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How long after paying off balances should I wait to apply for new credit card?

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Mario4
New Contributor

How long after paying off balances should I wait to apply for new credit card?

I  plan on applying for the Marriot Rewards Premier, Discover one or Visa black credit card. 
 
I have had high balances on my accounts for a few months, but have never missed a payment. Everything is in good standing. I'm going to make large payments to my accounts to lower all balances to 29% of the limits. (I've heard keeping under 30% is best) and the higher balances you have the higher risk you are to banks/lenders.
 
How long after I make these payments should I wait before applying for one of the cards I listed above? Is waiting until the banks post the updated balances to my credit report sufficient? Or do I have to keep the balances under 30% for a few months to maximize approval chance?
 
Thanks in advance!!! 





Message 1 of 4
3 REPLIES 3
myjourney
Super Contributor

Re: How long after paying off balances should I wait to apply for new credit card?

Welcome to the forum 

Wait until CR's have updated all balances 
As far as should you wait before app depends on were scores are after the updates 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 4
jenn_bar
Frequent Contributor

Re: How long after paying off balances should I wait to apply for new credit card?

I wouldn't worry about waiting many months under the same utilization, but I would wait until about 20% utilization across the board one month.
Message 3 of 4
Mario4
New Contributor

Re: How long after paying off balances should I wait to apply for new credit card?

Thank You ! 






Message 4 of 4
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