Yes, you can hold multiple credit cards, but there are a few important considerations:
- Avoid applying intensively:
- Banks are cautious about applicants who apply for credit cards from multiple banks within a short period of time.
- Rapidly expanding your credit lines can signal financial instability, which may affect your approval chances.
- Credit inquiry records:
- Each credit card application leaves a record in the credit bureau's system.
- These inquiry records are visible to banks and are retained for 3 months.
What should you do if your application is rejected?
- If your credit card application is not approved, avoid applying again immediately.
- It’s recommended to wait at least 3 months before submitting another application to improve your chances of approval.
By managing your applications wisely, you can maintain a good credit profile and increase the likelihood of successful approvals.