Is there any reason why I shouldn’t apply for... - Building Credit History FAQ


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Credit Card Applications » Questions » FAQs » Building Credit History » Is there any reason why I shouldn’t apply for several credit cards? I can’t...

Is there any reason why I shouldn’t apply for several credit cards? I can’t decide which one I want, and I think it’d be a good idea to have more than one. But will it hurt my credit score, or is there another reason not to do this?

Answered on | Updated on April 10th, 2016
The content is accurate at the time of publication and is subject to change.

It’s definitely a good idea to have more than one credit card, so you’re on the right track there. With all the different fantastic options out there, and so many rewards credit cards available, why limit yourself to just one card? The thing to be mindful of is the timing of your applications. Applying for more than one card in a short amount of time can damage your credit score. Each time you apply for a credit card, a “hard inquiry” is made to your credit history, which puts a little dent in your credit. Potential creditors can see if you’ve been applying for multiple lines of credit in a short amount of time, and it can raise a red flag for them, if you have. So just be sure to apply for one card at a time, leaving a couple of months or even longer between each application.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
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  • RMAN56

    It has been my experience that a card that makes you pay $25 a month is not beneficial at all. Not only is it expensive, but you don’t have the choice of places to use it, only one place. In this case from the online Horizon store outlet. I have two bad credit credit cards. Yes, I pay a monthly fee of 6.25. That’s the price you pay for ignoring making timely payments. BUT, 6.25 – $10 monthly, the freedom to shop anywhere Visa and MasterCard is accepted (and where isn’t it accepted) while paying an interest when your bill is not paid in full, is worth it. Figure, these cards generally offer a $300 limit and your interest isn’t going to be very high at that price.

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