How long do I have to wait to apply for a credit card after being denied?

Asked by: Lorena Russel  |  Last update: August 29, 2022
Score: 4.9/5 (14 votes)

You should wait six months to one year between credit card applications in most cases, regardless of whether your last application was approved or denied. Most people's credit scores will bounce back from a credit card application in about six months.

How do you get a credit card after being denied?

If you are denied credit, you can take a few steps, including: Improving your credit and reapplying. Calling the card issuer's reconsideration line.
How to Ensure That You're Approved Next Time
  1. Request a copy of your credit report. ...
  2. Dispute any mistakes. ...
  3. Improve your credit. ...
  4. Try a retail card. ...
  5. Opt for a secured card.

Can I apply for a credit card after being declined?

How long you should wait to reapply for a credit card after an application is denied varies with each person's situation, so there's no hard-and-fast timeline to follow. The typical recommendation is that you should wait six months between credit card applications.

How long should you wait until applying for a credit card?

Waiting about six months between credit card applications can increase your chances of getting approved. Apply more frequently than that, and issuers may see you as a riskier bet and reject your application.

Can you apply for a credit card twice?

You could apply for multiple credit cards at the same time. But it's worth keeping in mind that it could affect your credit scores. Read on to learn more about how multiple credit card applications can affect your credit and what you can do to minimize the impact.

How long should you wait to apply for a credit card after being declined?

40 related questions found

Does getting denied for a credit card hurt credit score?

But getting denied doesn't directly hurt your credit scores. Instead, applying may lower your credit scores—usually by just a few points, according to credit-scoring company FICO®—because applying for a credit card will trigger a hard inquiry.

Does getting rejected for a credit card affect your score?

Being denied for a credit card doesn't hurt your credit score. But the hard inquiry from submitting an application can cause your score to decrease.

How many hard inquiries is too many in a year?

In general, six or more hard inquiries are often seen as too many. Based on the data, this number corresponds to being eight times more likely than average to declare bankruptcy. This heightened credit risk can damage a person's credit options and lower one's credit score.

Is it bad to apply for two credit cards in a month?

Nothing is stopping you from applying for two or more credit cards in a short period of time, or even at the same time. But multiple credit card inquiries can hurt your credit score and raise a red flag for future creditors.

How long do hard inquiries stay on your credit report?

Hard inquiries serve as a timeline of when you have applied for new credit and may stay on your credit report for two years, although they typically only affect your credit scores for one year. Depending on your unique credit history, hard inquiries could indicate different things to different lenders.

Can you appeal a credit card denial?

When a credit card issuer declines to grant an applicant a new account, it is required by law to provide a reason. And thankfully, most card issuers are willing to hear an appeal. Applicants can simply contact their bank's reconsideration line and speak with a representative about their application.

Why do I keep getting denied for credit cards with good credit?

Debt. One of the most common reasons people are rejected for a credit card — even people with good credit — is a high debt-to-income ratio. Age. If you're under 21, you'll face income requirements mandated by the federal government.

What do you say in credit card reconsideration?

5 Things to Say to Overturn a Denial on a Credit Card Application
  • Start the call with a friendly greeting. Example: "Hi, (representative's name). ...
  • Mention why you'd be a good cardholder. ...
  • Ask for a reconsideration. ...
  • Point out one or two benefits you like (except the sign-up bonus) ...
  • Address the denial reason.

How much income do you need for a credit card?

Technically there's no minimum income requirement to get a credit card. A student's disposable income could be as low as $100 and they would still have the potential to be approved for a credit card. Higher incomes generally give applicants a better chance of getting approved for a card and a higher credit limit.

How can I remove hard inquiries?

If you find an unauthorized or inaccurate hard inquiry, you can file a dispute letter and request that the bureau remove it from your report. The consumer credit bureaus must investigate dispute requests unless they determine your dispute is frivolous.

Is it bad to have a lot of credit cards with zero balance?

Is It Bad To Have a Lot of Credit Cards With Zero Balance? Unfortunately, it can be. Keeping a low credit utilization ratio is good, but having too many credit cards with zero balance may negatively impact your credit score.

How many times should I use my credit card a month?

In general, you should plan to use your card every six months. However, if you want to be extra safe, aim for every three. Some card issuers will explicitly state in the card agreement what length of time is considered to be inactive.

Is Capital One a good credit card?

The Capital One Platinum Credit Card is a solid option for those with average credit. It has an annual fee of $0 and also charges no foreign transaction fees. But for many, its standout feature may be that it also offers the chance to earn a higher credit limit after making on-time payments in as little as six months.

Does Credit Karma show your real credit score?

The credit scores and reports you see on Credit Karma should accurately reflect your credit information as reported by those bureaus. This means a couple of things: The scores we provide are actual credit scores pulled from two of the major consumer credit bureaus, not just estimates of your credit rating.

How many times can I check my credit score without hurting?

How Often Can You Check Your Credit Score? You can check your credit score as often as you want without hurting your credit, and it's a good idea to do so regularly. At the very minimum, it's a good idea to check before applying for credit, whether it's a home loan, auto loan, credit card or something else.

How can I get inquiries removed from my credit report fast?

If you spot a hard credit inquiry on your credit report and it's legitimate (i.e., you knew you were applying for credit), there's nothing you can do to remove it besides wait. It won't impact your score after 12 months and will fall off your credit report after two years.

How much does your credit score go down when you apply for a credit card?

While the exact impact may vary from case to case, generally speaking, you can expect your score to drop by about five points each time you apply for a new credit card.

Is Credit Karma approval odds accurate?

Approval Odds are an Estimate, Not a Guarantee

If you apply for a credit card based on Credit Karma's Approval Odds and are declined, Credit Karma recommends that you check your credit report to make sure your information is correct.

Why don't I get approved for a credit card?

If you don't have a substantial source of income — or none at all — you may struggle to be approved for a credit card. Having poor payment history is an indicator that you may not be able to repay the credit lenders extend. Lenders may not look favorably upon applicants who are carrying debt.

Does Capital One give second chance?

But with the Platinum Secured card from Capital One, you can get a credit limit of $200 after making a refundable deposit of as little as $49. The Platinum Secured card is another second-chance credit card with no annual fee or foreign transaction fees.