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Need your help

Regular Contributor

Need your help

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?

 

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Moderator Emeritus

Re: Need your help

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
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Bartender, bring another round of FICOtinis please!

9.4.2011: TU 805. EQ 815.
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