I just opened two credit cards in December. I got sucked into AMEX (it's the only thing they take at Costco!) and opened a WAMU card with my sister in law before Chase took away the free monthly credit score. Now I'm looking for a car loan and trying to find the best rates possible. I discovered PenFed and their cash Visa Platinum Rewards card which looks like it will beat out my AMEX Cash rewards. My score is hovering around 710 right now, and I've got those 2 recent accounts. What do you think the chances of being approved with PenFed are? I'd love to be able to open that card and the auto loan with the same credit pull.
By the way, is it really true that credit checks within a few days or weeks of each other are counted as one? If so maybe I can roll the dice with PenFed, BECU, and the dealership.
Does PenFed use Equifax exclusively? I have 4 inquiries on my Equifax, but should count as 3 as two of them were in the same week if that rule really does apply. The newest inquiry is already 6 months old.
Can I apply for the Credit Card and the Auto Loan in the same application so it only dings my report once?
PenFed does have a decent rewards card, but their deposit rates are lousy. Alliant is a better choice overall.
From a FICO standpoint, credit pulls in a short time frame (from same type lenders) is given lenience.....but that does not mean the creditors looking at your app will view it that way....especially if you are shopping for multiple types of credit.
The lenience is based upon the premise that you are, for example, shopping for an auto loan and get pulled multiple times but only execute a single loan, not for shopping multiple loans.
If you are shopping cc's, auto, mortgage, store....broad gamut....every pull and every new account hurts you on the next app.