 TITLE: When Should I Apply for Another Credit Card? CONTENT: When You Might Want to Wait to Apply for a New Credit Card\n----------------------------------------------------------\nThere are circumstances in which you should wait to apply for a new credit card:\n*   **You've recently applied for a credit card**: When you apply for credit, a lender generally will request a copy of your credit report—this is called a hard inquiry. Too many hard inquiries in a brief time is a red flag for lenders, who may interpret them as a sign that you're not a responsible manager of credit.  \n    Some card issuers even have their own rules about how long you must wait before applying for a new card with the same company. Chase, for instance, has an informal policy called the 5\/24 rule that restricts customers from opening more than five Chase credit card accounts in a 24-month period.\n*   **You're planning to apply for a loan or mortgage**: Avoid applying for new credit if you'll also be seeking other forms of credit, like a home loan, in the near future.  \n    While one hard inquiry's effect on your credit is minimal, a slight point drop could prevent you from making it into a lender's most competitive interest rate tier if you're already on the edge. A new line of credit will also lower the average age of your accounts, and lenders like to see long credit histories. Experts recommend you avoid seeking new lines of credit for one year before applying for a mortgage.\n*   **You're struggling to afford your current credit card bills**: It's also wise to wait to apply for a new card if you can't pay off the cards you have, or if you feel you'll be tempted to overspend with a bigger credit line. Wait until you're confident your income and spending habits can support the greater access to credit a new card would bring. END