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Applying for several credit cards can have a negative impact on your credit history and may hurt your chances of loan approval in the future. However, it’s important to consider changing credit cards every so often, especially if you’re looking to take advantage of introductory credit card offers such as 0% balance transfers and promotional purchase rates.
Since every application is noted on your credit file, how often is too often when applying for credit cards?
By not looking, you could miss out on more competitive offers, affordable interest rates and beneficial features. Some of the main reasons you might consider applying for a new credit card include:
Too many credit card applications on your credit history can be a red flag to future lenders because declined applications imply that you’re a high-risk applicant who isn’t eligible or capable of paying back a credit card. Also, every time you apply for a credit card (and are either denied or approved), it’s logged on your credit report.
Rather than applying for multiple credit cards at once, take the time to compare your options, understand the features and fees that come with the card and ensure you meet the eligibility requirements before you apply.
The standard eligibility requirements usually include:
You’ll also be required to provide information such as proof of identity (for example, your driver’s license or passport) and proof of income (including your employer’s information and recent pay stubs), so make sure you have these handy.
There are a few important factors to consider before you make the switch:
Consider the annual fee, interest rates and any other fees that come with that card and consider how they fit into your budget. While the card will have a minimum repayment amount, you should make a payment plan that ensures you can pay more than this each month. Ideally, you’ll want to pay off the entire balance before the statement period ends and the debt accrues interest.
You should wait at least a few months before applying for another and during this time, you should work on paying down any existing debts to prove your ability to repay. If you do this for a few months, the repayments you’re making on your existing debt should help improve your credit score and as long as you meet the eligibility requirements, you should improve your chances of future approval.
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