How Long Should I Wait Between Credit Card Applications? - NerdWallet (2024)

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How Long Should I Wait Between Credit Card Applications? - NerdWallet? ›

As a general rule, you don't want to act in a way that will make potential lenders leery of investing in you. For these reasons, we recommend waiting at least six months between applications if you have a good to excellent credit score (FICO scores of 690 or higher), and up to a year otherwise.

You may want to reconsider the number of credit cards you have if you're falling behind on regular payments or if annual fees are eating up too much of your budget. It's also a good idea to wait at least 90 days between new credit card applications —and it's even better if you can wait a full six months.

It's a good idea to wait at least six months between credit card applications to protect your credit score and avoid exceeding certain card issuers' restrictions. Several applications submitted within a short time frame could damage your credit score for a period of time.

Some card issuers also have policies of declining applications from consumers who recently submitted applications. As a general rule of thumb, consider waiting around three to six months before reapplying.

However, it's generally a good idea to space out your applications. While you can apply for multiple credit cards at once, doing so has potential drawbacks – such as a blow to your credit score. As a result, you may have trouble getting approved for an auto loan or mortgage.

The 5/24 rule is an unofficial policy that dictates that Chase won't approve you for its cards if you've opened five or more personal credit card accounts from any issuer in the last 24 months.

Chase 2/30 rule: Too many new cards in one month? Some credit card experts believe that Chase is also likely to decline new card applications if you have opened two credit cards within 30 days. This is known as the "2/30 rule." Because I had just opened two new cards, Chase was reluctant to let me open another.

The rule has normally been regarded as such: Capital One will limit you to 1 new card every 6 months. This rule applies not only to personal cards, but to business cards alike.

If you apply again too soon, the multiple hard inquiries could continue to lower your credit score, making it even harder to get approved. Waiting 3 to 6 months gives your credit score time to recover before reapplying.

— 2-in-90 rule: You can only be approved for up to two American Express cards within a 90 day period. “While other issuers don't have an explicit once-in-a-lifetime rule like American Express does, other issuers do have their own unique rules to prevent this same behavior,” says Horn.

What is the 2 3 4 rule for Bank of America? ›

This means you could apply for 2 Bank of America cards within the same month or even the same day. But if you apply for a third within 2 months, a fourth within 12 months, or a fifth within 24 months, you will very likely be denied.

Since hard inquiries affect your credit score and what is found may even affect approval, you might be wondering: How many inquiries is too many? The answer differs from lender to lender, but most consider six total inquiries on a report at one time to be too many to gain approval for an additional credit card or loan.

Reports show that you won't be approved for more than one Amex card in a five-day period (the so-called 1-in-5 rule) and no more than two cards in a 90-day period (known as the 2/90 rule). There are exceptions to these rules, but they're rare.

Generally, it's a good idea to wait about six months between credit card applications.

There is no right number of credit cards to own, and owning multiple cards gives you access to different rewards programs that various cards offer. Owning five cards, for example, would give you a bigger total line of credit and lower your credit utilization ratio.

However, multiple accounts may be difficult to track, resulting in missed payments that lower your credit score. You must decide what you can manage and what will make you appear most desirable. Having too many cards with a zero balance will not improve your credit score. In fact, it can actually hurt it.

Technically, you could close a card and apply for another one immediately after. However, it's best to wait at least 90 days between credit card applications, especially if you closed a card and are applying for a card with the same issuer.

You'll receive a hard inquiry on your credit report for every card application you submit, with each inquiry temporarily decreasing your FICO scores by around five points. Accumulate too many inquiries all at once and you could be looking at a larger blow to your credit score than you would expect.

You should wait at least six months before applying again. But you can use this time to help increase your credit score. Make sure to pay your bill on time every month and pay off the balance fully as soon as possible or make more than the minimum monthly payment.