Understanding FICO® Scoring

[KDM]

First question;  Is it difficult to get a second car loan when you currently have one? 

Second; Would applying for a cc and a car loan within a couple months of each other be problematic, or would not present a problem because it's different types of credit?

[masdeocho]

First question:  It all depends on your FICO score, the total amount of your current debt, and your income.  No one can make an accurate prediction without more info.

Second question:  Again, it depends.  Any application for credit (whether it's for a card or a car) generates a hard inquiry, and too many count against you.  If you are shopping for a car loan, get all your quotes within a 14-day period.  Those inquiries should count as a single one.  The further apart you can space your other inquiries, the better your chances.  The bank gets nervous if you are suddenly applying for a lot of credit.

Message Edited by masdeocho on 04-20-2007 11:07 AM