Can you apply for multiple credit cards?

With so many credit cards out there, it can be hard to choose one. But if you’re thinking about applying for multiple cards at the same time, it’s worth considering how it could negatively impact your credit scores.

Keep reading to learn more and find out what you can do to help minimize the impact.

Key takeaways

• Applying for multiple credit cards at once may have a negative impact on your credit scores and send unintended messages to lenders.

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

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

• You can see if you’re pre-approved with no impact to your credit to learn which card offers you may be eligible for.

Whether you’re trying to build or rebuild credit or earn rewards, it may be tempting to apply for multiple credit cards at once. But this could end up having a negative effect on your credit scores.

Each credit card application can result in a separate hard inquiry. FICO® says that a hard inquiry may temporarily lower your credit scores—typically by just a few points. But multiple hard inquiries over a short time could have more of an impact on your credit.

“If you apply for a lot of credit over a short period of time, it may appear to lenders that your economic circumstances have changed negatively,” the CFPB says. That’s why the agency recommends applying only for the credit you need.

Keep in mind that there are multiple credit scores and scoring models. And scoring companies like FICO and VantageScore® have different versions of their own scores. So you might see slight differences in your score depending on which model is used.

There could be benefits to having multiple credit card accounts. 

Having more available credit can help improve your credit utilization ratio, a credit-scoring factor that compares how much credit you’re using to how much you have available.

Having multiple cards could also give you access to rewards that come with different types of credit cards. And some credit cards may come with a sign-up bonus.

But having multiple credit accounts could come with risks if you can’t manage them responsibly by doing things like paying your balance on time every month.

Whether you can apply for multiple credit cards from the same credit card issuer depends on the issuer and its policy. Since credit card issuers set their own policies, the answer might differ from issuer to issuer. And it might also depend on how many cards you’re applying for at once.

Credit card issuers set their own application policies. So whether you can apply for the same credit card twice depends on the issuer and its policy.

If your application is denied, you have the right to know why. As the CFPB explains, “The creditor must tell you the specific reason for the rejection or that you are entitled to learn the reason if you ask within 60 days.”

And if you’re able to improve your creditworthiness, you might be able to successfully reapply in the future.

There’s no rule for how long to wait between credit card applications. But waiting between applications can help protect your credit scores from the negative effects of multiple hard inquiries. However, don’t forget that other factors can still affect your credit scores in the time between applications.

If you’re trying to decide between cards, it might help to compare different card features. For example, you might consider interest rates and check whether the cards have annual fees or rewards programs. 

If you’re hoping to pay off other credit card debt, you could look for a balance transfer card.

And seeing if you’re pre-approved for a credit card lets you see whether you’re eligible for certain cards before applying. Pre-approval won’t impact your credit scores.

Each credit card application can impact your credit—whether you’re approved or not. That’s why it makes sense to apply only for credit that you need and that you have a good chance of being approved for.

Before applying for a credit card, here are some best practices that may help you get approved:

• Start good credit habits early. Responsible behavior like keeping your balances low and avoiding late payments can help you build your credit. And credit card companies will likely look at your payment history when they consider your application.

• Know your credit scores and history. Lenders look at your credit information whenever you apply for a credit card. Good credit scores and a positive credit history could mean you’re more likely to get approved.

• Consider your debt-to-income (DTI) ratio. Your DTI ratio is a simple comparison of how much you owe and how much you earn. Understanding this balance can help you apply for a reasonable amount of credit so that you don’t end up with monthly payments you can’t afford.

• Check whether you’re pre-approved. With pre-approval from Capital One, you can find out whether you’re pre-approved for some of Capital One’s credit cards before you apply.

• Understand that building credit takes time. Whether you’re rebuilding your credit or establishing credit for the first time, there are no shortcuts. Building credit takes time and responsible financial behavior.

• Monitor your credit. Monitoring your credit is important when you’re applying for a new credit card. And it’s just as important after you have your new card. It helps you stay on top of the factors that impact your credit scores. One way to monitor your credit is with CreditWise from Capital One. CreditWise is free and available to everyone—even if you’re not a Capital One cardholder.

Choosing the right credit card can depend on your personal financial goals. While there’s generally no rule against applying for multiple credit cards at the same time, it may have a temporary effect on your credit scores.

If you’re looking for a new credit card, you could compare cards from Capital One and see if you’re pre-approved before applying.

New to credit or looking for your next credit card?

• Check for pre-approval offers with no risk to your credit score.

• Earn unlimited 1.5% cash back on every purchase, every day with Quicksilver.

• Explore Capital One’s credit cards for building credit with responsible use.