Reply
Established Contributor
Posts: 731
Registered: ‎08-12-2011
0

New CC before/after auto loan?

If I can make up my darn mind on what make/model/year, I will be getting a car soon. Are auto loans just as sensitive to new credit as mortgages? I only have two open revolvers right now and I am looking to add one or two more soon. I'm thinking of the US Bank REI card (to get 5% back on REI purchases) and the US Air Barclays card, to get in on miles that will eventually transfer to my AA account.  If I go for the cards now, will it hurt my chances for auto loan or negatively effect rates I can qualify for?

 

Moderator
Posts: 9,674
Registered: ‎01-28-2010
0

Re: New CC before/after auto loan?


bahbahd wrote:

If I can make up my darn mind on what make/model/year, I will be getting a car soon. Are auto loans just as sensitive to new credit as mortgages? I only have two open revolvers right now and I am looking to add one or two more soon. I'm thinking of the US Bank REI card (to get 5% back on REI purchases) and the US Air Barclays card, to get in on miles that will eventually transfer to my AA account.  If I go for the cards now, will it hurt my chances for auto loan or negatively effect rates I can qualify for?

 


Nope.   In general it is much easier to get approved for an auto loan than for a mortgage.   However be aware of the overall effects of new credit on your FICO score, such as lower AAoA, inquiries, etc...

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

Get a myFICO recommended credit card

Copyright ©2001-2013 Fair Isaac Corporation.
All rights reserved.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.