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Regular Contributor
Posts: 197
Registered: ‎05-11-2013
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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... 

Contributor
Posts: 201
Registered: ‎01-15-2014
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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?
Contributor
Posts: 201
Registered: ‎01-15-2014
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Re: Should I apply for a CREDIT CARD before a CAR LOAN

Give me more info. Scores, Current inq., aaoa, util, derogs, etc.
Epic Contributor
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Re: Should I apply for a CREDIT CARD before a CAR LOAN

since just 1 credit card, that before car.

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Regular Contributor
Posts: 197
Registered: ‎05-11-2013
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Re: Should I apply for a CREDIT CARD before a CAR LOAN

[ Edited ]

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! :smileyhappy: Thanks again! 

Regular Contributor
Posts: 224
Registered: ‎03-12-2013
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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 :smileywink:

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Regular Contributor
Posts: 130
Registered: ‎01-09-2014
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Re: Should I apply for a CREDIT CARD before a CAR LOAN

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



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Regular Contributor
Posts: 197
Registered: ‎05-11-2013
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Re: Should I apply for a CREDIT CARD before a CAR LOAN

[ Edited ]

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. 

 

 

Regular Contributor
Posts: 224
Registered: ‎03-12-2013
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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
Established Contributor
Posts: 709
Registered: ‎01-10-2011
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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! :smileyhappy: 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.

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