diff --git a/changelog/unreleased/pull-3776 b/changelog/unreleased/pull-3776
new file mode 100644
index 000000000..2fd203203
--- /dev/null
+++ b/changelog/unreleased/pull-3776
@@ -0,0 +1,10 @@
+Bugfix: Limit number of key files tested while opening a repository
+
+Previously, restic tested the password against every key in the repository, when
+there are more and more keys in the repository, opening the repository becomes
+slower and slower.
+
+Now restic tests password against up to 20 key file in the repository. Alternatively,
+you can use `--key-hint=<Key ID>` to specify the key file to be used.
+
+https://github.com/restic/restic/pull/3776
diff --git a/cmd/restic/integration_test.go b/cmd/restic/integration_test.go
index 792b825c2..cefea852a 100644
--- a/cmd/restic/integration_test.go
+++ b/cmd/restic/integration_test.go
@@ -1040,7 +1040,7 @@ func testRunKeyAddNewKeyUserHost(t testing.TB, gopts GlobalOptions) {
 
 	repo, err := OpenRepository(gopts)
 	rtest.OK(t, err)
-	key, err := repository.SearchKey(gopts.ctx, repo, testKeyNewPassword, 1, "")
+	key, err := repository.SearchKey(gopts.ctx, repo, testKeyNewPassword, 2, "")
 	rtest.OK(t, err)
 
 	rtest.Equals(t, "john", key.Username)
diff --git a/internal/repository/key.go b/internal/repository/key.go
index 8c62d7e36..67f27f204 100644
--- a/internal/repository/key.go
+++ b/internal/repository/key.go
@@ -137,6 +137,7 @@ func SearchKey(ctx context.Context, s *Repository, password string, maxKeys int,
 
 	// try at most maxKeys keys in repo
 	err = s.Backend().List(listCtx, restic.KeyFile, func(fi restic.FileInfo) error {
+		checked++
 		if maxKeys > 0 && checked > maxKeys {
 			return ErrMaxKeysReached
 		}