Learn how often you should apply for a new credit card. Unfortunately that answer will vary depending on your situation. Click "Show More" to see Ad Disclosure One of the more common questions that I get is "When should I apply for a new credit card?". Some of the variables that will affect that answer are: - Your credit card goals - Credit score - Your progress on the credit card journey In Year 1 I would recommend applying for a credit card every 6 - 12 months. This means after your first year you should have a total of 1 - 2 credit cards. In Year 2 - 3 you can increase that frequency. I recommend applying for a new credit card every 3 - 4 months. Lastly in Year 3+ you can apply for a new card every 1- 2 months (if you desire). Just because you can apply for a new card more often does NOT mean that you should. You must remember that you should apply for a credit card if it makes sense for you to do so. Don't just apply for a card because you can. Applying for a new credit card will negatively affect your credit score in the SHORT term but will increase it slowly in the long run. To increase your approval odds of your credit card application you must focus on 2 things. 1. Income 2. Credit Score First, you can increase your approval odds by increasing your income. Banks / Credit card issuers want to see that you have the money to pay off credits. Second, you need to focus on your credit score. Your credit score is broken down into 5 factors that each affect your score differently: Payment History (35%) Credit Utilization (30%) Length of Credit History (15%) Credit Mix (10%) New Accounts (10%) The most important factors to focus on are payment history and credit utilization. You want to pay your credit bills on time and keep your credit utilization under 30%. Ideally, you should aim to keep the credit utilization ration under 20%. Keep in mind that sometimes banks/credit issuers will look at your individual credit score factors to determine if your application will be approved or denied. That means even if you have a decent credit score, you can be rejected if factors such as your credit utilization are too high. DON'T FORGET: Be mindful of credit card issuer specific rules such as the Chase 5/24 rule, etc. These external factors will also affect how often you can apply for new credit cards. Helpful Resources: 💳 View My Top Credit Card Picks: https://link.chaseyokoyama.com/TopCreditCards 🛒 Get $30 with Rakuten: https://link.chaseyokoyama.com/Rakuten 💰 Receive up to $275 with SoFi: https://link.chaseyokoyama.com/SoFi Watch Next: ► Why the Capital One Savor One Beats the Amex Gold Card: https://www.youtube.com/watch?v=74bVYAMcAg4 ► Amex Gold Card Review (My HONEST Opinion After 2 Years): https://www.youtube.com/watch?v=b7RTFVq5EsA ► My Credit Card Plan for 2023: https://www.youtube.com/watch?v=EcL2znJjf-s ► 5 Credit Cards That Should ALWAYS Be in Your Wallet: https://www.youtube.com/watch?v=mYPlJTnMtmE ► How To Get Approved for a Business Credit Card (Without a Business): https://www.youtube.com/watch?v=cG8kOcy1U1g Check Out My Channel: null Connect With Me: 📱 Instagram: https://www.instagram.com/chase.yokoyama 📱Tik Tok: https://www.tiktok.com/@chase.yokoyama 📱 Twitter: https://twitter.com/chase_yokoyama My Filming Setup: 📷 Camera: https://amzn.to/3zpDt6X 📹 Lens: https://amzn.to/3zm0RlQ 🎤 Microphone: https://amzn.to/3KqtHaT 💡 Other Equipment: https://link.chaseyokoyama.com/Amazon Disclosures: Some of the card links and other products that appear on this website are from companies which Chase Yokoyama will earn an affiliate commission or referral bonus from, at no additional cost to you. Chase Yokoyama is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This site does not include all financial companies or all available financial offers. Chase Yokoyama is not a financial advisor and this is not financial advice. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. #CreditCards #CreditCards101