Why You Should Always Apply for Two Credit Cards
Credit card sign-up bonuses are the key to traveling the world for next to nothing, but we don’t want to travel at the expense of our credit scores. Remember to always apply for two credit cards instead of one! This simple trick is the key to obtaining large sign-up bonuses while protecting your credit score.
To maximize your point potential always pair one personal card application with one business card, from the same credit card bank, in the same day. This way instead of a credit bureau pull for each application you are generally only hit with one credit pull for both applications. The classic two for one. The reduction in credit inquiries helps to reduce the impact of card applications on your credit score.
It’s very important that your first application is always for the business card. The reason is business cards are typically more difficult to get approved and you always have to call into the bank’s reconsideration line. You will have to talk to a real person who could deny you if they see you already applied for a personal card. I recommend calling the business reconsideration line immediately after applying for the business card. If you do not call it is unlikely you will be approved.
When calling the reconsideration line a credit analyst will ask you questions about your business such as years in business, number of employees, total revenue, net income, etc. Once they are satisfied with the information you have provided you are typically instantly approved. Don’t worry you don’t actually need to have answers for all those questions or even own a REAL business. If you only sell items on eBay or Craigslist you can still qualify for a business card. Don’t have an IRS issued employer identification number (EIN)? Then enter your SSN on the application in the EIN’s place and select Sole Proprietorship as the business type.
Once you call and your business card is approved then apply for the personal card. Personal cards are almost always approved immediately online.
Thrifty Tip # 1: Pair an application for a business card with a personal card in the same day. This way you will only get one credit bureau inquiry for both applications! This reduces the impact of applications on your credit score.
Thrifty Tip #2: Always apply for the business card first. Call in to get approved immediately after application. After approval apply for the personal card. This will increase your chances of getting both approved.
Thrifty Tip #3: Even if you don’t have a REAL business you can qualify for a business card. Just enter your SSN in the place of the EIN and select Sole Proprietorship.
Thrifty Tip #4: The only exception to the two apps per day rule is Citibank, which will typically only allow you one app per day. Sorry guys!
By following these Thrifty Tips you will get more credit cards with less impact on your credit score. This method will also help you to avoid having credit applications rejected for having too many credit bureau inquiries in too short a time period. I always recommend applying for two cards per quarter to start out and ramp it up to four (from two banks) as you get more comfortable. As I state in the Beginners Guide make sure to wait 90-120 days between applications and alternate quarterly with a spouse if at all possible!
Check out our Top Credit Cards and leave a comment below letting me know how your applications went!
Who to call if you are not instantly approved:
American Express Credit Card Reconsideration
- 877-399-3083 (new accounts) 8am-midnight EST M-F, 10am-6:30pm Saturday
Barclays Credit Card Reconsideration
- 866-408-4064 (credit analyst) 8am-5pm EST Monday to Friday
Chase Credit Card Reconsideration
- 888-245-0625 (personal credit analyst, 7am-10pm EST M-F; 8am-10pm EST Sat. and 9am-9pm Sun.)
- 800-453-9719 (business credit analyst, 8am-10pm EST M-F)
Citibank Credit Card Reconsideration
- 800-763-9795 (personal and business card application status/analyst) 7am-midnight EST 7 days a week