06-15-2012 08:57 AM
I am planning on submitting an auto financing request next Thursday but I would also like to request a CLI on an existing CC and app for a new CC sometime soon.
I have paid down my only existing card to 2% Util which reports on Monday and I had myself removed as an AU from another high Util CC that reports next Wednesday.
When run my CR on Thursday I am expecting to have 3% overall utilization.
Is it better to app for one or the other first?
How much does a CLI app affect your auto enhanced credit score?
And visa-versa, how much does a new auto loan affect your likely hood to be approved for a CLI or for a new CC app?
I understand that auto enhanced fico is a bit of a wildcard but I just want to make sure that I am not missing a logical way to order the applications.
06-15-2012 09:11 AM
Often times you can get CLIs without a hard pull. I would call and speak to someone and before they run your credit ask them if they do a hard pull or soft pull. If it's a soft pull, you're good to go. If it's a hard pull, it may or may not affect your score. And that affect may be a few points; it may be more than a few points. It depends on your credit file.
That said, applying for an entirely new cc will absolutely be a hard pull, and therefore resulting in a new inquiry. Again, whether that has an affect on your score or not is still unknown.
I would encourage asking for the CLI if it's a soft pull, but would definately hold off on the new app. The app will not help you in the next week in any way. It would most likely hurt you in two ways. You would get dinged for the new inquiry, and again for lowering your AAoA. Those negative affects woulkd subside after a few months, but there is no reason to app a week before trying to secure any time of financing, auto-enhanced or not.
06-15-2012 05:02 PM
IMHO I would treat the autoloan as a mortgage and not do anything that could lower your FICO score. No CLI request, new CC, cellphone, cable etc.
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