How to Apply for Multiple Credit Cards Using 4 Tips

Almost all every financial adviser will tell you that is it not recommended to apply for multiple credit cards at the same time. There are reasons why this is not recommended and we will go into some detail soon. However, there may be times when applying for multiple cards may be needful and we would look at these too.

If for example, you have children who are college students, then it may be necessary to apply for multiple cards for them. Even in that case the best option is to apply for a primary card and then add them as joint account holders.

If you want to hold multiple credit cards from different companies, there really is nothing wrong with that if you can manage them all well. However, it is important to leave at least 6 months in between applications to help protect your credit rating. When you are applying for multiple cards at the same, it alerts lenders that you are desperate for credit and this can prevent your application being approved.

Here are 4 tips you must know when you want to apply for multiple cards and how best to help manage them well.

1. What is the recommended number of cards one can hold at a time?

This is not something that is being forced on you. It is just a recommendation or advice. Finance management experts recommend that the optimum number of credit cards to keep is a maximum of 3. Why is this? Simply, it helps you manage the cards well. Too many cards will get you into debt very quickly.

However, you know your situation best so if there is the need to go for more, here is what you need to do:

list the cards you want, with their corresponding websites, in order of importance. It can be a little bit of work if you manually (with pen and paper) have to fill 4 or 5 applications at a time, so we do suggest you use the lenders' website when making your applications. This way you cut out the repetition of filling in the same information again and again.

2. Apply to creditors who have the highest chance of approving your application.

When you make your application on too many websites and you do not qualify, or get denied, each application goes against you. Any time a credit inquiry is made against your credit score, it reduce your score. So take these simple steps to ensure that there is the highest possibility of being approved for the card before you apply.

One website that helps with credit card applications is the one that matches your credit score with the card you want to apply for. This website is So go there and enter the name of the card you want. Compare the required credit score with your credit score. If you qualify, apply. If not, do not apply as you would eventually be denied and this will reduce your score and dent your future chances further.

3. After matching the credit card offers with your credit score, move on to their websites and fill out the application forms. For some of them you will receive an instant approval or denial. For others, your response will come in the mail.

4. Lastly, wait to receive your cards in the mailbox for those that were approved. Or If you are denied you will receive letters normally telling you to make another application at a later time. Whether you get approved for the card or denied, do not apply for another credit card until at least 6 months have passed. Continuous applications would lower your credit score. This would cause outright refusal not only for cards but also for other types of borrowing such as personal loans, mortgages and auto loans.

Source by Brandon Q Barr

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