Preapproval for Discover but need an auto loan this month

[nmbrsgrl]

What should I do? I need to open more TL and really want that Discover but I need financing for a new car before mine completely dies. I've been working very hard to clean up my credit reports. I have a couple of baddies left but it's looking much better. My scores started in the 500s and are now EQ 608 TU 651 and EX 624.

Should I wait on the Discover? I can't wait any longer on the car. I need some guidance. I'm having a hard time pulling the trigger.

[Creditaddict]

If you need credit cards that probably boost your score and an Inq auto don't care much about usually.

[j_casteel]

Car or credit card....

How is this even a hard decision? A reliable form of transportation would trump a CC in my opinion. Besides, your scores are low/borderline for Discover so I would wait.

[nmbrsgrl]

Well, it was late when I posted and I don't think I was clear. My question really was which to do first. I need both and I will get both eventually. I need more credit to boost my score but my scores aren't good enough that losing a few pts wouldn't hurt. Ack.

I let my credit go to pot when my husband passed away. Just took a hard look at it and started to rebuild in December after 8yrs. I had a 740 back then but honestly didn't pay much attention...just paid on time. Rebuilding after letting everything tank is a whole 'nother ball game.

Thanks for the responses. :-)

[capitalkid]

You'll get there, just keep up with the boards people here are quite helpful.

[user5387]

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@nmbrsgrl wrote:

What should I do? I need to open more TL and really want that Discover but I need financing for a new car before mine completely dies. I've been working very hard to clean up my credit reports. I have a couple of baddies left but it's looking much better. My scores started in the 500s and are now EQ 608 TU 651 and EX 624.

Should I wait on the Discover? I can't wait any longer on the car. I need some guidance. I'm having a hard time pulling the trigger.

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I'd suggest talking to some local CUs, and see if you can get both a car loan and a new CC as part of a package deal.

[TurboFX]

You NEED a car and WANT a credit card? If you can get an auto loan that's affordable then that should be your main focus. Get a credit card or 2 afterwards to help rebuild your credit. Having an auto loan on your credit should help your scores as well.  Just make sure there are no restrictions or repayment penalties on your loan. Your scores should improve after about 6 months.  Look into refinancing the auto loan to get your payments down. Good Luck!

[xsvspd]

I just had the same thing, I opt'd for the car. Two weeks later app'd for Discover and got it, along with four others! My scores were borderline as well. Get the car. Then the card.

[duyen28262]

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@xsvspd wrote:

I just had the same thing, I opt'd for the car. Two weeks later app'd for Discover and got it, along with four others! My scores were borderline as well. Get the car. Then the card.

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This is what I did as well. I bought the Jeep Patriot, then applied for a few cards. However, due to my high UTI (like 98% high), I only got approved for BofA and DiscoverIT. My score was 680 then.

[xsvspd]

The biggest factor next to on time payments is Util. If it's less than 10%, your scores will likely increase. If you don't have low util right now, maybe hold off on the cards until you can get pay down what you have.