Should I apply for another credit card if I just got approved for another?

Question

I recently applied and got approved for a new Sears card. I bought 530 dollars worth of merchandise at Sears.

I am wondering if it is a good idea to apply for a line of credit at Northern Industrial Tools.

Will it hurt my credit to apply for two credit cards with in a 2 week time frame?

I have awesome credit a score of 779. My husband has awful credit and is unable to apply for any sort of credit cards, he has tried and gets declined.

My husband just got a job as a mechanic and needs to build up his tool collection. We have some money right now but if I can get approved for a credit card with 0% interest for 6 or more months that would really help us out.

What is your best advice ? Apply for another credit card even though I just got a new one 2 weeks ago? Will it hurt my current credit status to do this?

Answer 1

Hi Nora! Generally, it's a good idea to avoid applying for several credit cards in a short period of time. Each time you apply for a credit card, your credit score takes a hit. However, this hit is normally small - typically three to five points. If you're applying for a bunch of cards at once, these point deductions can add up fast. But if you're careful about what you apply for and only apply for credit cards you need, you should be okay.



Aside from the impact on your credit score, some creditors and lenders are leery of multiple credit inquiries in a short period of time, as this activity increases the risk that you'll default. However, as long as you don't plan to apply for another credit card or a loan in the near future, this shouldn't be an issue.



If you do open up a second card, just be careful that your husband's poor credit management style doesn't affect how you manage this card. With a 779 credit score, you've clearly been responsible with your credit in the past. Keep up the great work - even on the cards that your husband will be primarily using. Good luck!

Answer 2

The problem with these offers is they usually shoot up to a high interest rate after the introductory period. If you haven't payed them off, then you're in real trouble. And neither the loan nor the credit card addresses the real problem....that you are spending more money than you can pay off each month. Take a long, hard look at your spending habits and see where you can modify them. Are you spending a lot on cable tv? Buying a lot of new clothes you don't really NEED? Music, movies, eating out? If you buy your lunch at work at even $3 a day, that's $60 a month. (about 20 working days a month) If you buy even one soda from a machine a day, that's $30 or more a month. One less restaurant meal out a week will save you at least $30 a month Make a list of all you spend in a week, on other than the necessities like rent, grocerys....You may be shocked.

Answer 3

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RE:

Should I apply for another credit card if I just got approved for another?

I recently applied and got approved for a new Sears card. I bought 530 dollars worth of merchandise at Sears.



I am wondering if it is a good idea to apply for a line of credit at Northern Industrial Tools.



Will it hurt my credit to apply for two credit cards with in a 2 week time frame?...

Answer 4

You need to give it at least 6 months to a year otherwise your credit score will take a hit. Opening too many lines of credit in a small time frame is a major red flag to the credit bureaus.



Also your husband may want to look into a secured credit card - they're great for people in that situation!



Good luck!