Should you apply for multiple credit cards at once?
Applying for multiple credit cards at the same time or in a short time frame could negatively impact your credit scores. But depending on your financial situation and spending habits, having more than one card can offer choice and convenience.
Learn about the possible risks of applying for more than one credit card at a time and some alternatives to try instead.
What you’ll learn:
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Applying for multiple credit cards at the same time triggers several hard credit inquiries, which can temporarily lower your credit scores.
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Multiple hard inquiries over a short time could increase the negative impact.
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The Consumer Financial Protection Bureau (CFPB) recommends applying only for credit you need.
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You can see whether you’re pre-approved for Capital One credit cards before applying, with no impact to your credit scores.
Is it bad to apply for multiple credit cards at the same time?
Applying for multiple cards at once is typically not recommended because of the negative effect it could have on your credit scores and other consequences.
Risks of applying for multiple credit cards
If you apply for several credit cards at once:
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It could lower your credit scores. Each credit card application you submit triggers a hard inquiry on your credit reports. According to FICO®, a major credit-scoring company, a hard inquiry can temporarily lower credit scores by a few points. Multiple hard inquiries within a short period could have a greater impact.
- It could signal to lenders that you’re a credit risk. When lenders see multiple hard inquiries on your credit reports within a short time, they may think you’re dealing with financial hardship. And that could lead them to see you as a credit risk, potentially resulting in higher interest rates or denied applications in the future.
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:
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Review the credit cards you already have. First, take a look at your current credit cards and evaluate the rewards, credit limits and benefits included. Taking this step could help you determine whether you’re using the cards to their full potential or identify gaps in the benefits you’re hoping to receive.
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Research your options and make a plan. Before applying for cards, it may help to compare options and consider your financial goals. Checking your credit ahead of time can also give you an idea of what you may qualify for. Tools like CreditWise from Capital One enable you to check your credit without hurting your credit scores. You can also get copies of your credit reports at AnnualCreditReport.com.
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Wait between applications. There’s no rule about how long to wait between credit card applications. But companies like Experian® and Bankrate suggest waiting at least three to six months—ideally six. Waiting between applications could help protect your credit scores from the negative effects of multiple hard inquiries.
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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 help you benefit from a credit limit increase.
- Check for pre-approval first. 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 you know whether you’re eligible for a card before you apply. 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.
Should you have multiple credit cards?
Whether you should have multiple credit cards can depend on your financial situation. Before you make a decision, consider the potential benefits and risks.
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Pros |
Cons |
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More available credit |
Could lead to an increase in your debt |
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Can help improve your credit utilization ratio |
Can lower the average age of accounts in your credit reports and potentially impact your credit scores |
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Can provide a wider variety of rewards |
May be challenging to keep up with cards’ different interest rates, fees, payment due dates and more |
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May come with a sign-up bonus |
May be more challenging to get the most out of your rewards |
Applying for multiple credit cards at once FAQ
Still have questions? Below are answers to frequently asked questions about applying for multiple credit cards at the same time.
Can you apply for multiple credit cards from the same issuer?
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.
Can you apply for the same credit card twice?
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.
Is applying for two credit cards on the same day a good idea?
When you apply for two cards on the same day, it will trigger two separate hard inquiries and temporarily lower your credit scores. Lenders may also view these multiple applications at once as an indication that you are a higher credit risk.
Key takeaways: Is it bad to apply 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 filtering 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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See whether you’re pre-approved for credit cards without harming your credit scores.
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If you’re looking to build your credit with responsible use, explore cards for people with fair credit.
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Earn cash back on every purchase, every day, with a cash back rewards card.
- Monitor your credit report and score with CreditWise from Capital One. It’s free, and using it won’t hurt your credit scores.
