Is it bad to open more than 1 card in the same month?

[Anonymous]

Hi everyone,

I was just recently approved for a chase freedom card, my second credit card. Before that, I've had the discover card for 1 1/2 year.

I want to aqquire at least one more card before I start to garden my credit score, and was wondering if I should wait a few months to apply for one or try it right now? My FICO is 780, I just wonder if they would approve me being that I just opened a chase card, or if it would significantly lower my score as it would appear I'm looking for too much credit.

Thank you!

[Anonymous]

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@Anonymous wrote:

Hi everyone,

I was just recently approved for a chase freedom card, my second credit card. Before that, I've had the discover card for 1 1/2 year.

I want to aqquire at least one more card before I start to garden my credit score, and was wondering if I should wait a few months to apply for one or try it right now? My FICO is 780, I just wonder if they would approve me being that I just opened a chase card, or if it would significantly lower my score as it would appear I'm looking for too much credit.

Thank you!

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Applying for two credit cards back to back won't hurt you much, if any.

[Revelate]

FWIW I always open accounts in groups; while it's a larger negative in the short term, in the mid and long term you come out ahead especially when we're talking thinish file like yours.

[jamie123]

It's personal preference to an extent.

Your scores will fall a bit further with 2 new credit cards but will be stronger in a year compared to getting 1 card now and 1 card 6 months to a year from now.

It's kind of like taking off a Band-Aid. Some people like to rip it off quickly and feel all the pain at once, others like to peel it off slowly and have less pain but for a longer time!

I rip mine off quickly!.

[Anonymous]

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@Anonymous wrote:

Hi everyone,

I was just recently approved for a chase freedom card, my second credit card. Before that, I've had the discover card for 1 1/2 year.

I want to aqquire at least one more card before I start to garden my credit score, and was wondering if I should wait a few months to apply for one or try it right now? My FICO is 780, I just wonder if they would approve me being that I just opened a chase card, or if it would significantly lower my score as it would appear I'm looking for too much credit.

Thank you!

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With a score like yours, it's better to get them both knocked out and out of the way.  Your score will take a minor hit (probably around 5 points, more like less than that).In a few months, you'll score will easily surpass the score priot to applying, and probably by a significant margin.  With a score like that, too, your very likely to be approved.  Of course, other factors also depends such as income, payment history, balances and utilization.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Hi everyone,

I was just recently approved for a chase freedom card, my second credit card. Before that, I've had the discover card for 1 1/2 year.

I want to aqquire at least one more card before I start to garden my credit score, and was wondering if I should wait a few months to apply for one or try it right now? My FICO is 780, I just wonder if they would approve me being that I just opened a chase card, or if it would significantly lower my score as it would appear I'm looking for too much credit.

Thank you!

---

With a score like yours, it's better to get them both knocked out and out of the way.  Your score will take a minor hit (probably around 5 points, more like less than that).In a few months, you'll score will easily surpass the score priot to applying, and probably by a significant margin.  With a score like that, too, your very likely to be approved.  Of course, other factors also depends such as income, payment history, balances and utilization.

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Agreed!

[takeshi74]

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@Anonymous wrote:

Is it bad to open more than 1 card in the same month?

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It all depends on one's credit profile and the next creditor reviewing one's credit.  One person's credit profile might only support a single new card.  Another could support multiple.  Further, creditors have varying underwriting criteria so one credit may take issue with a person opening X cards in a month while another might not.  It's never just about the action itself but one's credit as well.

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@Anonymous wrote:

My FICO is 780

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Even knowing your FICO we can only guess.  I doubt it would be an issue for you.  However, keep in mind that it's never just about score.

[Anonymous]

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@Revelate wrote:

FWIW I always open accounts in groups; while it's a larger negative in the short term, in the mid and long term you come out ahead especially when we're talking thinish file like yours.

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That is what I also do.

[Anonymous]

I'm inclinded to think you should apply with your present score. And decide on what two cards you really want. 

Use a site like: http://www.creditcards.com/   (Mod Cut-These sites have not yet been vetted)

Then once you've deliberated on the two cards you really want based on your situation whatever it might be from balance transfers, low %, travel etc., then in 2 browser windows, I would go to those two card companies and fill out the applications completely. Simultaneously hit apply 1 after the other, and then wait for your approval. 

But of luck on your credit building journey. You have a great score now. Protect it, nurture it and let it flourish!