topic Re: Credit App Question in Credit Card Applications

Credit App Question

Anonymous — Wed, 15 Jul 2015 02:51:25 GMT

All, I have put off app'ing for any Cap1 cards that I have prequal'd for because I am attempting to secure a vehicle via finance or loan in the next 7-14 days and I am borderline on the score needed for Tier 1 rates.

Can I assume that if the vehicle lender does their credit check and I get my vehicle, than I can AND more importantly SHOULD immediately complete the Cap1 app(s) prior to the vehicle loan/lease reporting for my best chance of success?

thanks

Re: Credit App Question

Anonymous — Wed, 15 Jul 2015 03:02:00 GMT

@Anonymous wrote:
All, I have put off app'ing for any Cap1 cards that I have prequal'd for because I am attempting to secure a vehicle via finance or loan in the next 7-14 days and I am borderline on the score needed for Tier 1 rates.

Can I assume that if the vehicle lender does their credit check and I get my vehicle, than I can AND more importantly SHOULD immediately complete the Cap1 app(s) prior to the vehicle loan/lease reporting for my best chance of success?

thanks

Auto loan reporting should have no effect whatsoever on your CapOne application so doesn't really matter if you complete the app before it does.

Re: Credit App Question

Santi78342 — Wed, 15 Jul 2015 03:12:36 GMT

@Anonymous wrote:
@Anonymous wrote:
All, I have put off app'ing for any Cap1 cards that I have prequal'd for because I am attempting to secure a vehicle via finance or loan in the next 7-14 days and I am borderline on the score needed for Tier 1 rates.

Can I assume that if the vehicle lender does their credit check and I get my vehicle, than I can AND more importantly SHOULD immediately complete the Cap1 app(s) prior to the vehicle loan/lease reporting for my best chance of success?

thanks
Auto loan reporting should have no effect whatsoever on your CapOne application so doesn't really matter if you complete the app before it does.

Secure the vehicle and then app away! Do it before the loan reports so your debt to income ratio looks better & so you're not getting that new account ding.

Re: Credit App Question

Anonymous — Wed, 15 Jul 2015 03:20:16 GMT

@Anonymous wrote:
@Anonymous wrote:
All, I have put off app'ing for any Cap1 cards that I have prequal'd for because I am attempting to secure a vehicle via finance or loan in the next 7-14 days and I am borderline on the score needed for Tier 1 rates.

Can I assume that if the vehicle lender does their credit check and I get my vehicle, than I can AND more importantly SHOULD immediately complete the Cap1 app(s) prior to the vehicle loan/lease reporting for my best chance of success?

thanks
Auto loan reporting should have no effect whatsoever on your CapOne application so doesn't really matter if you complete the app before it does.

Ok, thanks. But it is still best to wait on completing the Cap1 so their HP doesn't effect my score? I am literally going to be teetering right on the edge between 2 rates and would prefer not to pay a higher rate if I don't have to.

Re: Credit App Question

Anonymous — Wed, 15 Jul 2015 03:30:07 GMT

@Santi78342 wrote:
@Anonymous wrote:
@Anonymous wrote:
All, I have put off app'ing for any Cap1 cards that I have prequal'd for because I am attempting to secure a vehicle via finance or loan in the next 7-14 days and I am borderline on the score needed for Tier 1 rates.

Can I assume that if the vehicle lender does their credit check and I get my vehicle, than I can AND more importantly SHOULD immediately complete the Cap1 app(s) prior to the vehicle loan/lease reporting for my best chance of success?

thanks
Auto loan reporting should have no effect whatsoever on your CapOne application so doesn't really matter if you complete the app before it does.
Secure the vehicle and then app away! Do it before the loan reports so your debt to income ratio looks better & so you're not getting that new account ding.

Awesome, I understood it correctly then. I thought this was the best action to take but wasn't sure. This forum and the members are a wealth of knowledge.

Re: Credit App Question

Anonymous — Wed, 15 Jul 2015 03:42:03 GMT

@Santi78342 wrote:
@Anonymous wrote:
@Anonymous wrote:
All, I have put off app'ing for any Cap1 cards that I have prequal'd for because I am attempting to secure a vehicle via finance or loan in the next 7-14 days and I am borderline on the score needed for Tier 1 rates.

Can I assume that if the vehicle lender does their credit check and I get my vehicle, than I can AND more importantly SHOULD immediately complete the Cap1 app(s) prior to the vehicle loan/lease reporting for my best chance of success?

thanks
Auto loan reporting should have no effect whatsoever on your CapOne application so doesn't really matter if you complete the app before it does.
Secure the vehicle and then app away! Do it before the loan reports so your debt to income ratio looks better & so you're not getting that new account ding.

Capital One is not going to care about him buying a card that he has to rush and app for the card. We really over emphasize the effect of stuff here when it comes to credit card applications and especially involving capital one. Tell me one time you've heard of someone being denied a credit card from CapONE due to DTI. Zero reason to be concerned about applying before his auto loan reports.

Re: Credit App Question

Existentialist — Wed, 15 Jul 2015 23:34:45 GMT

@Anonymous wrote:
@Santi78342 wrote:
@Anonymous wrote:
@Anonymous wrote:
All, I have put off app'ing for any Cap1 cards that I have prequal'd for because I am attempting to secure a vehicle via finance or loan in the next 7-14 days and I am borderline on the score needed for Tier 1 rates.

Can I assume that if the vehicle lender does their credit check and I get my vehicle, than I can AND more importantly SHOULD immediately complete the Cap1 app(s) prior to the vehicle loan/lease reporting for my best chance of success?

thanks
Auto loan reporting should have no effect whatsoever on your CapOne application so doesn't really matter if you complete the app before it does.
Secure the vehicle and then app away! Do it before the loan reports so your debt to income ratio looks better & so you're not getting that new account ding.
Capital One is not going to care about him buying a card that he has to rush and app for the card. We really over emphasize the effect of stuff here when it comes to credit card applications and especially involving capital one. Tell me one time you've heard of someone being denied a credit card from CapONE due to DTI. Zero reason to be concerned about applying before his auto loan reports.

Correct. The concern in this instance is negligible.