Can you apply for multiple credit cards at once?

Depending on your financial situation and spending habits, having more than one credit card can offer choice and convenience. But applying for multiple cards at the same time or in a short time could negatively impact your credit scores and more.

Learn about the possible benefits and downsides of applying for more than one credit card at once.

What you’ll learn:

• A credit card application triggers a hard credit inquiry, which can temporarily lower your credit scores.

• Multiple hard inquiries over a short time could have an even more negativeof an impact on your credit scores.

• Applying for multiple credit cards at once can send negative signals about your finances to lenders.

• The Consumer Financial Protection Bureau (CFPB) recommends applying only for credit you need.

The key part of this question is the idea of, “at the same time.” When you’re trying to build or rebuild credit, or earn rewards, applying for multiple credit cards in a short time frame might seem like a reasonable idea. But it could have a negative effect on your credit scores as well as other consequences. 

Here are some potential risks when applying for multiple cards in a short period of time.

Every credit card application you make can result in a separate hard inquiry. And hard inquiries can affect your credit scores. 

According to FICO®, a major credit scoring company, a hard inquiry can temporarily lower your credit scores by a few points. But multiple hard inquiries over a short time could have more of an impact on your credit.

When lenders see multiple hard inquiries on your credit report within a short time frame, they may see you as a credit risk. As the CFPB explains, “If you apply for a lot of credit over a short period of time, it may appear to lenders that your economic circumstances have changed negatively. That’s why the agency recommends applying only for the credit you need.

Deciding whether to have multiple credit cards can depend on your financial situation. There could be benefits to having multiple credit card accounts. But having multiple cards could also come with risks if you can’t manage them responsibly by doing things like paying your balance on time every month.

When you have multiple cards, you have more credit available to you. And having more available credit can help improve your credit utilization ratio, a credit-scoring factor that compares how much credit you’re using to how much you have available. The CFPB recommends keeping your credit utilization at or below 30% of your total available credit.

Having multiple cards could also give you access to rewards that come with different types of credit cards. And some credit cards may come with a sign-up bonus.

Having multiple credit cards can mean a potential for increased debt. If you’re going to apply for multiple cards, it’s important to plan for making on-time payments because payment history can have a big impact on your credit scores.

Rather than applying for multiple credit cards at the same time, one strategy is to wait between applications. Companies like Experian® and Bankrate recommend waiting about six months.

You could also think about your goals for each new card and whether there’s an alternative. If you’re looking for more spending power, you see if you’re able to increase your credit limit on an existing card. Or if you’re looking for even better rewards, you could try upgrading an existing card to a new card.

If you decide to apply for other credit cards, it might help to compare interest rates and check whether the cards have annual fees or offer rewards. And seeing if you’re pre-approved for a credit card lets you know whether you’re eligible for certain cards before applying. Pre-approval won’t impact your credit scores, and it could help you avoid unnecessary hard inquiries.

Still have questions? Here are frequently asked questions about applying for multiple credit cards.

There’s generally no rule against applying for more than one card at the same time, but doing so may have a temporary effect on your credit scores and how you’re viewed by lenders.

If and when you decide the time is right to apply for a new card, you could compare credit cards from Capital One. You can also find out whether you’re pre-approved for a Capital One card before applying. It’s quick and it won’t hurt your credit score.

New to credit or looking for your next credit card?

• Check for pre-approval offers with no risk to your credit score.

• Earn unlimited 1.5% cash back on every purchase, every day with Quicksilver.

• Explore Capital One’s credit cards for building credit with responsible use.