Can You Apply for Two Credit Cards at Once? (2024)

FAQs

Can you apply for two credit cards in the same day? ›

Yes, you can apply for two credit cards on the same day. There's no rule limiting how many credit cards you apply for. Some credit card companies have their own restrictions and will only let you apply for one of their cards within a set amount of time.

As a general rule of thumb, consider waiting around three to six months before reapplying. In the meantime, try to improve your creditworthiness, which might increase your chances of getting approved when you reapply.

If you are looking to add more than one credit card from a bank within a short period of time, it can sometimes make sense to submit multiple applications on the same day. Note that inquiries are only combined by bank; applications for credit cards from different banks will always generate multiple inquiries.

It's generally best to wait six months between credit card applications. That will prevent hard inquiries from making a significant negative impact on your credit score. At Experian, one of our priorities is consumer credit and finance education.

What is the 5/24 rule? Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

Table of Contents. In the world of travel credit cards, there's no hard and fast rule for how long you should wait between credit card applications. Generally speaking, waiting 90 days is a good rule of thumb.

A hard inquiry from a card application can cause a small, temporary drop in credit scores. A denial or approval won't hurt your credit scores, because decisions aren't reflected in credit reports. When making lending decisions, card issuers use credit reports and credit scores to determine creditworthiness.

Opening several accounts around the same time decreases the average age of your credit history, which can also impact your credit score. Some credit card issuers won't accept applications from someone who has applied for multiple cards at once or within a certain amount of time.

There's no hard and fast rule about how long to wait between credit card applications, but it is true that too many applications in too short of time can raise red flags for credit card issuers and may mean you get rejected. A good rule of thumb is to wait at least six months between applications.

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.

What is the strategy for applying for multiple credit cards? ›

If you plan to apply for multiple credit cards, it's best to spread your applications out over a period of time. Try to keep your applications about three to six months apart. This will give your credit score time to bounce back from hard inquiries and give you time to see if you actually need another new card.

However, multiple hard inquiries can deplete your score by as much as 10 points each time they happen. People with six or more recent hard inquiries are eight times as likely to file for bankruptcy than those with none. That's way more inquiries than most of us need to find a good deal on a car loan or credit card.

It's a good idea to have more than one credit card, but applying for multiple cards within a short period of time could hurt your credit score.

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.

Under most circ*mstances, credit card issuers will not approve a new credit card account if you already have one for the same card. However, they make exceptions. Here's a look at when having two of the same card makes sense – and why it's so rare.

Key takeaways. Having multiple cards can help you build credit more quickly, but your focus should remain on using your card — or cards — responsibly for the best impact on your credit.

But it is still possible to have more than one credit card. In fact, Finder research shows that around a quarter of Australians with credit cards have more than one. And thinking about your credit score, when you last applied and how you'll manage the card are some of the factors that can help influence the outcome.