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How often can I apply for a credit card?

CheapinNY 29 March 13, 2013 at 02:37 PM
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I'm wondering if there is average time you should wait between credit card apps or a hard pull # you should try and stay under?

I am a junior in college and I have 5 credit cards ($1000 limits), which I use responsibly. Credit Karma lists my credit score at 725 currently though it is usually at 740. I have 3 hard credit inquiries as well according to them.

Thus far I have not been denied on a credit card app. My last application was Dec 2012 I believe. I am wondering if it would be safe to apply for another now. I really want the Sallie Mae 5% card.

10 Comments

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#2
I would say limit it to every 6-12 months (depending on if you get approved or not.. as in 6 months if you got approved on the last one, 12 if you didn't) - plan on stopping for a period of 2 years prior to any large/important credit application (house/car loan)
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#3
You have 5 credit cards already? That seems excessive. I'd suggest keeping it to 2 or 3, since you are likely young with no real income.
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#4
Quote from heavylee View Post :
You have 5 credit cards already? That seems excessive. I'd suggest keeping it to 2 or 3, since you are likely young with no real income.
I agree with Heavylee
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#5
I can say from experience that Chase will deny cards if you apply too often within six months. However, if you call Reconsideration, and explain that you are not credit seeking, rather, you want the card for specific perk, often you'll be able to get the card (especially if you are able to move credit lines around) - I've only been denied once even after calling reconsideration.
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#6
Build up your credit first, request a credit limit increase from your current cards after 4-6 month of payment schedule on time. once you establish a good credit with those providers, and your increase has gone up, there's not really a point in getting new cards. but if you want to apply for new cards for the promotions or certain perks, i'd say it's much easier to do so when your limits have increased and your credit status looks much cleaner.
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#7
My opinion is somewhat opposite to other advice you have been given.

If you are in control of your spending and are mature enough to build credit, I would continue to grow the amount of trade lines.

However - If you already have five cards and are 19/20 years old, you should focus on some sort of installment payment history next. Five solid revolving trade lines is good for your age. A friend of mine is 27 and was recently unable to get an auto loan because he had no installment history. This will also be very helpful when you decide to buy a home. Find something low rate and pay it off slowly to build the payment history. The small cost of interest is nothing in comparison to what that history will afford you in 3-5 years (in regards to obtaining good credit items such as a mortgage, new car lease, high-end/high-rewards credit cards, etc).
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#8
Quote from Formless View Post :
My opinion is somewhat opposite to other advice you have been given.

If you are in control of your spending and are mature enough to build credit, I would continue to grow the amount of trade lines.

However - If you already have five cards and are 19/20 years old, you should focus on some sort of installment payment history next. Five solid revolving trade lines is good for your age. A friend of mine is 27 and was recently unable to get an auto loan because he had no installment history. This will also be very helpful when you decide to buy a home. Find something low rate and pay it off slowly to build the payment history. The small cost of interest is nothing in comparison to what that history will afford you in 3-5 years (in regards to obtaining good credit items such as a mortgage, new car lease, high-end/high-rewards credit cards, etc).
I dont believe you need to carry a balance on any card. I'm 30, I've had anywhere between 3-5 cards at any given time. All cards have 15k+ available balance on each. Had 3 of those cards since I was 19. Credit score is 809-825. I never carried a balance. I paid all my cards off every month. Why would one pay 20$/mo on interest? is it worth that much more credit?

in 3-5 years you would have paid $720 - $1200 in interest payments just to build credit.
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#9
Quote from jaqnabox View Post :
I dont believe you need to carry a balance on any card. I'm 30, I've had anywhere between 3-5 cards at any given time. All cards have 15k+ available balance on each. Had 3 of those cards since I was 19. Credit score is 809-825. I never carried a balance. I paid all my cards off every month. Why would one pay 20$/mo on interest? is it worth that much more credit?

in 3-5 years you would have paid $720 - $1200 in interest payments just to build credit.

I absolutely agree. My post does not direct anyone to carry a revolving balance whatsoever.

I do, however, highlight benefits for carrying an installment balance to build installment / long-term trade lines.


I should also clarify that I am 23 - Middle score of 814 - I own my own home with a very nice rate on my mortgage, have around a dozen revolving lines (approx $10k-12k available on each for a total of $153k available, four cards since 18th birthday), and have never paid a dime of credit card interest in my life.
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#10
Does it hurt your credit score when you cancel a credit card? anyone?
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#11
Quote from bestco View Post :
Does it hurt your credit score when you cancel a credit card? anyone?
AAoA: No for 10 years. Yes after 10 years(your account will drops off your report after 10 years), unless you have some really old accounts.
Utilization: Yes (decrease in credit limits)
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