How often can you apply for a credit card: A quick guide | Chase (2024)

FAQs

How long do you need to wait between applying for credit cards? ›

Generally, it's a good idea to wait about six months between credit card applications.

It's a good idea to wait at least six months between credit card applications to protect your credit score and avoid exceeding certain card issuers' restrictions. Several applications submitted within a short time frame could damage your credit score for a period of time.

Chase 2/30 rule: Too many new cards in one month? Some credit card experts believe that Chase is also likely to decline new card applications if you have opened two credit cards within 30 days. This is known as the "2/30 rule." Because I had just opened two new cards, Chase was reluctant to let me open another.

It's also a good idea to wait at least 90 days between new credit card applications —and it's even better if you can wait a full six months.

The 5/24 rule is an unofficial policy that dictates that Chase won't approve you for its cards if you've opened five or more personal credit card accounts from any issuer in the last 24 months.

As a general rule, you don't want to act in a way that will make potential lenders leery of investing in you. For these reasons, we recommend waiting at least six months between applications if you have a good to excellent credit score (FICO scores of 690 or higher), and up to a year otherwise.

The most important rule to consider in collecting points is the “5/24 rule.” The rule is simple: If you get 5 personal credit cards in any 24-month period, you're automatically prohibited from getting a 6th Chase or Capital One card.

This means you could apply for 2 Bank of America cards within the same month or even the same day. But if you apply for a third within 2 months, a fourth within 12 months, or a fifth within 24 months, you will very likely be denied.

Too many hard inquiries over a short period of time can be a red flag to lenders and lower your credit scores. Why? Because applying for multiple credit cards may suggest that you're spreading yourself too thin and taking on more credit than you can reasonably repay.

Using a percentage of your income can help determine how much house you can afford. For example, the 28/36 rule suggests your housing costs should be limited to 28 percent of your total monthly gross income and 36 percent of your total debt.

What is the Chase 542 rule? ›

Under Chase's 5/24 rule, applicants with 5+ new cards over the past 24 months will not be approved. The best way to sidestep this restriction is to apply for Chase cards before pursuing other issuers.

Credit card churning is the process of opening cards for the sole purpose of earning welcome bonuses or other benefits. Usually, it involves closing cards after the bonus posts to your account and before the next annual fee is charged.

The answer is worth repeating loud and clear: Never, under any circ*mstances, should you close a credit card less than one year after opening it. While it is possible to do so, there are many reasons why canceling a credit card before the annual fee is due is a bad idea.

In general, keep unused credit cards open so you benefit from longer average credit history and lower credit utilization. Consider putting one small regular purchase on the card and paying it off automatically to keep the card active. At Experian, one of our priorities is consumer credit and finance education.

Generally speaking, waiting 90 days is a good rule of thumb. However, the amount of time between applications ultimately comes down to factors like your credit score, risk tolerance and each bank's application rules.

However, the higher your credit score, the more likely it will be for you to dance around these restrictions. All in all, waiting at least three months between credit card applications strikes a balance between both the risk and the rewards earned from applying and being approved for new travel credit cards.

You can apply for a credit card as often as you want, but that doesn't mean it's a good idea. There are a lot of factors to consider, and there will likely be some downside if you apply for multiple credit cards at once.

There is no right number of credit cards to own, and owning multiple cards gives you access to different rewards programs that various cards offer. Owning five cards, for example, would give you a bigger total line of credit and lower your credit utilization ratio.

The rule has normally been regarded as such: Capital One will limit you to 1 new card every 6 months. This rule applies not only to personal cards, but to business cards alike.