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Updated
When on the hunt for your next piece of plastic, it’s wise to narrow down your choices early and apply for your most desirable card first. If you’re putting out multiple applications, it may actually decrease your chances of getting a new card.
Each time you apply for a card, the credit provider dives into your credit report to see if you’d be a good candidate. This process is often called a “hard pull” on your credit report. A small portion of your credit score is affected by how recently you’ve applied for a credit card.
Each hard pull on your credit report will knock off a few points from your score. This dip is temporary, usually disappearing in about six months. However, multiple inquiries into your personal credit within a short period of time can quickly add up and become more detrimental to your credit score. Each subsequent credit provider will see this score and gain the impression that you’re a higher risk applicant, which would then likely cause them to reject your application.
Fortunately, the number of inquiries recorded on your credit report is only one of several factors considered.
Yes. No matter if you’re rejected or accepted, your credit score will take the same hit. Again, this is temporary, lasting about six months. That means if you plan on applying for several types of loans, you might want to space out your applications.
When it comes to improving your chances of getting a new credit card, a smart strategy is to keep your credit history clean and free from black marks.
Some of the steps you should follow to increase your chances of approval while maintaining a good credit history:
There’s nothing wrong with owning multiple credit cards, though you’ll want to give yourself plenty of time in between each to keep your credit score healthy. Do your research with our credit card guide to learn how to carefully compare your options to be certain that the card you apply for is the right one.
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