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Good wait time between apps

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Regular Contributor

Good wait time between apps

For card companies that are more sensitive to apped or opened accounts, what is a good time frame to wait before applying? 6 months? 12? More?

























Think I am going to garden until at least March of 2020 as that is when 3 inquires will drop and all but one will be over a year old. At that point, I may do a hard pull for a line increase on my chase prime card or maybe go for a savor card assuming it is not offered to me as a promotional upgrade. By June of 2020, I will be apping for a Citibank personal line of credit and overdraft line to equal what I have at USBank, so I may just do nothing until then.
Message 1 of 7
6 REPLIES 6
Frequent Contributor

Re: Good wait time between apps

From reading here, it sounds like every 6 months is sufficiently conservative to stay under the more stringent 5/24 (as in 5 new accounts in 24 months) rule that Chase explicitly follows and others seem to have adopted. That said, every profile is different and YMMV. Others do fine apping every 3-4 months with all but the most strict (aforementioned) lenders.


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Message 2 of 7
Community Leader
Valued Contributor

Re: Good wait time between apps

Yeah, it really does depend on the lender and your profile. If you have amazing credit, you might be able to get away with apping every month. 6 months is the general “safety” rule. 

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Message 3 of 7
Frequent Contributor

Re: Good wait time between apps

My opinion:

 

For banks that are sensitive to new credit: 90 days minimum, 6 months is better, 1 year is best.

 

For banks that don't care: 30 days is probably all you really need, and many times you don't really need to wait at all. There are people who have loaded up on a dozen different store cards and various credit cards in the same month without issue.

 

Like others already said, it depends on the bank, your history with that bank, your credit profile, etc. But I think those guidelines are roughly accurate for most people.

    Total CL: $21,100
Fico 8 Scores:
12/2018:
03/2019:
06/2019:
09/2019:
Goals:   550 by 12/2018 600 by 3/2019   650 by 6/2019   700 by 1/2020   750 by 1/2021 800+ by 1/2022
8 derog. (all settled 1/2019)     |     Inquiries: 10, 9, 6     |     AoOA: 10.0yr     |     AAoA: 5.2yr     |     AoYA: 0.4yr
Message 4 of 7
Frequent Contributor

Re: Good wait time between apps

Also keep in mind that there are really TWO goals whenever you apply for a card.

 

1) To be approved (obviously)

2) to get good terms (APR, CL, etc.)

 

A lot of people don't really think about #2 when they apply, they're mostly just concerned with getting approved at all. So while you *may* get approved 90 days after you got your last new card, you might have gotten better terms if you held out for 6 months or a year.

 

I see a lot of people on this forum who have tons of really good prime credit cards with huge limits, and then they complain when some new credit card they got only came with a $500 CL - and I suspect in many cases, it's because the bank approved them because of their good scores and credit history, but kept the limit low because the huge amount of recent credit made them nervous.

    Total CL: $21,100
Fico 8 Scores:
12/2018:
03/2019:
06/2019:
09/2019:
Goals:   550 by 12/2018 600 by 3/2019   650 by 6/2019   700 by 1/2020   750 by 1/2021 800+ by 1/2022
8 derog. (all settled 1/2019)     |     Inquiries: 10, 9, 6     |     AoOA: 10.0yr     |     AAoA: 5.2yr     |     AoYA: 0.4yr
Message 5 of 7
Valued Member

Re: Good wait time between apps

Barclay's is strict. I have 7 new accounts in 24 months and they denied me.
Message 6 of 7
Super Contributor

Re: Good wait time between apps

One account every 6 months seems to be the best way to make sure you’re not spooking any lenders. 



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Message 7 of 7
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