should i apply for multiple credit cards at once

  • downward revision of credit score

As already mentioned, each new line of credit creates a hard check of the credit score, which brings the score down a bit; so a person who applies to a number of credit lines within a short period of time is virtually indistinguishable from a person with a lower credit score even if causes are different: too many hard checks vs unpaid bills/collections

  • accumulating balances

    Unless credit cards are paid of in full each month, there are balances which will be accumulating, and if there is a missed payment, then each line will carry a separate charge for delinquent payment and an interest charge (as well as a report to credit agencies on this: even $15 missed payment will carry as much weight as $1,000 missed payment - it's based on instances and not amounts)

  • fraud issues

    Many applications for credit lines (within short time, let's say, a 12-months span) can raise worries of fraud: either a person's identity was stolen and thieves are trying to cash in on this; or the person is purposefully "collecting9quot; credit lines - either to max them out with risk of abandoning payments or there could be an emergecy which a person does not have immediate funds for, and this can become another dischargeable debt; or there are other concerns (don't want to list them here) where the time is of the essence, which is not a pre-planned and orderly affair

  • credit limits and terms

    There are different kinds of cards, and there are different kinds of financial institutions. There is one credit card issuer which is borderline unethical (in my opinion), yet they don't do anything obviously illegal, so there is nothing to report them for.

    This institution issues lines of credit with very low balances (up to $600, I believe - while many other credit line issuers can up the limit upon request or even have no limit in some cases), so if a person wants to have a higher limit, there's no way to increase it other than. applying for a new line of credit.

    Yes, it can be labeled as "containment9quot; and "risk control", but multiple lines of credit bring about multiple opportunities to charge late fees and finance/interest charges from one single person.

    This, in turn, results in hard checks on person's credit history/credit score, which in turn lowers their score a little, which in turn allows the company to charge higher interest on balances. and the circle is complete.

    It is not illegal, but to me, it's not ethical. I opened my account there when I was in college, hence the details.

  • keeping it all together:

    More than one line of credit will require separate maintenance (due dates, payment amounts, linking accounts to bank for automatic payment, reminders for mailings, etc) - which could be more than some people can handle unless you're very organized.

  • So, if the time is not of the essence, and you have several years to have those new accounts be properly maintained and allow them establish, you will be better off in the long run.


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    should i apply for multiple credit cards at once

    Should i apply for multiple credit cards at once

    Repeat after me — Applying for and using several credit cards does not damage your credit score. In fact, it will over time improve your credit score and build a healthy credit report.

    While it will create a temporary decrease in your credit score, the act of applying for a credit card is exactly that — temporary. The stronger your credit file, the smaller the impact of any credit inquiry on your score!

    Before applying for multiple cards, you should first understand what happens when you apply for a credit card. Not as bad as you thought, right?

    Using your excess good credit to help you travel at prices you can afford is a reality. The points and miles are there waiting, you simply need to pick them up.

    What questions or concerns do you have about opening and having multiple credit cards?

    Should i apply for multiple credit cards at once

    Should i apply for multiple credit cards at once

    • Annual Fee: $95 fee waived for the first year
    • Foreign Fees: No
    • Card Type: Bank
    • Earn 50,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
    • Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
    • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
    • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
    • No foreign transaction fees
    • 1:1 point transfer to leading airline and hotel loyalty programs
    • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
    • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

    Should i apply for multiple credit cards at once

    • Annual Fee: $95 fee waived for the first year
    • Foreign Fees: No
    • Card Type: Bank
    • Earn 50,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®
    • Named Best Credit Card for Flexible Travel Redemption - Kiplinger's Personal Finance, July 2016
    • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
    • Earn 5,000 bonus points after you add the first authorized user and make a purchase in the first 3 months from account opening
    • No foreign transaction fees
    • 1:1 point transfer to leading airline and hotel loyalty programs
    • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 50,000 points are worth $625 toward travel
    • No blackout dates or travel restrictions - as long as there's a seat on the flight, you can book it through Chase Ultimate Rewards

    I agree overall. I do agree that the inquiries of applying for credit have relatively small impact on credit score that fades over time though lots of inquiries sometimes is reason I have seen for credit denial – for either new applications (which hasn’t happened to me in a while) or when requesting a credit increase (which has happened). But the impact does fade and will be offset by decreased credit utilization.

    Though one small downside (even though it plays a very small role in credit score) is Average Age of the Account. In terms of credit cards by oldest account over 17 years old, and I got a handful over the next decade, but in the last 2 years as I have started applying for and receiving lots more credit cards, it has dropped the average of my accounts down a lot (at one point it dropped to about a year). I do plan to keep a number of them, so in the long run the average age will increase but for the ones I want to get rid of and re-apply for, the churning of cards will keep the age somewhat low. Luckily the impact of Average Age is not too significant in credit score but certainly can have an impact that can outlast the inquiries.

    One question I have that you might know Howie. Once I close an account, does it no longer count towards the Average Age of Accounts? In other words are they only counting the age of active accounts for that calculation.

    The reason I wonder is that I do plan to cancel a few cards when the annual fees comes due after 1 year (after the 1st year waived), if I close them down, will they no longer count towards the average age. Cause if that is the case, when I shut down a few cards that are relatively new, it might actually raise the Average Age of my accounts (if I don’t replace them right away).

    @disqus_GgvfuDBJxa:disqus all accounts listed on your credit report, whether open or closed, count towards your AAoA.

    I thought all closed accounts stay on for 10 years only and fall off a credit report after that?

    @disqus_ZUxvgMWWtP:disqus generally 7 years they’ll stay on. However as long as the account is still on your report it’ll continue to have an impact on your AAoA

    @howierappaport:disqus so is closed account count towards your AAoA, does a closed account “age” after its closed.

    For example, if I had a credit card that I opened on Jan 1, 2010 and closed exactly 1 year later (Jan 1, 2011). We are now at 2016 (the account has been closed 5 years), would the account have “aged” to 6 years (for purposes of AAoA assuming its still on my credit report) or will it have stopped aging (almost like a Vampire won’t age) as of the date it was closed and still be have age of 1 year (for AAoA purposes) assuming its still on my report?

    @disqus_GgvfuDBJxa:disqus closed accounts continue to age as long as they remain on your report.

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    I think my biggest concern is keeping track of all the annual fees, payments, minimum spends and bonuses properly posting.

    I’d greatly appreciate it if you or your team can write an article soon on how you manage so many credit card/loyalty accounts (i.e spreadsheets).