How many Discover cards can you have?

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 … read full answerreasons stated in your rejection letter before you apply again).

When your credit card application is denied, it doesn’t show up on your credit report. But the card issuer’s hard inquiry, or credit check, does – and too many of them in a short period of time can hurt your credit score and make you look desperate for credit. One hard inquiry won’t hurt your credit score too much – scores generally take a hit of a few points for each inquiry. But that effect can be compounded by multiple hard pulls in a short period of time. Hard inquiries can stay on your credit report for up to two years, and they can affect your credit score for one year.

While denials don’t affect your credit score beyond the initial credit check, you might imagine that lots of recent hard inquiries without corresponding credit accounts could look bad to a card issuer. In fact, a card issuer can deny your application because of too many recent hard inquiries. Issuers aren’t just being paranoid, either. Statistics show that people with six or more hard inquiries on their credit report can be up to eight times more likely to file for bankruptcy than people with no inquiries. So lots of inquiries potentially signal lots of risk for the card issuer.

Here’s an exception to the six-month rule:

Overall, it’s a good rule of thumb to wait at least six months between credit card applications. You’ll minimize credit score damage by waiting, which will increase your future approval odds. That said, there is an exception to the six-month rule. If you’re trying to build credit and your most recent credit card application has been denied, you don’t need to let six months pass before you apply for a secured credit card. Secured cards build credit just like unsecured credit cards, but secured cards tend to be much easier to get approved for. The sooner you get one and start using it responsibly, the better for your credit.

The highest credit limit on a Discover card is not public knowledge, as Discover does not disclose a maximum credit limit for any of its unsecured credit cards. Some Discover cardholders have reportedly been approved for credit limits ranging from $10,000 up to $20,000. These are unconfirmed reports, however.

Discover sets a minimum credit limit of $500 for all of its cards except the Discover it® Secured Credit Card. Its credit limit is determined by the amount of a cardholder’s refundable security deposit, which starts at $200 and could be as high as $2,500.… read full answer

If you are approved for an unsecured Discover card, the information on your application will determine whether you’ll receive a starting credit limit above the $500 minimum. That initial credit limit is not permanent, though. After making at least six consecutive months of on-time payments, Discover cardholders may become eligible for an automatic credit limit increase, though receiving one is not guaranteed. You may also request a credit limit increase, either by logging into your Discover account online or by calling customer service at 1 (800) 347-2683.

Yes, you can have two Discover cards. But Discover does not allow you to have more than two of its cards open at the same time. You’re also limited to one new Discover card per year, so make sure you have the first Discover card for at least that long before you apply for a second.… read full answer

If you do have two Discover cards, only one of them can be a student card or a secured card. Other than that, there are no restrictions on the types of Discover cards you can have. This enables you to apply for whichever two Discover cards best fit your financial situation. For example, you may want to have Discover it® Cash Back on hand for everyday purchases and then apply for the Discover it® Miles to cover your travel expenses.