hard inquiry may not have a huge impact, applying for 2 cards or more in a day could potentially...
read full answerHow often should you apply for a credit card?
It’s best to apply for a credit card about once a year, assuming you need or want a card in the first place. And you shouldn’t apply for more than one card at the same time. If you apply more often, the repeated hard inquiries on your credit history will hurt your credit score. Creditors will also see you as desperate to borrow, making you a greater risk and less likely to be approved for a...
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