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Should I apply for a CREDIT CARD before a CAR LOAN

Regular Contributor

Should I apply for a CREDIT CARD before a CAR LOAN

Hi all!

 

Im considering buying a new car but also want to get the CSP. Should I apply for the CSP before applying for the car loan?

My logic is that credit card companies are more sensative to inquiries vs auto loan lenders. 

 

What do you guys/gals think? 

 

 

** Sorry mods, this is also posted in the Auto section.

** Posted it here as well since this side has more eyes than the auto section and it does apply to credit cards as well... 

Message 1 of 10
9 REPLIES
Contributor

Re: Should I apply for a CREDIT CARD before a CAR LOAN

I would app for the cc first then the car loan before the cc reports, hence affecting your aaoa. Do u have any other high limit credit cards on ur cr with at least 5k limit?
Message 2 of 10
Contributor

Re: Should I apply for a CREDIT CARD before a CAR LOAN

Give me more info. Scores, Current inq., aaoa, util, derogs, etc.
Message 3 of 10
Epic Contributor

Re: Should I apply for a CREDIT CARD before a CAR LOAN

since just 1 credit card, that before car.

Message 4 of 10
Regular Contributor

Re: Should I apply for a CREDIT CARD before a CAR LOAN

Thanks for all your responses. 

 

I have a few inquries on my report (rather not say how many since its frowned upon, lol) but was recently approved for a virgin america cc with a $10k limit.  

My highest limit so far is $25k. 

 

I will be applying for the CC then since that seems to be the better route! Smiley Happy Thanks again! 

Message 5 of 10
Regular Contributor

Re: Should I apply for a CREDIT CARD before a CAR LOAN

Card first, definately!

Make sure you are going to use a good score on the car loan as most will be guaranteed for a month if you go through a CU or bank.

 

The card first, don't wait until it reports to go get that Car Loan though Smiley Wink

Starting Score: 635 Current Score: 686 Citi Pull
Goal Score:720s
Tried to use Images but it was all Wibbly, Wobbly, and Timey-Wimey.
Cap One Quicksilver $1,300 Wal-Mart $1,000 Best Buy $1.5K DiscoverIT $2.5K Chase Freedom $3K AMEX BCE $2K
Chase Slate - $1,000 AMEX Everyday - $4,000 Sallie Mae - $2,500
New!! Citi Double Cash - 1K
Message 6 of 10
Regular Contributor

Re: Should I apply for a CREDIT CARD before a CAR LOAN

Card card card card card!!! Good luck with your approved CL!



Garden
2/16/14
|*****1/2014 - NPSL*****| *4/2011 6,000 CL* |*11/2011 - 5,000 CL*| *9/2012 - 850 CL* | *1/2014 - 500 CL* |*2/2014 - 6,000 CL*|
Message 7 of 10
Regular Contributor

Re: Should I apply for a CREDIT CARD before a CAR LOAN

Thanks for all the replies...

 

Before going ahead and applying for the card, I contacted the dealership and went over my scenario and payments I was comfortable with. Unfortunately, I dont think he can make it happen. Currently trading in a car and they are asking for $5k down to get the payments low enough for me to even want the car. Sooooo..... I guess ill be holding off on buying a new car and applyIing for a credit card. 

 

 

Message 8 of 10
Regular Contributor

Re: Should I apply for a CREDIT CARD before a CAR LOAN

just curious, have you posted in the Car Loan section of the forum?

Starting Score: 635 Current Score: 686 Citi Pull
Goal Score:720s
Tried to use Images but it was all Wibbly, Wobbly, and Timey-Wimey.
Cap One Quicksilver $1,300 Wal-Mart $1,000 Best Buy $1.5K DiscoverIT $2.5K Chase Freedom $3K AMEX BCE $2K
Chase Slate - $1,000 AMEX Everyday - $4,000 Sallie Mae - $2,500
New!! Citi Double Cash - 1K
Message 9 of 10
Highlighted
Established Contributor

Re: Should I apply for a CREDIT CARD before a CAR LOAN


Bsong wrote:

Thanks for all your responses. 

 

I have a few inquries on my report (rather not say how many since its frowned upon, lol) but was recently approved for a virgin america cc with a $10k limit.  

My highest limit so far is $25k. 

 

I will be applying for the CC then since that seems to be the better route! Smiley Happy Thanks again! 


May want to hold off on apping the CSP then.. Chase doesn't like new accounts or a lot of inquiries showing.. As always YMMV though.

Too many to list..
Message 10 of 10