How Long Should I Wait Between Credit Card Applications?

[John123]

How Long Should I Wait Between Credit Card Applications? Shall I wait for atleast 6 months. What happens if we have applied multiple cards in short period of time? Does it impact credit score and chances of approval?​

 

[kkk]

How Long Should I Wait Between Credit Card Applications? Shall I wait for atleast 6 months. What happens if we have applied multiple cards in short period of time? Does it impact credit score and chances of approval?​

I have applied and received more than 10 Credit cards in last 3months(I started finding interest in Credit card from June 2022). My Cibil score in May 2022 was 840 around, now it's 790. So it has went down but I have utilized more than 30% Credit utilization and I guess that's the main reason why CIBIL has gone down.

 

[John123]

wow 10 cards in 3 months is amazing. Ok Thanks for the reply!

 

[Slayer]

wow 10 cards in 3 months is amazing. Ok Thanks for the reply!

Had 5 enquiries in the month of September, score went up by 2 points from 766 to 768

 

[Tosh]

I have 6 enquires in last 2 months cibil went up by 35 points. So application of credit cards is not a major factor in cibil.

However new accounts opened are yet to be reported/reflected so they will have some effect on the score eventually.

One probable downside i can see is if number of enquires is a factor for approval(like for Amex) then it can lead to rejections and then you'll have to wait for cooldown to end for applying again.

 

[John123]

Thanks @Slayer and @Tosh for the information

 

[hks789]

After a series of rejections last year, waited almost a year to build up the credit score and I kick-started my card hunt again on May 29th this year. Had 786 CIBIL with less than 5% utilization.
Applied 3 cards minutes apart - IDFC, AXIS, and BOB all approved. Got SBI in July, 2nd Axis card in September, and PNB in October.
In between applied and got LE for HDFC and IDFC. - Upgraded HDFC and BoB cards
6 cards in 4 months -- Finally winning streak ended now with StanC Ultimate's rejection
Cibil went from 786 -> 796 -> 780 (30% utilization)
Applied for AXIS Magnus today - Experimenting whether they approve at this stage

Check the report before applying, until the new accounts are reflected you are good to go

 

[Wealth is my birth right!]

Last 45 days 6 enquiries and score moved from 780 to 792 so its not same with everyone and my utilization of limit never crossed 30% so far.

 

[John123]

After a series of rejections last year, waited almost a year to build up the credit score and I kick-started my card hunt again on May 29th this year. Had 786 CIBIL with less than 5% utilization.
Applied 3 cards minutes apart - IDFC, AXIS, and BOB all approved. Got SBI in July, 2nd Axis card in September, and PNB in October.
In between applied and got LE for HDFC and IDFC. - Upgraded HDFC and BoB cards
6 cards in 4 months -- Finally winning streak ended now with StanC Ultimate's rejection
Cibil went from 786 -> 796 -> 780 (30% utilization)
Applied for AXIS Magnus today - Experimenting whether they approve at this stage

Check the report before applying, until the new accounts are reflected you are good to go

That's remarkable journey bro

Last 45 days 6 enquiries and score moved from 780 to 792 so its not same with everyone and my utilization of limit never crossed 30% so far.

I see

 

[Proffesor]

After a series of rejections last year, waited almost a year to build up the credit score and I kick-started my card hunt again on May 29th this year. Had 786 CIBIL with less than 5% utilization.
Applied 3 cards minutes apart - IDFC, AXIS, and BOB all approved. Got SBI in July, 2nd Axis card in September, and PNB in October.
In between applied and got LE for HDFC and IDFC. - Upgraded HDFC and BoB cards
6 cards in 4 months -- Finally winning streak ended now with StanC Ultimate's rejection
Cibil went from 786 -> 796 -> 780 (30% utilization)
Applied for AXIS Magnus today - Experimenting whether they approve at this stage

Check the report before applying, until the new accounts are reflected you are good to go

wow! that's some effort.

 

[sauchadh]

My credit score has gone down by 4 points from 806 to 802. I have applied for multiple cards in last 6 months. Idfc in May, Zenith in June, Sapphiro in July, Diners Club black in July, Eterna in Aug, Applied Standard chartered Ultimate. I make sure my credit utilization is less than 30% and I pay my bill on time.

 

[Proffesor]

My credit score has gone down by 4 points from 806 to 802. I have applied for multiple cards in last 6 months. Idfc in May, Zenith in June, Sapphiro in July, Diners Club black in July, Eterna in Aug, Applied Standard chartered Ultimate. I make sure my credit utilization is less than 30% and I pay my bill on time.

it happens some times the algorithm works in a peculiar way. Don't consider a little drop in credit score. sometimes it happens for no strong reason. It will increase after sometime.