First off a big THANK YOU to you all!! Using what I’ve learned here, we’ve bounced back from hard times in 2005-2007 which included a couple of charge offs, a collection and federal tax liens. We also had a second mortgage in order to pay off the credit card debt we were so far behind on. This was a mortgage with Wells Fargo Financial with an interest rate of 12.95%. Yes 12.95%!
On Wednesday we closed on a refinance of our first and second at 4.125%!! 
My question is what’s next. My husband and I want to buy a new car and feel like we also need another credit card each to keep building our credit. We each have one cc and a joint overdraft line of credit tied to our checking account. Our CC util is <10%. All loans are current. Baddies are 4 30 day lates on the old second mortgage which are 6 years old, and 3 or 4 90 day lates on student loan, also 6 years old. The student loan appears on mine only, not hubby;s.
Which should we app for first cc or car loan? Would either affect the chances of getting the other?
My inquiries are EQ-1, EX-2, TU-4, my husbands are similar.
Scores from lender pull on refinance were:
Me EX-732 TU-770 EQ-753 Hubby EX-784 TU-800 EQ-782
Thanks!
@IDontNeedThat wrote:First off a big THANK YOU to you all!! Using what I’ve learned here, we’ve bounced back from hard times in 2005-2007 which included a couple of charge offs, a collection and federal tax liens. We also had a second mortgage in order to pay off the credit card debt we were so far behind on. This was a mortgage with Wells Fargo Financial with an interest rate of 12.95%. Yes 12.95%!
On Wednesday we closed on a refinance of our first and second at 4.125%!!
My question is what’s next. My husband and I want to buy a new car and feel like we also need another credit card each to keep building our credit. We each have one cc and a joint overdraft line of credit tied to our checking account. Our CC util is <10%. All loans are current. Baddies are 4 30 day lates on the old second mortgage which are 6 years old, and 3 or 4 90 day lates on student loan, also 6 years old. The student loan appears on mine only, not hubby;s.
Which should we app for first cc or car loan? Would either affect the chances of getting the other?
My inquiries are EQ-1, EX-2, TU-4, my husbands are similar.
Scores from lender pull on refinance were:
Me EX-732 TU-770 EQ-753 Hubby EX-784 TU-800 EQ-782
Thanks!
CCs first and I would have your own financing arranged for the auto loan to avoid the inquiry barrage a dealership will initiate to find you the best financing terms 10-12 inquries is not uncommon. Grats to all your success 
@IDontNeedThat wrote:
@Spanky4u wrote:I'm in this exact same situation....
Won't opening a new Credit Card drop the score some hurting the car loan?
I'm also in a brand new job and I'm wondering how best to report income since
it's commission only. How do the credit card companies verify income?? They dont, there is some program out there that estimates your income and if they are concerned they will just ask you for proof of income. W2s, Paystubs and/or tax returns.
Was wodering the same thing, but I've also read on here that for car loans they use auto enhanced scores that focus more on your past car loans than you revolving credit. yes some banks and CUs will use auto enhanced scores. My CU uses Fico 04 V2 for all (a mortgage score(, inquries typically cost your Fico a few points unless you are in the 800 stratosphere where they can cost 20+ points. And maybe CC companies are more inquiry sensitive? Yes they are, if the auto inquiries get coded correctly all in a 2 week period count as 1 for Fico but they still will be a point of contention for credit card auto approval software and UWs. You would need to recon the app if declined for inquries (you can tell the UW which are auto related).
Don't know about the commission only income reporting, but the CC I got approved for in January was instant online approval so I don't think they verify your income.