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Regular Contributor
Posts: 206
Registered: ‎01-21-2012

New cards and new auto loan

I just was approved for 2 new cards last month: AMEX Premier Rewards Gold and Gold Delta SkyMiles.

I was also approved for a credit line increase of $5000 on another card (BoA 1-2-3) which I just got on Monday. 

They aren't reporting yet (no preset spending limit on the Gold and $5k on the Delta) and my current utilization on my cards is <10%

Over the next day or so they may actually report as my AMEX statement cut date is today and Friday respectively. 


My scores are 700-710 across the board. 


Do I apply for a car loan immediately, before my new cards report?

Do I wait until they report, so that the credit union sees that I am trusted with a decent credit limit on my cards?

Moderator Emeritus
Posts: 14,390
Registered: ‎12-30-2011

Re: New cards and new auto loan

I'd apply now.  Downpayment is the larger factor in approvals, score is more for APR.  In this case from your siggy you will slash your AAOA in half (assuming it is more than two years now that is) and the underwriter isn't going to care about your limits on revolvers.






Starting Score: EQ 04 561, TU 98 567, EX 98 599 (12/30/11)
Current Score: EQ 04 694, EQ 8 714, TU 8 708, EX 8 724 (04/01/16)
Goal Score: 700 on EQ 04 (01/01/17)

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