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Applying for several credit cards at once? (Maybe don’t?)

Published Date
Author Maeva Tchang

Why too many credit card applications at once might not be your best financial move

So, you’re thinking about applying for several credit cards … We get it. Curveballs happen and irresistible offers are irresistible for a reason. Whether you’re trying to solve a problem or turn a dream into a reality, applying for a few credit cards at once can seem like the right answer. But before you jump in, let’s talk about what this could do to your financial health.

The reality of applying for multiple credit cards

While it’s technically possible to apply for several credit cards at once, it’s not always the best idea. Here’s why.

  • You may set off red flags. Many card issuers frown upon applying for and opening multiple accounts within a short period of time. If you do, you may get rejected for cards you’d otherwise be approved for.

  • It might hurt your score. Every application adds a hard inquiry to your credit report. Multiple applications means multiple hard inquiries, and this can lower your credit score.

  • More cards can mean more problems. Not only will there be more temptation to spend beyond your budget, but you’ll also have to juggle more statements, payments, terms and due dates.

How credit inquiries work

When you apply for a credit card, the issuer runs a hard inquiry to check your creditworthiness. Unlike a soft check (like the one you get with our Quick Check tool), a hard check leaves a mark on your credit report for up to 3 years.

A single hard inquiry doesn’t make a big difference. Think of it as driving over a speed bump. You feel it, but it’s not a big deal. But multiple hard inquiries? That’s like hitting a bunch of potholes at high speed. Your score won’t be totalled, but it will feel the wear and tear.

When applying for multiple cards makes sense

It’s not all doom and gloom. Sometimes applying for and having multiple credit cards can make strategic sense.

  • You’re completely new to credit. If you’re just getting started with credit, responsibly managing a few credit cards can help you build a strong credit profile a little faster.

  • You’re maximizing rewards (responsibly). If you come across multiple cash back and/or travel point offers that align with your spending habits and budget, it could make sense to apply for all of them.

  • You’re using balance transfers to your advantage. If you’re managing debt, you may be able to save money on interest by moving what you owe to cards with lower or even 0% introductory interest rates. Just be sure to check for any balance transfer fees and aim to pay off the balance before the introductory rate expires.

But there’s a catch: These strategies only work if you stay on top of your payments and spend within your budget.

Tips for managing multiple credit cards

  • Pay on time, every time. Late payments hurt your credit score and can cost you more in interest and fees. You’ll have more payments and due dates to keep track of, so set reminders or automatic payments to stay on track.

  • Know your limits. Learn everything you can about your credit utilization rate and keep it low (ideally under 30%).

  • Read the fine print. Know what each of your cards brings to the table in terms of rewards, perks and fees.

  • Monitor your credit report. Use tools like Credit Keeper to check your credit report regularly1 to spot any errors or signs of fraud.

What to do instead of submitting multiple applications

Before risking unnecessary hard inquiries and denials, use our Quick Check tool to get pre-approved for a card without impacting your credit score.

Remember: Slow and steady wins the race

Applying for multiple credit cards can be tempting, but it’s not always the healthiest financial move. Strategic planning, tools like Quick Check and responsible credit management can help you make the best decisions for your credit score and finances.

1The credit score and report information by Credit Keeper is intended for educational purposes only. Lenders and other commercial users may use a different type of credit score and other information when making credit decisions.

Credit Keeper is a service offered by Capital One and is powered by credit information provided by TransUnion. Availability may vary depending on our ability to verify your identity and obtain your information from TransUnion. Credit Keeper might be unavailable to some Quebec residents.

TransUnion and associated names and logos are trademarks of TransUnion, LLC or an affiliate.

* If Quick Check pre-approves a card, you can be sure we’ll approve your application, except in limited circumstances. Some of the reasons we may not approve your application, among others, include:

a. There’s been a change in your credit file information, personal information or financial status from the time you receive your Quick Check results to the time you apply for one of our credit cards.

b. You’re not at least the age of majority in the province or territory you live in.

c. Your application is flagged for fraud prevention.

d. You have an existing Capital One account.

e. You’ve applied for a Capital One account in the last 30 days or had an account with us that was not in good standing in the last year. In good standing means not past due, over limit, fraudulent, restricted, or part of a consumer credit counselling program or bankruptcy.

In some cases, we may not be able to open an account for you even though your application was approved. This can happen if we’re unable to verify your identity, or you don’t provide the required security funds if you’re approved for a Secured Mastercard®.