Opinions needed and appreciated :)

heyarrnold · ‎01-25-2015

Hi everyone,

I need advice. I will be purchasing a new car next month. I know I will not have issues qualifying for the best financing available at the dealer. They are likely to pull Experian. However, I wanted to also get the US Airways card to take advantage of the 50k sign up bonus. Barclays is likely to pull TU. I have 5 inquiries on EXP and 2 on TU. Would it be a bad idea to apply for the card and auto loan next month? Or should I just hold off on credit cards for a bit and focus on the auto loan? Thanks in advance!

Anonymous · ‎01-25-2015

Applying for the US Air card is not going to affect your ability to get a car loan one bit. If you can use the card apply

B335is · ‎01-25-2015

I agree, most dealerships consider 720+ for best financing. Heck in 2012 BMW told me anything over 680 was considered super prime but who really knows... I realize this is a credit card thread but you might want to consider lining up financing ahead of going to the dealership. It may give you leverage for a lower rate/payment.

As for the card, 1 new account is not likely to jeopardize the car, that US Air offer is a sweet deal.

Anonymous · ‎01-25-2015

@B335is wrote:
I agree, most dealerships consider 720+ for best financing. Heck in 2012 BMW told me anything over 680 was considered super prime but who really knows... I realize this is a credit card thread but you might want to consider lining up financing ahead of going to the dealership. It may give you leverage for a lower rate/payment.

As for the card, 1 new account is not likely to jeopardize the car, that US Air offer is a sweet deal.

I've come to the conclusion that 680 will get you prime these days.

heyarrnold · ‎01-25-2015

Great! Thank you guys. I definitely will be negotiating the price of the vehicle. I am definitely after a great deal

aav · ‎01-25-2015

At a certain point anything above 760 is still golden to creditors. I will likely preapply for an auto loan and mortgage refi this year. I've worked to get my scores and I know they will take a dip and eventually recover. In the mean time I still haven't applied for the ritz Carlton for the 140k point bonus. I have plenty of cards and don't want the AF and don't travel enough to justify it. I just want the fancy card with the mice clink lol. If I do apply it will be in the same time frams as the loans.

EQ - 834 TU - 823 EX - 822
Amex NPSL Amex BCP - 25,000, Amex EDC - 12000, Diner's Club Premier -35,000, Ritz Carlton - 22,500 Discover 25,100, Chase Reserve -31,000 Total Rewards 13200, Barclay 10000 Citi Diamond P 8,900

Anonymous · ‎01-25-2015

@B335is wrote:
I agree, most dealerships consider 720+ for best financing. Heck in 2012 BMW told me anything over 680 was considered super prime but who really knows... I realize this is a credit card thread but you might want to consider lining up financing ahead of going to the dealership. It may give you leverage for a lower rate/payment.

As for the card, 1 new account is not likely to jeopardize the car, that US Air offer is a sweet deal.

Agreed with the idea of lining up a pre-approved car loan from your bank or credit union. You can usually get a lower rate.

In fact, dealers generally view financing as an extra source of income. So if you are planning on getting pre-approved, don't mention this to them until you agree on a price. They will assume you will be financing so you want to keep it that way. You have less, not more leverage if you are pre-approved, because that is a source of income that is gone for the dealer.

Anonymous · ‎01-25-2015

Heck arnold with your numbers I'd just go down to the dealer and buy a new ride on a couple of those cards you're holding and go home ridin. LOL

heyarrnold · ‎01-25-2015

@Anonymous wrote:
Heck arnold with your numbers I'd just go down to the dealer and buy a new ride on a couple of those cards you're holding and go home ridin. LOL

Lol, but the interest D: hahahaha. And they would likely charge me CC fees

Anonymous · ‎01-25-2015

@heyarrnold wrote:
@Anonymous wrote:
Heck arnold with your numbers I'd just go down to the dealer and buy a new ride on a couple of those cards you're holding and go home ridin. LOL
Lol, but the interest D: hahahaha. And they would likely charge me CC fees

Beat them up on the price up front, then surprise the F&I guy with your cards.