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shopping cart trick?

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bbrentlinger
Regular Contributor

shopping cart trick?

Anyone have any infor on the Shopping cart trick and its affect getting an auto loan?  We are wanting to buy in December and dont want to hurt our chances of a decent interest rate by adding a cc.  It would help our utilization since I never shop at any of the stores listed in the thread.


Starting Score: EQ593 EX 633 TU 649
Current Score: EQ 593 EX 633 TU 649
Goal Score: 700


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buildafico
Frequent Contributor

Re: shopping cart trick?

The shopping cart trick will not add inquiries, but will likely cause a ding because of lowering your AAoA. IMHO adding a bunch of new credit before applying for auto loans is probably going to look bad to underwriters, and would probably be bad for your interest rates. are your cards maxed?
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Message 2 of 4
bbrentlinger
Regular Contributor

Re: shopping cart trick?

no they arent maxed and plan to pay them down before buying.  what you said, was what I was thinking.  We we were approved for a $250 vs card.  just gonna let it sit for now.  I got a pre-approval for first premier 36%-yikes!  that one is getting shredded!  bide our time!


Starting Score: EQ593 EX 633 TU 649
Current Score: EQ 593 EX 633 TU 649
Goal Score: 700


Take the myFICO Fitness Challenge
Message 3 of 4
buildafico
Frequent Contributor

Re: shopping cart trick?

That's insane! What's their penalty rate? 50% lol
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