How Often to Apply for a New Credit Card

[Anonymous]

From my understanding that is you should apply for new card every 6 months at minimum? My question is how many card should i apply every 6 month then?

Thanks for your help

[SouthJamaica]

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@Anonymous wrote:

From my understanding that is you should apply for new card every 6 months at minimum? My question is how many card should i apply every 6 month then?

Thanks for your help

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Wrong. Once you have a couple of credit cards, there's no reason to apply for new cards ever, unless you really have a need for them.

[Anonymous]

How come a lot of members in this forum have like 40+ cards. I just want to have extra credit utilization in case of needing in the future. In general, should i apply 3 cards every 6 months? really appreciate your counsel.

[Jnbmom]

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@Anonymous wrote:

How come a lot of members in this forum have like 40+ cards. I just want to have extra credit utilization in case of needing in the future. In general, should i apply 3 cards every 6 months? really appreciate your counsel.

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As the other poster mentioned above. I would not apply for any cards unless you have a use for a certain card, I would not get cards to simply "pad" your utilization.

[josh1]

A lot of people like to have a nice no annual fee card base to keep their AAoA high, and just put maybe a dollar of spend on them every half a year to keep them active.  Generally, I would recommend 1 card every 6 months (if you believe you have a use for them).  If you apply for too many cards in a short period of time it will look suspicious to banks.  The only time this rule doesn't apply in my books is for Chase, if you wanted the Freedom and Freedom Unlimited per to say, you could apply for both of those in 1 day and it would only be 1 HP.  I know a lot of people who have had success with this, so if you wanted both of those cards that is a good way to do it.

[Anonymous]

Applying for too many card too often can damage your AAOA for years. Let them grow and you'll be grateful that you did.

[Anonymous]

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@Anonymous wrote:

How come a lot of members in this forum have like 40+ cards. I just want to have extra credit utilization in case of needing in the future. In general, should i apply 3 cards every 6 months? really appreciate your counsel.

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You should focus on growing the ones you have instead of trying to get more. The only exception is with lenders like chase who doesn't like to increase your limits unless you are doing business primarily with them(and even still they're kind of stingy).

[xaximus]

Personally, unless you need it, I wouldn't apply for cards just because. I'm a firm believer in getting what you need or if the benefits suit you. Example - a person that spends $250 a month on gas - it may be worth it for that person to get a good CB card for gas or a card that gives good points for gas. Now if the person spends $50 a month on gas, would it be worth it? IMHO, I wouldn't get it. It's not much of a savings CB wise and quite small in points/miles wise as well. As others have stated, grow what you already have and keep an eye on cards that might be useful to you.

[HeavenOhio]

@Anonymous, if you're looking to acquire cards, once every six months is a great pace. That keeps your new accounts and inquiries in check, and it keeps you under 5/24.

As others have mentioned, only acquire cards if or when they're useful to you. You already have good cards, meaning that you can afford to be choosy.

[Anonymous]

OP - You will go crazy if you try and compare yourself to some of the credit gods here. I dont know how they do it and sometimes why they do it - I cannot imagaine why anyone needs 40 credit cards - or even 20 - I have 8 and I may add 2 or 3 more - but that is enough for me. 

As to your question - how often - the most sustainable way is to add 1 card every six months. Even those members here that have 40+ cards - they did so over alonger period of time. And even if you have similiar fico scores to them - your credit file looks very different than theirs. Thiers is very deep and proven. Maybe your is too - but unlikely as thick as the top members here. 

I would rather have 5 cards with a 35k CL on each than 20 cards at $3500 each - Less is more my good sir