When Should I Apply for a Second Credit Card and Why?

Before applying for a second credit card it is recommended that you wait for six months because waiting for that long between credit card applications can increase your chances of getting approved. If you can not wait and apply more frequently than that, you may decrease your chances of approval. 

On the other hand, if you have an excellent credit score, a high income, and a history of on-time payments,  you have a low risk of defaulting on future payments, increasing your chance of approval, even if you apply more frequently than that. Below, we will go through when to apply for a second credit card, and all you need to know about the process.

Credit Score Requirements

To increase your chances of approval for a second credit card, it is recommended that you have a very good or excellent credit score, showing that you carry a low risk of defaulting on future payments. If your credit is average or worse, you might need to wait even longer between credit card applications to increase your chances of approval. That’s why you should try raising your credit score as much as possible before applying for a second credit card. 

History of On-Time Payments

In order to increase your chances of approval, you should prioritize making payments on time every month and keeping your balance low. Showing that you have a history of on-time payments, will allow issuers to see you as the ideal customer who has a low risk of defaulting on future payments. That’s why before applying for a second credit card you should honestly assess whether you'll be able to handle your new credit card along with what you already have. 

When You Have Been Rejected Recently on a Card Application

If you have been rejected recently on a card application, you should not apply for another one immediately because doing so will just decrease your chance of approval. Instead, you should find out why you have been rejected and try to learn from your mistakes. For example, if there was an error on your credit report, you can work toward improving your credit by making on-time payments. If the problem were your credit card debt or your missed payments, you can start working on reducing your debt. Then, after waiting for at least six months, you can try applying again with a stronger chance of approval.

In addition, applying to a bunch of credit cards throughout the year can also lower your credit score, as card issuers conduct a "hard inquiry" when you apply for a credit card. However, if you apply for a bunch of credit cards in a short period of time, they'll only treat this as one "hard inquiry" and it won't be as hurtful on your credit score.

Bottom Line

Before you apply for a second credit card, make sure that you are ready for the responsibility. While a new credit card could give you a lower APR, higher cash back rates, no foreign transaction fee, no annual fee, or more premium benefits, it can also cause you more problems and be a burden. That’s why if you're not sure you'll qualify for a second card, view your free credit score and check if you meet the requirements. Then you can take action on any factors keeping you from getting a second credit card.