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Hmmm. Probably should not have done that.

Established Member

Hmmm. Probably should not have done that.

So I had an invite for Citi Diamond and I apped it. I got approved but had realized too late that I am going to apply for a car loan in about a week or two.

 

Stupid....I totally forgot about waiting until the loan went through.


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9 REPLIES
Established Contributor

Re: Hmmm. Probably should not have done that.

I wouldnt worry about the car loan, the underwriting on car loans is actually less than a lot of credit cards

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Frequent Contributor

Re: Hmmm. Probably should not have done that.

Congrats!

How much were you approved for?

I don't think one app will mess you up too bad.
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Frequent Contributor

Re: Hmmm. Probably should not have done that.

The HP will be on your report, but the account should not show up for 30ish days.

 

If they ask just be honest, and let them know that you opened an new card account to take advantage of their ...... insert reason here.  I am sure they will be fine with it if the rest of your report is clean and aged.

Established Member

Re: Hmmm. Probably should not have done that.

I was approved for 1500. My highest approved initail CL. I will wait the 6 months and try for a CLI.

I just got a Walmart card and NFL card back in Jan, so hopefully won't screw me up.


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Current Score: TU 712 EQ 704 (both from myFICO)
Goal Score: 850


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Moderator Emerita

Re: Hmmm. Probably should not have done that.


high_lander wrote:

I was approved for 1500. My highest approved initail CL. I will wait the 6 months and try for a CLI.

I just got a Walmart card and NFL card back in Jan, so hopefully won't screw me up.


Congrats on your approval!

Valued Contributor

Re: Hmmm. Probably should not have done that.


high_lander wrote:

So I had an invite for Citi Diamond and I apped it. I got approved but had realized too late that I am going to apply for a car loan in about a week or two.

 

Stupid....I totally forgot about waiting until the loan went through.


Congrats on your success with the Cit Diamond!

Depending on your car loan finance source, it might not be that bad of a situation.  If you're going through a bank/credit union that you already deal with, that factor will be a plus for you.  Also keep in mind that, if you go to a dealership, and they pull your credit, it's frequently the "auto enhanced" score that they get, that will likely be somewhat higher than those scores in your signature.  That would also play in your favour, that higher score, and honestly, sometimes auto lenders ONLY look at the score and don't go in depth into the report.  As always, YMMV. 

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Senior Contributor

Re: Hmmm. Probably should not have done that.

Whats the biggie in getting a card b4 a car loan or a mortgage?? Ive seen these quite often and dont get why? Can some1 explain?? BTW Congrats on your CITI approval not everyone can get in with CITI easily since they tend to be delicate on who to approve because they look into every detail, so congrats on that!

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Established Contributor

Re: Hmmm. Probably should not have done that.

Usually not a problem when getting a auto loan.  It's a different story with a mortgage app.  Mortgage lenders like to see no inquiries on their credit reports for 6 months prior to application.  High fico applicants usually don't run into problems but marginal consumers could be rejected.  So to keep the mortgage process smooth and reduce paperwork don't app for new credit for 6 months prior to application and hold off on any credit transactions during the approval process.

Senior Contributor

Re: Hmmm. Probably should not have done that.

Ohh okay got it!!^^^^ Thanks @namvet

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017