topic Re: Will a credit card application damage my chances of getting an auto loan? in Auto Loans

Will a credit card application damage my chances of getting an auto loan?

salek10 — Fri, 04 Apr 2014 18:47:51 GMT

Hello All,

I'm new to these forums, and have just started looking over my credit score so I decided to join the myFICO community. I was wondering about the damage a credit app could cause to my chances of getting an auto loan? I have the discover it card and on my last statment it showed that I'm at a 737 FICO score. My AAoA is about to hit 2years and my credit limit utilization so far is only at about 8%. So if someone could share some adivce that would be greatly appreciated!!

Thanks!!!!

Re: Will a credit card application damage my chances of getting an auto loan?

aubie1kenobie2 — Sat, 05 Apr 2014 00:07:05 GMT

When are you planning to apply for an auto loan? If it'll be in the next few weeks, I'll apply for the car loan first.

Re: Will a credit card application damage my chances of getting an auto loan?

CAnNY — Sat, 05 Apr 2014 03:42:18 GMT

I wouldn't chance it. Yes, the credit app will affect your fico. However auto dealers use auto enhanced FICOs which are diff And will be unchanged by your credit app unlike your reg FICO. The kickers is you want to get an approval from preferably a credit union to take as a back up and to prevent the dealer from getting over on you. Typically credit unions use reg FICO so the credit app will decrease ur score in this arena. How much is not known since YMMV.

Hope this this is helpful.

BEST OF LUCK!

Re: Will a credit card application damage my chances of getting an auto loan?

salek10 — Sun, 06 Apr 2014 00:21:41 GMT

@aubie1kenobie2 wrote:
When are you planning to apply for an auto loan? If it'll be in the next few weeks, I'll apply for the car loan first.

Yeah I'm applying in the following 3 weeks or so. I'm getting a bonus check that i'm putting as my down payment. I Think i'll follow your adivce and apply for the car loan first ... thanks again!!!

Re: Will a credit card application damage my chances of getting an auto loan?

salek10 — Sun, 06 Apr 2014 00:23:12 GMT

@CAnNY wrote:
I wouldn't chance it. Yes, the credit app will affect your fico. However auto dealers use auto enhanced FICOs which are diff And will be unchanged by your credit app unlike your reg FICO. The kickers is you want to get an approval from preferably a credit union to take as a back up and to prevent the dealer from getting over on you. Typically credit unions use reg FICO so the credit app will decrease ur score in this arena. How much is not known since YMMV.

Hope this this is helpful.

BEST OF LUCK!

Oh wow thanks for the info!!! I'll def look into the credit union loans. Thanks for the advice!!... I won't pull the trigger just yet on that credit card!!

Re: Will a credit card application damage my chances of getting an auto loan?

Remember0 — Sun, 06 Apr 2014 00:48:42 GMT

Do DCU ie Digital Credit Union in MA. As long as they pull a 675+ EQ, you'll get 1.74% for 65 months with them (1.24% if you move your direct deposit over).

Re: Will a credit card application damage my chances of getting an auto loan?

salek10 — Sun, 06 Apr 2014 20:23:21 GMT

Alright that rate sounds good to me!!! I'll def take a look... thanks!!

Re: Will a credit card application damage my chances of getting an auto loan?

aubie1kenobie2 — Sun, 06 Apr 2014 22:59:51 GMT

Also with DCU, you can get a CC and auto loan using the same pull.

Re: Will a credit card application damage my chances of getting an auto loan?

BigBS — Mon, 07 Apr 2014 00:00:58 GMT

@aubie1kenobie2 wrote:
Also with DCU, you can get a CC and auto loan using the same pull.

How about a mortgage and CC with the same pull?

Re: Will a credit card application damage my chances of getting an auto loan?

Remember0 — Mon, 07 Apr 2014 00:38:16 GMT

If you are doing anything with a mortgage, do it BEFORE you even utter the words credit card or auto loan. Mortgages are incredibly sensitive to new accounts and inquiries. Wait till aftermortgage closing to do auto and credit card.

Re: Will a credit card application damage my chances of getting an auto loan?

aubie1kenobie2 — Tue, 08 Apr 2014 22:21:25 GMT

@BigBS wrote:
@aubie1kenobie2 wrote:
Also with DCU, you can get a CC and auto loan using the same pull.
How about a mortgage and CC with the same pull?

They offered that to me but I wasn't looking to buy a house right now.