In general, it's better to **space out credit card applications rather than apply for multiple cards at once**. Each application can result in a hard credit inquiry, and opening several new accounts in a short period can affect your credit score. Multiple applications can also make it harder to earn credit card welcome bonuses.
If each card requires you to spend thousands of dollars within the first few months, you could risk overspending or missing out on a bonus altogether. That doesn't mean you should only have one credit card. Having multiple credit cards can be useful for maximizing rewards and increasing your available credit, as long as you can manage each account responsibly.
Generally, it's better to apply for one credit card at a time and leave some time between applications. Every credit card application can result in a hard inquiry on your credit report. Opening several new accounts within a short period can also reduce the average age of your accounts.
There's another practical consideration: If you're applying for rewards cards, opening several at once could leave you juggling multiple welcome bonus spending requirements, annual fees, and payment due dates. Here's a closer look at the potential downsides. "New credit" accounts for about 10% of a FICO Score.
When you apply for a credit card, the issuer typically performs a hard credit inquiry, which can cause a small, temporary drop in your score. Hard inquiries can remain on your credit report for up to two years, although FICO Scores only consider inquiries from the previous 12 months. Unlike rate shopping for certain mortgages, auto loans, and student loans, multiple credit card applications aren't generally treated as a single inquiry.
That means applying for several cards within a short period can result in several separate hard inquiries. Opening several new credit accounts quickly can also signal greater credit risk to lenders. Length of credit history accounts for about 15% of a FICO Score.
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