Should you apply for multiple credit cards at once?

Depending on your financial situation and spending habits, having more than one credit card can offer choice and convenience. But applying for multiple cards at the same time or in a short time frame could negatively impact your credit scores.

Learn about the possible benefits and downsides of applying for more than one credit card at a time.

What you’ll learn:

  • A credit card application triggers a hard credit inquiry, which can temporarily lower your credit scores.

  • Multiple hard inquiries over a short time could increase the negative impact.

  • The Consumer Financial Protection Bureau (CFPB) recommends applying only for credit you need.

  • You can see whether you’re pre-approved for Capital One credit cards before applying, with no impact to your credit scores.

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Is it bad to apply for multiple credit cards at the same time?

Applying for multiple cards at once could have a negative effect on your credit scores in addition to other consequences. 

Here are some potential risks when applying for multiple cards in a short period of time.

It could negatively impact your credit scores

Each credit card application you submit can result in a separate hard inquiry. And hard inquiries can affect your credit scores.

According to FICO®, a major credit scoring company, a hard inquiry can temporarily lower credit scores by a few points. Multiple hard inquiries over a short time could have more of an impact.

It could signal to lenders that you’re a credit risk

As the CFPB explains, “If you apply for a lot of credit over a short period of time, it may appear to lenders that you are dealing with financial setbacks.” This could result in you paying higher interest rates for credit in the future or having your applications for credit denied altogether. The agency recommends applying only for the credit you need.

Should you have multiple credit cards?

Whether you should have multiple credit cards can depend on your financial situation. Before you make a decision, you could consider the potential benefits and risks.  

Potential benefits of having more than one credit card

The benefits of having more than one credit card could include:

  • More available credit: When you have multiple cards, you have more credit available should you need it. 

  • Lower credit utilization ratio: Having more available credit can help improve your credit utilization ratio. That’s a credit-scoring factor that compares how much credit you’re using versus how much you have available. The CFPB recommends keeping your utilization at or below 30% of your total available credit.

  • Wider variety of rewards: Having multiple cards could allow you to earn a range of rewards that come with different types of credit cards

  • Credit card sign-up bonus: Some credit cards may come with a sign-up bonus, a one-time reward offered to new cardholders. 

Potential risks of having more than one credit card

Having more than one credit card could come with downsides like:

  • Increased debt: Having multiple credit cards could lead to an increase in your debt. If you’re going to apply for multiple cards, it’s important to plan for making on-time payments. That’s because payment history can have a big impact on your credit scores.

  • Decreased average age of your accounts: When you get a new credit card, the average age of the accounts in your credit report goes down. Since credit age can be a factor in calculating credit scores, just having multiple cards could negatively impact your credit.

  • Multiple cards to manage: Your cards may have different interest rates, fees, payment due dates and more. That could make keeping up with more than one a challenge.

What to do instead of applying for multiple credit cards at once

Here are some possible alternatives to applying for more than one credit card at once.

  • Wait between applications: Waiting could help prevent multiple hard inquiries negatively impacting your credit scores. Companies like Experian® and Bankrate recommend waiting about six months.

  • Increase your credit limit: You could consider asking your card issuer for a credit limit increase on your existing card. This could give you more available credit. It might also lower your credit utilization ratio, which could help improve your credit. You may want to keep in mind that using your new credit line responsibly could better help you benefit from a credit limit increase.

  • Check for pre-approval: If you’ve made the decision to get more than one credit card, you might at least check your chances for pre-approval. You may get offers for pre-approved credit cards by email, for example, or by checking a card issuer’s website. These offers can help by letting you know whether you’re eligible for a card before you apply. The good news is that pre-approval won’t impact your credit scores since it doesn’t trigger a hard inquiry. You’ll only see a credit impact if you decide to apply.

Applying for multiple credit cards FAQ

Still have questions? Here are answers to frequently asked questions about applying for multiple credit cards.

Whether you can apply for multiple credit cards from the same issuer depends on the issuer’s policy. It might also depend on how many cards you’re applying for at once.

Whether you can apply for the same credit card twice may depend on the issuer and its policy. This may be helpful to know if you’re denied a card on your first application and want to try again at a later date.

According to the CFPB, a credit card issuer is required to provide its reasons for rejecting your application or notify you that you have the right to request an explanation. If you’re able to improve your creditworthiness based on what you learn, you might be able to successfully reapply in the future.

When you apply for more than one card at the same time, it could temporarily impact your credit scores. That’s because a separate hard inquiry is triggered each time you apply. Lenders may also view multiple applications at once as a sign of a higher credit risk.

There’s no rule about how long to wait between credit card applications. But companies like Experian and Bankrate suggest waiting six months. 

Waiting between applications could help protect your credit scores from the negative effects of multiple hard inquiries. But don’t forget that other factors can affect your credit scores in the time between applications. They can include things like your payment history and credit utilization ratio.

Key takeaways: Applying for multiple credit cards at once

There’s generally no rule against applying for more than one card at the same time. But doing so may have a temporary negative effect on both your credit scores and the way lenders view your creditworthiness. 

If you decide you might benefit from a new Capital One credit card, the CFPB recommends comparing cards before you apply. You can compare cards from Capital One by credit requirements, rewards and other factors.

Explore more from Capital One

If you’re new to credit or searching for your next credit card, Capital One can help: 

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