topic Re: Where To Go From Here? (Advice Please) in Credit Cards

Where To Go From Here? (Advice Please)

Anonymous — Sat, 10 Jan 2015 17:01:52 GMT

Credit Score - 680 flat, all three are about the same in standing. Am looking to gain about 3-5 cards in the next (fill in the blank here) months/years. Am also planning on purchasing a vehicle come tax returns, I have no other debt/loans. Was wondering if it would be best to apply for a car loan first and hold off on applying for credit cards, and if so how long should I wait before I apply? As I said, 3 cards would really help me right now as far as savings/points - however, I don't want to drop my score to the point where an agency would turn me down for a car loan. Am I better off waiting to apply for cards? Thanks.

Re: Where To Go From Here? (Advice Please)

Anonymous — Sat, 10 Jan 2015 17:05:34 GMT

@Anonymous wrote:
Credit Score - 680 flat, all three are about the same in standing. Am looking to gain about 3-5 cards in the next (fill in the blank here) months/years. Am also planning on purchasing a vehicle come tax returns, I have no other debt/loans. Was wondering if it would be best to apply for a car loan first and hold off on applying for credit cards, and if so how long should I wait before I apply? As I said, 3 cards would really help me right now as far as savings/points - however, I don't want to drop my score to the point where an agency would turn me down for a car loan. Am I better off waiting to apply for cards? Thanks.

Way too little information to give you appropriate advice. What's in your credit file now besides a score? What credit cards do you currently have? Have you ever had a car loan previously? Getting credit cards now will not in itself prevent you from getting a car loan but you need to provide a lot more information. A score by itself is meaningless

Re: Where To Go From Here? (Advice Please)

Anonymous — Sat, 10 Jan 2015 18:25:34 GMT

@Anonymous wrote:
Credit Score - 680 flat, all three are about the same in standing. Am looking to gain about 3-5 cards in the next (fill in the blank here) months/years. Am also planning on purchasing a vehicle come tax returns, I have no other debt/loans. Was wondering if it would be best to apply for a car loan first and hold off on applying for credit cards, and if so how long should I wait before I apply? As I said, 3 cards would really help me right now as far as savings/points - however, I don't want to drop my score to the point where an agency would turn me down for a car loan. Am I better off waiting to apply for cards? Thanks.

If you plan on buying a car, I'd save the app spree for after that.

Re: Where To Go From Here? (Advice Please)

Anonymous — Sat, 10 Jan 2015 19:53:52 GMT

@Anonymous wrote:
@Anonymous wrote:
Credit Score - 680 flat, all three are about the same in standing. Am looking to gain about 3-5 cards in the next (fill in the blank here) months/years. Am also planning on purchasing a vehicle come tax returns, I have no other debt/loans. Was wondering if it would be best to apply for a car loan first and hold off on applying for credit cards, and if so how long should I wait before I apply? As I said, 3 cards would really help me right now as far as savings/points - however, I don't want to drop my score to the point where an agency would turn me down for a car loan. Am I better off waiting to apply for cards? Thanks.
If you plan on buying a car, I'd save the app spree for after that.

As a general rule, I agree that the spree should be after getting the loan for a car. You'll probably take a bit of a hit when you apply for the cards; how much depends on the rest of your file. That said, you might still be able to get a good loan, even after the hit. I would still wait, unless you need the cards sooner.