Application of credit card
- Thread starter tejaskay
- Start date
armaan.22_
KF Ace
Yes it will affect your cibil score. Wait for 3 months before applying for another card.
Why 3 months ? I want to get more cards lol
Bharatiya Nagrik
KF Mentor
Not really a smart move there. If you want more cards then make sure that you have the required credit score to show for it. If you keep applying for multiple credit cards in the same month your credit score will take a bad hit as the number of inquires on your CIBIL account will be hit with as many hard enquiries as the number of cards applied for. Each hard enquiry brings along with it a significant reduction in your credit score so be very careful of that. You don't want rejection added to your account on the basis of reduced credit score because that will also affect your future chances of getting a credit card or any loan.
Please understand the credit score rules before blinding applying for credit cards just for fun because credit cards is serious business it's not all fun and games.
Take sensible decision after understanding all the pros and cons.
Hope this helps clear any incorrect preconceived notions about credit cards.
anuragmukherjee28
Moderator
It will not affect your credit score as much; there is no proof that your credit score will be hit if you apply for two cards at the same time; it's normal and nothing will be affected. In fact, your credit score can increase if you keep using both of them and keep paying the credit card due from time to time.
Bharatiya Nagrik
KF Mentor
Sorry to say but this is not true. Please see below lines from money control and card insider confirming multiple hard enquiries to credit score at the same time will affect the credit score severely.
"Having 2-3 credit cards or 2-3 loan accounts isn’t going to be hard on your score from any angle. But opting for too many cards, and triggering too many credit inquiries by applying for one too many loans can be quite severe. "
"Don’t apply for multiple credit cards all at once as it can affect your credit score due to the increased number of hard inquiries on your profile.'
Having multiple credit cards is not a bad thing but you need to plan which card you require as per your requirement and priority.
The bottomline is having multiple hard enquiries at the same time will negatively impact the credit score.
anuragmukherjee28
Moderator
how do you know that money control is right?
Bharatiya Nagrik
KF Mentor
If you don't want to trust a source which has been there since 1999 it's your call.
Also please check out community users thread where he mentioned his score dropped by 40 points due to 3 card enquiries.
Thread 'Cibil Score Drop 40 points' https://bekifaayati.co/threads/cibil-score-drop-40-points.381/
Last edited:
anuragmukherjee28
Moderator
Yeah but is not that determental in this case ,in fact in long terms it is better and most of the times the credit score doesn't even take a drop , as every company wants to give credit cards and I personally have 3 credit cards which I procured within a month but I didn't face any such kind of credit drop , I think he has now applied ,let's see whether his credit score drops or not and by how much
Bharatiya Nagrik
KF Mentor
Agree that using credit card sensibly will improve the credit score a lot. Also it will not reduce in case if card has been applied through pre-approved card from the bank or on card to card basis.
If the credit score doesn't drop then it will be definitely good for him.
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