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How Often Can You Open a New Credit Card Account Without Hurting Your Credit Score?

Q: How long should I wait in between opening new credit cards? I don’t want to hurt my credit.

A: You should be conservative in the number of times you open a new credit card account for a number of reasons. To begin with, each time you do so it shows up on your credit history as a new, open account. Even if you never use the card you have just recently applied and been approved for, it is still going to show up this way.

Also, applying for and opening new credit accounts do not make your credit history look better. In fact, it may have little, if any, positive impact on your FICO score, and may even serve to lower it, for the same reason mentioned above. If creditors feel that you have too many open accounts, this may affect their decision in extending you more credit or raising a line of credit amount.

Applying for and opening new credit card accounts is not a way to make you look less like someone just building a credit history. Again, creditors will not necessarily see this; what they will see is all those open accounts, and, again this may affect their decisions concerning loan opportunities.

Only apply for and open new credit accounts as you need to. If you do not have a legitimate reason for opening a new credit card account (for example, keeping business and personal finances separate) then don’t open one just for the sake of doing so.

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