If getting the best credit card is your only concern, there’s probably no reason to wait. Credit cards for good credit tend to be just as attractive as cards for excellent credit, with the possible exception of 0% offers. But if you plan to apply for a mortgage, auto loan, personal loan, etc., in the next six months or so, holding off could be the right move.
The terms on such a loan figure to either save or cost you a lot more than a credit card’s rates, fees and rewards. So you want your credit to be in the best possible shape come application time. And applying for a credit card now could jeopardize that, since each application results in a hard inquiry that can cause your credit score to dip for a few months.
With that being said, it may not take long for you to graduate from good to excellent credit, if you’re close to begin with. It could happen the next time you make an on-time bill payment or if you reduce your credit utilization. You just have to decide whether waiting is worth it in your particular situation. And monitoring your free daily credit score updates on WalletHub will help you make the right choice.
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