Six month wait time for application

[Admiral710]

Usually the advice I hear when attempting to apply for another card after applying for one (regardless of whether it was rejected or not) is to wait another six months until you try again.  Is this like a firm rule or recommendation just to be on the safe side?

[Brian_Earl_Spilner]

In the good ole paper app days a lender could hold on to apps for 6 months. With everything digital now, it's not uncommon for lenders to keep track for years. It's still a good recommendation because it allows time for things in one's finances and credit reports to shake out. It also helps to keep you on the good side of many larger bank's rules for applications and new credit. 

[mortimerwereback]

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@Admiral710 wrote:

Usually the advice I hear when attempting to apply for another card after applying for one (regardless of whether it was rejected or not) is to wait another six months until you try again.  Is this like a firm rule or recommendation just to be on the safe side?

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There's a lot of grey area to this answer. Yes, six month jumps are certainly a viable option however your "wait time" will vary depending on the specific lender and situation. Is it a new card your applying for? Is it a credit limit increase? For example, Apple Card credit limit increases: Previously it was every three months, now it's every six months as stated on Apple's website:

Goldman Sachs will consider your payment history with Apple Card and other credit information to determine whether to grant any request for credit limit increases on Apple Card.1 This means you may need up to six months or more of payment history with Apple Card before Goldman Sachs can approve your request for a credit line increase.

All that said, most reps will advise that customers can apply for increases "at any time." If denied a CLI, I've read it should be a 30 day wait between apps, but I haven't been able to confirm this. If approved, most data points show that there is a six month wait between increases. I myself have seen this as I was rejected at three months approved at six months.

Or lets say you're applying for a new credit card. How much time must pass after a denial to apply again? That will depend on the lender as they all have different policies regarding new applications. A simple call to customer service (should) provide you these answers.

Or what about "app sprees" we read about here on MyFico. Members are applying for 2-5 cards at a time and rolling the dice. I've done a few myself and when doing, so I strategize the order of applications for (what I think) will be the highest chances of approval. So let's say I'm going for a Capital One Savor and I know it's going to be a triple pull with no guarantee of success? If so, I might apply to a new credit union first because I've already called ahead and been advised they pull EQ FICO 9 for their credit cards, and I know that I only have 3 inquiries on Equifax. So it all depends.

Many of the Fico community keep spreadsheets and time their CLIs and apps like clockwork. I'm guilty of this myself. I'd say it's been one of the primary reasons for my successes.

Best of luck on your credit journey!

[_ptatohed]

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@Admiral710 wrote:

Usually the advice I hear when attempting to apply for another card after applying for one (regardless of whether it was rejected or not) is to wait another six months until you try again.  Is this like a firm rule or recommendation just to be on the safe side?

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One application in six months?  You're asking the wrong group of people!  Folks here will make six applications in one month!!  

[Rogue46]

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@_ptatohed wrote:

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@Admiral710 wrote:

Usually the advice I hear when attempting to apply for another card after applying for one (regardless of whether it was rejected or not) is to wait another six months until you try again.  Is this like a firm rule or recommendation just to be on the safe side?

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One application in six months?  You're asking the wrong group of people!  Folks here will make six applications in one month!!  

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That's funny @_ptatohed and also true!!