Applying for credit all at once, since car loan

[Anonymous]

Hello all,

I am new to the site. I've always read on the forums as a guest, then, finally signed up. Guess I was just scared. Of what? No idea. Anyways, I've rebuilt my credit from a 489 to a 663 within a year. I started off with a jewelry store loan. Then after 4 months, signed up for 2 Capital One cards. From there my score has been raising ever since, and I finally was able to get a car loan this year from Chase. It's at a 14% APR, but I can't be picky about it, because I need a car, since my accident a couple weeks ago. Now, I've been just going crazy applying for other cards. Target, Walmart, and Amazon all got approved. Discover however, got denied, and that's when I decided to stop. Thing is, am I moving too fast now?

Once I got approved for the car loan, I felt on top of the world, because just a few months ago, no dealership banks were approving me. I know it takes time to build credit, I just also hear the more line of credit you have available, the better it looks? Maybe I'm misinterpreting that meaning. I'm still new to credit. I've cleaned up quite a bit of my collections, from 8 bad, to 3. I've stayed on top of my payments, I just don't want to fall backwards again like I did when I was in my 20's. I have a baby on the way as well, so I feel like the more credit I have now, the quicker I can buy a house for my family, even though I know it doesn't happen overnight. Basically, are all these hits, yet being approved going to affect me a whole lot? Will my score continue to rise with a car loan? Any help would be much appreciated.

Thanks

[EAJuggalo]

The hits will affect you in the short term but not so much after a few months or a year.  From everything I've read Walmart and Amazon are easy to get as long as you have a score, but Discover is much harder.  Let your credit sit for a few months and then see where you are.  If you don't already have one find a good credit union and become a member.  My scores are probably lower than yours and I just got approved for a car loan at 10.29% through my credit union, they flat out told me if I wasn't already a member I wouldn't have gotten it.  A good history there could really help when it comes time for the mortgage.  And possibly refinancing your new car loan.

The car loan will lower your scores in the short term as well but as you make a few payments it will get better and better.