Car loan or Credit Cards?

[Anonymous]

Hi guys,  I am new here, first off my scores TU 700, EX 661, EF ???

I just got approved for my 3rd credit card after a couple year battle to get my credit on track. (yay) 

It was a Discover at $5,500, I also have a credit card with my credit union for $1,000 (about a year old), and a secured card for $500 (about two years old), I don't know why they let me keep the secured card, but I don't want to cancel it!

Ok, so I am looking to get a car loan in the next month or so, but I would also like to get some more cards so I can start building more of a history. 

Do you think I should try to get more cards now (at least one), or wait until I get the car loan? I don't want to risk lowering my score by applying for cards and getting denied for a car loan, or get a crumby rate.

Thanks for any help you can give! 

[Anonymous]

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@Anonymous wrote:

Hi guys,  I am new here, first off my scores TU 700, EX 661, EF ???

I just got approved for my 3rd credit card after a couple year battle to get my credit on track. (yay) 

It was a Discover at $5,500, I also have a credit card with my credit union for $1,000 (about a year old), and a secured card for $500 (about two years old), I don't know why they let me keep the secured card, but I don't want to cancel it!

Ok, so I am looking to get a car loan in the next month or so, but I would also like to get some more cards so I can start building more of a history. 

Do you think I should try to get more cards now (at least one), or wait until I get the car loan? I don't want to risk lowering my score by applying for cards and getting denied for a car loan, or get a crumby rate.

Thanks for any help you can give! 

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Hold off on apping. Get ahold of your EQ score because 80% of the time that's what auto lenders go off of.

[Anonymous]

Nixion, thank you for the reply!

Quizzle says 749, I read that is the same as EQ... Is that right?

[Anonymous]

Not exactly.

According to Quizzle i'm sitting at 690, My EQ FICO is currently 646.

I would make the small investment and get some true FICO scores on here if only to know where you stand as far as lenders go.

[Kenny]

Wait until you get the auto loan before you do anything else.

[traveler2005]

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@Anonymous wrote:

Hi guys,  I am new here, first off my scores TU 700, EX 661, EF ???

I just got approved for my 3rd credit card after a couple year battle to get my credit on track. (yay) 

It was a Discover at $5,500, I also have a credit card with my credit union for $1,000 (about a year old), and a secured card for $500 (about two years old), I don't know why they let me keep the secured card, but I don't want to cancel it!

Ok, so I am looking to get a car loan in the next month or so, but I would also like to get some more cards so I can start building more of a history. 

Do you think I should try to get more cards now (at least one), or wait until I get the car loan? I don't want to risk lowering my score by applying for cards and getting denied for a car loan, or get a crumby rate.

Thanks for any help you can give! 

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Anymore cards will lower you average age of accounts and probably drop your creditscore. Get your car loan first!  Also applying at a credit union will probably give you a better rate on your car loan, many of them can pre approve you for a certain amount with only 1 pull from credit bureau. You walk in, say thats the car I want, you write the check, the money is put into your account from the car loan to cover the check, and you get into your car and drive home. No haggleing.

Credit Unions are also more forgiving on the interest rates for lower scores. My credit union scores this way

720+  = A+

680    = A

640    = B

600    = C

and so on, where the bigger banks have tighter requirements.

Best Wishes!