Effect of Inquiries

[Anonymous]

I don't really, completely, understand the overall effect of inquires. I want to apply for a Amex card, but also will be purchasing a new car between now and the next six months (See the VW inquiry). I don't have to have a new CC now, but want to apply to help the scores come along. I don't want the hard pull unless I know I can get the card, and I'm on the fence regarding if I would get it. I would put it 35%get/65reject.

This is the current inquiry history.
TU
December 27, 2007 Hsbc Retail Services
December 27, 2007 Volkswagen Credit

EQ
None

EX
December 27, 2007 Credco
December 27, 2007 Feb/Frys
August 21, 2007 Telesis Community Cu
August 15, 2007 Hsbc Nv

Should I not worry about another?

TBR

Message Edited by TBR- on 03-05-2008 09:17 AM

[Anonymous]

What are your FICO scores like?

Personally, if it were me, and I were not desperate for a cc, I'd wait until after I go car shopping to apply for more cc's. Just to let the new accts. I have age, have a chance to get some positive payment history, and let the scores recover from the app'ing.

That's my opinion. I'm sure others have different one's.

[Anonymous]

---

@Anonymous wrote:
What are your FICO scores like?

Personally, if it were me, and I were not desperate for a cc, I'd wait until after I go car shopping to apply for more cc's. Just to let the new accts. I have age, have a chance to get some positive payment history, and let the scores recover from the app'ing.

That's my opinion. I'm sure others have different one's.

---

The current scores are TU=671 EQ=641 EX=681. I checked the card on whogavemecredit, and it seems my scores are in the range for the card, but to me it seems, like I said, a reach right now.

Your right. I'm not desperate for new cards, and I can wait. I'm as impatient as anyone, but I can wait. I would like to have another card on the reports aging NOW, and I'm not going to cry if I get rejected. BUT, I will wait if the hard pull will mess the scores too much.

Thanks
TBR

[Anonymous]

Look at it this way. You are gambling with your future choice when car shopping. You will loose some points for another inquiry....and depending on the card, perhaps more than 1 inq.

It's up to you of course. App now, and delay car shopping, or vice versa.

[Anonymous]

The inq isn't the only problem.  If you get the new card, it could hurt your score because you get dinged for having new credit, plus it lowers the average age of your accounts.

[Anonymous]

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@Anonymous wrote:

The inq isn't the only problem. If you get the new card, it could hurt your score because you get dinged for having new credit, plus it lowers the average age of your accounts.

---

Good point. I guess I should just wait.

Thanks
TBR

[Anonymous]

You're welcome.

When you go shopping for car finance, make sure you do it all in a 14-day window.  Then all your car loan inqs will count as a single inq.  This is true for mortgage shopping, but NOT for credit cards or other credit apps.  Good luck, and let us know what happens!

I have a V W.  Loved it until last week when it needed big time expensive repairs.

[Anonymous]

We have a 99 VW cabro. Got it for the wife off-lease, and it has been great for her. Fun, and few problems.

Now, the window cable broke making the driver side window inoperable. It getting a strange shifting issue, and the looks are going. Its time. We have been looking as Passats and the R3. Both fun cars. She also likes the Audi 4.

We were going to do the Passat, thats what the pull was for, but then the wife talked herself out of it. WHILE I WAS SIGNING PAPERS.

TBR

[demi]

I have a 05 "New Jetta" had just been introduced when I bought it--- LOVE IT LOVE IT LOVE IT.   Seems like everyone warned me about problems with vws....not one to date other than the xm stereo (which I actually could care a less about, but still under warranty).  Has 63,000 miles on it already...yeesh.  Greta the Jetta. 

LOVE IT !!!  Moved to the sierra foothills just before I got it, love my lumbar support (which is what truly sold me on it after two back surgeries) and my seat warmers, and everything else - including the heated rear view mirrors, I mean you really have to wonder who thought that up ?

Did I mention I love it !