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Credit Card Basics

If you apply for two credit cards in the same month, will it affect your credit score twice?

When you apply for a credit card an inquiry will be added to your credit report. An inquiry is simply a record that a lender has looked into your credit report. Because you have applied for new credit twice, you would see two inquiries.

Inquiries resulting from your application for credit represent potential new debt. That unknown debt creates risk for the lender. Therefore, for a short time the inquiries could cause your credit scores to drop a little bit. You should not apply for a lot of credit cards or installment loans all at once, because lenders will question why you are attempting to take on a lot of new accounts or a lot of debt all at once.

Typically scores bounce back up after a few months, once lenders can see that you are still managing the debt you have well.

Two inquiries would have a little more of an affect than one, but don't worry too much about inquiries as they are the least important factor in credit scores. In fact, multiple inquiries for the same type of credit might not be included in the calculation, or may be counted as only one inquiry in the newest scoring models.

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Scoped on: 06/21/2016

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