Is It OK to Apply for 2 Credit Cards at the Same Time?

Two is better than one. But when it comes to credit cards, applying for two might just double your chances of getting a rejection.

When you apply for a new credit card, the card issuer runs a hard inquiry on your credit report. This inquiry stays on your report for two years and can cause a temporary drop in your score. What's more, having multiple hard inquiries (or new credit card accounts) could deter a card issuer from approving your application -- especially if you just applied for a credit card moments before.

At the same time, it's not impossible to apply for two credit cards at the same time and get approved. After all, there's no rule stating that you can only apply for one credit card at a time. That said, if you have your eye on two credit cards -- say two cash back cards that really suit your spending habits -- a few factors will increase your chances of approval.

You have good credit

If you have a stellar credit history with no delinquencies and a low credit utilization, applying for two credit cards at once might not deter credit card companies from approving you.

Again, credit issuers will pull your credit report when you apply for a card. Even if you applied for a card just moments before, your exceptional creditworthiness might outshine the recent hard inquiry.

If a card issuer doesn't see any reason to doubt your commitment to paying your bills on time, it might go ahead and approve you. Likewise, with good credit, applying for two credit cards will likely have a minimal impact on your score.

Then again, good credit doesn't always lead to acceptance. Credit card companies typically have their own internal criteria for who to approve and who to reject. That's why it's entirely possible to have excellent credit and a perfect 850 FICO® Score and still get denied. With that in mind, let's move on to the next factor.

You haven't applied for a credit card in the last year

Generally speaking, the more new credit cards you've opened in the last year, the lower your chances are of getting approved for two credit cards at once.

Many credit card companies reject new applicants who've opened a certain number of credit cards within a specific timeframe. For example, Chase prohibits new users who have opened five or more credit cards within the previous 24 months -- this is known as the Chase 5/24 rule. Other credit card companies have similar rules for who to approve, though not all state them as publicly as Chase does.

One reason companies limit credit card applicants in this way is to crack down on a practice known as "churning." This involves opening new credit cards for their sign-up bonuses, then closing them once the bonus is earned. Even if you're not churning bonuses, opening several credit cards within a short period might match the activities of someone who does.

That said, if you've opened one or two credit cards in the last 12 to 24 months, that doesn't mean you'll be denied for one of the two cards you plan to open. Your chances might be slightly decreased, but it's not impossible.

Some companies -- like American Express -- will even tell you if you're pre-approved for a card without hurting your credit. While this doesn't guarantee you'll get the card, it could prevent an unnecessary hard inquiry if you're not pre-approved.

So, is it okay to apply for two credit cards at the same time? Of course it is. Will you get approved for both? That depends on your credit score and whether you fit the criteria of that card issuer.

It's not impossible, but if you're at all in doubt, it might be prudent to let some time pass before you apply for the second card.