How Long Should You Wait To Apply For A Credit Card After Being Denied?

six months

Is it bad to apply for a credit card and be denied?

A rejection doesn’t hurt your score. But your score may drop when you apply for a card, regardless of whether you’re approved or denied. Getting rejected when you apply for a credit card has an extra sting if your credit score drops, too.

What happens if you get declined for a credit card?

When you get denied for a credit card, an account doesn’t get opened. Therefore, there’s nothing to put on your credit report about the account you applied for because it never existed. Your credit scores could be impacted if you have too many inquiries in a short time frame.

Can you apply for a credit card twice?

It turns out the answer is yes and no. Although a bank might open multiple checking or savings accounts for the same customer, most card issuers will not allow you to have multiple accounts with the same exact credit card. So in some cases, it may be possible to receive the same card, at the same time, more than once.

How often can you apply for the same credit card?

You can apply for 3 to 4 credit cards once every 3 to 4 months or wait for the big sign-up bonuses, but make sure you mix your applications between different banks. I recommend that folks who are new to miles and points start out slowly by only applying for 1 or 2 cards.