3 Reasons Not to Apply for Any New Credit Cards in 2023

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  • Applying for a new credit card could mean enjoying a nice sign-up bonus.
  • Despite that perk, in some situations, avoiding new credit card applications makes more sense.
  • Consider your existing debt, future moves like getting a mortgage soon, and whether you can handle the temptation of new credit.

It's a practice you may want to pause for a while.

There are several benefits you might enjoy the next time you apply for a new credit card. For one thing, another credit card will add to your spending limit, giving you more flexibility. 

Also, many credit cards give new account holders an opportunity to snag a sign-up bonus. Generally, if you meet a certain spending requirement within a preset period of time, you'll get a lump of cash back or reward points you can use to your benefit.

But while it's easy to see why you might be tempted to apply for a new credit card, in some cases, it pays to hold off on doing so. And if these situations apply to you, you might actually want to avoid getting a new credit card for all of 2023.

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1. You already have credit card debt

If you're sitting on a pretty large pile of credit card debt already, then it's probably best that you avoid applying for any new cards. After all, you don't want the temptation to keep spending and potentially add to your debt load.

Now that said, there is one exception to this rule. It could make sense to apply for a balance transfer card and move your existing credit card balances onto it. 

If your new card comes with a 0% introductory APR, you'll get a reprieve from accruing interest while you chip away at your debt. But if you don't qualify for a balance transfer offer, or if one of these offers doesn't make sense for you (say, because of the fees involved), then you may just want to tell yourself you won't be applying for any new credit cards for the foreseeable future. 

2. You're planning to apply for a mortgage

The higher your credit score when you apply for a mortgage, the lower an interest rate you can anticipate. And seeing as how you may be looking to borrow a large sum of money, that's important. 

Meanwhile, any time you apply for a new loan or credit card, your credit score gets a mild ding due to having a hard inquiry done on your credit report. In many cases, that minor hit won't have much of an impact. But you never know if it might push your credit score just below the threshold needed to snag the most competitive interest rate a given mortgage lender is offering. And you're better off not taking that chance.

3. You don't want the temptation to spend more

Maybe you don't have any credit card debt and have always managed to pay off your balances in full every month. Even so, getting another credit card means having more opportunity to spend money. If you're trying to curb your spending and boost your savings balance, you may not want that temptation.

Even if you're someone who normally applies for one or two new credit cards every year, in these situations, holding off makes a lot of sense. And so you may have to decide that 2023 will be the year when you won't apply for a new credit card at all.

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