Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!


Posted in Credit Cards
Profile Image

Question By

0 Contributions
0 People Helped
Just opened new credit card. How long should I wait before I apply for another credit card?
I just applied for a new credit card through CreditKarma and was accepted. I would like to open more so as to increse my number of credit accounts, but I understand that applying for new credit cards within a short period of time may affect my credit score. Therefore, how long should I wait before I apply for another credit card?
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
5 Contributions
21 People Helped

In my experience, a good number (for me) has been 6 months. My first card was secured (CapitalOne) and I dumped as much money into it as I could and bumped the limit up to the max they would let me. 6 months later I was able to get a second card from them (unsecured) with a matching limit, and 6 months after that got another card from another issuer that just gave me a CLI after 3 months with them. Right now, after about 1 year and 4 months playing this game (and keeping my utilization around 4-7%), my Vantage score is 748 (TU) and 746 (EQ, which has a couple extra hard pulls from some initial failed attempts early on).

Patience is key; if you can get a CLI on your existing card(s) to help bump your available credit and lower your utilization in between getting new cards, you can help improve your score in preparation for a hard inquiry later on, and there is no substitute for history other than time. That being said, the Vantage Score model also counts older inquiries less and less against your score until they drop off completely after 2 years... so any "mistakes" now (in regards to hard inquiries, at least) will be less impactful score-wise (though lenders can still use it against you in a decision) over time and will have no impact whatsoever in 2 years. So it is a matter of balancing the risks and rewards for your current situation.

After your first card, though? I'd wait 6 months regardless. Having that 6 months of history will pay off when you apply for the second one, especially if you can get your limit increased (and on your profile!) before you apply.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.